A Peek Into The Markets: US Stock Futures Gain Ahead Of Manufacturing Data benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
Wall Street s main indexes rose on Monday after a week of largely upbeat earnings strengthened expectations of sustained profit growth for companies, while some high-flying growth stocks lagged a broader rally. With more than half of S&P 500 companies having already reported results so far, profits are seen rising 46% in the first quarter, compared with forecasts of 24% growth at the start of April, according to IBES data from Refinitiv. Nine of the 11 major S&P 500 sectors climbed in early trading, with economy-sensitive cyclical stocks, including financials, energy, industrials, and materials, leading the gains. Earnings so far have been substantially better than projections. People and institutions are feeling positive about the market right now even though we re close to all-time highs, said Mark Grant, chief global market strategist at B. Riley FBR in Fort Lauderdale, Florida.
Wall Street kicks off month on strong footing, growth stocks lag
By Shreyashi Sanyal and Sruthi Shankar
Reuters
(Reuters) - Wall Street s main indexes rose on Monday after a week of largely upbeat earnings strengthened expectations of sustained profit growth for companies, while some high-flying growth stocks lagged a broader rally.
With more than half of S&P 500 companies having already reported results so far, profits are seen rising 46% in the first quarter, compared with forecasts of 24% growth at the start of April, according to IBES data from Refinitiv.
Nine of the 11 major S&P 500 sectors climbed in early trading, with economy-sensitive cyclical stocks, including financials, energy, industrials, and materials, leading the gains.
The cosmetics and beauty company reports a better-than-expected profit.
Estee Lauder Companies now forecasts an up to 12% growth in sales this year.
Estee Lauder Companies Inc. (NYSE: EL) said on Monday its sales fell shy of Wall Street estimates in the fiscal third quarter. The company, however, reported a better-than-expected quarterly profit.
1. Financial performance
Estee Lauder said that its net income in the third quarter printed at £328.75 million that translates to 89 pence per share. In the same quarter last year, it had posted £4.33 million of net loss or 1.44 pence per share.
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Meredith, Ocugen rise; Estee Lauder, Dell fall
May 3, 2021
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Meredith Corp., up $4.11 to $35.21.
The publisher of Better Homes and Gardens is selling its local media group to Gray Television for $2.7 billion.
Dell Technologies Inc., down 55 cents to $97.78.
The computer and technology services provider is selling its Boomi cloud-based platform to private equity firms for about $4 billion.
Ocugen Inc., up $3.01 to $15.68.
The drug developer reported encouraging study results for a potential COVID-19 vaccine it is developing with Bharat Biotech.
Penn National Gaming Inc., up $1.35 to $90.47.
The casino and racetrack operator is creating a team to develop internet casino content.
Schlumberger NV, up $1.17 to $28.22.