U.S. stocks fell Friday morning after a reading of consumer sentiment that showed a decline in market optimism. The Dow Jones Industrial Average tumbled more than 400 points, or 1.61% to 24,585, the S&P 500 index declined 2.30% to 2,643, and the Nasdaq Composite Index lost 2.99% to 7,101.
Shares of Phillips 66 (PSX, Financial) reversed their initial movement and jumped almost 1% Friday after the company posted third-quarter earnings of $3.18 per share, beating earnings estimates by 78 cents.
“We demonstrated the value of our integrated portfolio, delivering strong earnings and advancing strategic growth projects in the third quarter,” said Greg Garland, the company's chairman and CEO.
In the third quarter, didstream net income was $240 million, compared with $202 million in the second quarter of 2018. Transportation adjusted net income was $175 million, $38 million higher than second-quarter adjusted net income, due to higher volumes and improved tariff and storage rates. The chemicals segment reflects Phillips 66's equity investment in Chevron Phillips Chemical, and its third-quarter net income was $210 million, compared with $262 million in the second quarter of 2018. Refining third-quarter net income was $936 million, higher than the $910 million in the second quarter of 2018.
Moreover, in the last six years, the company repurchased about 30% of its initial shares outstanding. It totaled $775 million through dividends and share repurchases in the third trimester and $5.2 billion for the year.
Gainers
• Cabot Oil & Gas Corp. (COG, Financial)
• Expedia Group Inc. (EXPE, Financial)
• Intel Corp. (INTC, Financial)”‹
• Chipotle Mexican Grill Inc. (CMG, Financial)
Losers
• Western Digital Corp. (WDC, Financial)
• Seagate Technology PLC ”‹(STX, Financial)
• Fortive Corp. (FTV, Financial)
• National Oilwell Varco Inc. ”‹(NOV, Financial)
Markets
The main European stock markets traded lower. The U.K.'s FTSE 100 slipped 1.38%, France's CAC 40 fell 1.87%, Germany's Dax retreated 1.40% and Spain's Ibex 35 was down 1.08%.
In Asia, Japan's Nikkei 225 fell 0.40%, India’s BSE Sensex retreated 1.01%, Hong Kong's Hang Seng slid1.11% and China's Shanghai Composite lost 0.19%.
Disclosure: The author holds no positions in any stocks mentioned.
