U.S. stocks were mixed on Tuesday, with some companies reporting disappointing financial results. The Dow Jones Industrial Average gained 0.13% to 26,588, the S&P 500 index rose 0.08% to 2,945 and the Nasdaq Composite Index fell 0.66% to 8,107.
Shares of Merck & Co. Inc. (MRK, Financial) gained more than 2% on Tuesday after the company announced first-quarter results. Revenue grew 7.8% from the prior-year quarter to $10.82 billion, beating expectations by $370 million. Earnings of $1.22 per share topped estimates by 17 cents.
Sales in China grew 58% to $725 million. Excluding foreign exchange effects, they grew 67%.
“Our strong start to 2019, with double-digit sales and EPS growth in the first quarter, demonstrates our execution across all aspects of our business and the strength of our key growth pillars, including oncology and vaccines,” Chairman and CEO Kenneth C. Frazier said.
Looking ahead to full-year 2019, revenue is projected to range from $43.9 billion to $45.1 billion. The company is also guiding for GAAP earnings per share between $4.02 and $4.14.
Gainers
- Seagate Technology PLC (STX, Financial)
- General Electric Co. (GE, Financial)
- Martin Marietta Materials Inc. (MLM, Financial)
- Incyte Corp. (INCY, Financial)
- Pfizer Inc. (PFE, Financial)
Losers
- Baker Hughes A GE Co. (BHGE, Financial)
- Perrigo Company PLC (PRGO, Financial)
- MGM Resorts International (MGM, Financial)
- National Oilwell Varco Inc. (NOV, Financial)
- Wynn Resorts Ltd. (WYNN, Financial)
Global markets
The main European stock markets traded mostly higher. The U.K.'s FTSE 100 lost 0.30%, France's CAC 40 rose 0.10%, Germany's Dax swelled 0.13% and Spain's IBEX 35 gained 0.56%.
In Asia, Japan's Nikkei 225 fell 0.22%, India’s BSE Sensex dipped 0.09%, Hong Kong's Hang Seng retreated 0.65% and China's Shanghai Composite rose 0.52%.
Disclosure: The author holds no positions in any stocks mentioned.
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