After reporting a sharp increase in existing home sales in the previous month, the National Association of Realtors released a report on Tuesday showing that existing home sales once again rose by more than expected in the month of June.
With traders reacting positively to the latest earnings and economic news, stocks have moved mostly higher in early trading on Tuesday. The major averages have all climbed into positive territory, offsetting the modest weakness seen in the previous session.
Healthcare products maker Kimberly-Clark Corp. Tuesday reported a decline in second-quarter profit, reflecting higher costs, despite marginal increase in sales. Adjusted earnings missed analysts' expectations, while revenues came slightly above view. The company also lowered the upper end of its adjusted earnings per share outlook range for full year 2014.
With energy prices showing a significant increase amid rising gasoline prices, the Labor Department released a report on Tuesday showing that U.S. consumer prices rose in line with economist estimates in the month of June.
Altria Group Inc. on Tuesday reported a profit for the second quarter that was flat with last year on a slight decline in revenues amid lower cigarette shipment volume. Adjusted earnings per share missed analysts' expectations, while revenues matched their estimates. Altria also tightened its fiscal 2014 earnings outlook and said its board approved a $1 billion share repurchase program.
Defense contractor Lockheed Martin Corp. reported Tuesday a profit for the second quarter that grew 3 percent from last year, despite a sales drop, reflecting improved operating margins amid lower costs. Both earnings per share and quarterly revenues topped analysts' expectations. The company also raised its earnings guidance for full-year 2014, while maintaining annual revenue outlook.
Stocks are likely to move back to the upside in early trading on Tuesday after ending the previous session modestly lower. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 55 points.
Telecom giant Verizon Communications Inc. Tuesday reported a sharp increase in second-quarter profit, as revenues grew about 6 percent, helped by growth in wireless revenue. Adjusted earnings as well as revenues topped analysts' expectations.
Fast food giant McDonald's Corp. (MCD) Tuesday reported lower profit for the second quarter, amid a marginal growth in revenues. Earnings per share, which increased on lower share count, missed Wall Street estimates.
Beverages giant Coca-Cola Co. reported Tuesday a decline in the second-quarter net profit, primarily on higher one-time costs and lower revenues. Adjusted earnings, however, topped analysts' estimates. Further, the company warned of second-half profit due to higher-than-expected unfavorable impact of structural items.
Cable television giant Comcast Corp. reported Tuesday a profit for the second quarter that increased from last year and topped analysts' expectations, helped by additional subscribers to its home-phone and Internet services. However, quarterly revenues for Comcast, which owns NBCUniversal, missed their estimates.
Diversified conglomerate United Technologies Corp. (UTX) Tuesday said itssecond-quarter profit increased from the previous year, along with a rise in revenues. Further, on the strength of its solid backlogs and organic growth trends, the company raised the lower end of its range for full year earnings per share.
Property casualty insurer Travelers Companies, Inc. reported Tuesday a sharp decline in second-quarter profit, reflecting higher catastrophe losses, and lower one-time gains. Operating earnings missed analysts' estimates. The company also announced a quarterly dividend.
Use of traditional telephony services in the European Union is decreasing as Internet (VoIP) services have become increasingly popular, according to a report on state of EU Telecommunications markets. Tuesday, the European Commission published the 2012 - 2013 report on the telecommunications market and regulation in the EU. The majority of European countries have established broadband plans with
Chemical company EI DuPont De Nemours & Co. Tuesday reported higher profit in its second quarter, while operating earnings declined and were in line with market estimates due to weak agriculture earnings. Looking ahead, the company expects a strong second half and backed its fiscal 2014 earnings growth forecast. In pre-market activity, DuPont shares were gaining 4.24 percent.