U.S. stocks were in positive territory on Tuesday, driven by stronger-than-expected earnings results from a slew of companies. The Dow Jones Industrial Average gained 0.55% to 26,656, the S&P 500 index advanced 0.88% to 2,933 and the Nasdaq Composite Index jumped 1.32% to 8,120.
Shares of Lockheed Martin Corp.(LMT, Financial) gained almost 6% on Tuesday after the company announced first-quarter results. Revenue grew 22.9% from the prior-year quarter to $14.3 billion, beating expectations by $1.74 billion. Earnings of $5.99 per share beat estimates by $1.65.
Cash from operations was $1.7 billion, almost three times higher than in the prior-year quarter. The company paid $638 million in dividends and repurchased 1 million shares for $281 million.
"The corporation had strong performance in the first quarter, which has allowed us to increase our full-year financial guidance for sales, profit, earnings per share and cash," Chairman, President and CEOÂ Marillyn Hewson said.
Looking ahead, the company expects sales to be between $5.675 billion and $5.825 billion for full fiscal 2019. Diluted earnings per share are expected to be between $20.05 and $20.35.
Gainers
- Twitter Inc. (TWTR, Financial)
- Hasbro Inc. (HAS, Financial)
- Kohl's Corp. (KSS, Financial)
- Qualcomm Inc. (QCOM, Financial)
Losers
- Waters Corp. (WAT, Financial)
- Albemarle Corp. (ALB, Financial)
- Hormel Foods Corp. (HRL, Financial)
- Procter & Gamble Co. (PG, Financial)
- Harley-Davidson Inc. (HOG, Financial)
Global markets
The main European stock markets traded mostly higher. The U.K.'s FTSE 100 advanced 0.85%, France's CAC 40 gained 0.20%, Germany's Dax rose 0.11% and Spain's Ibex 35 slid 0.57%.
In Asia, Japan's Nikkei 225 swelled 0.19%, India’s BSE Sensex lost 0.21%, Hong Kong's Hang Seng was flat and China's Shanghai Composite retreated 0.51%.
Disclosure: The author holds no positions in any stocks mentioned.
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