General Electric’s less-than-impressive second quarter earnings took much of the US headlines earlier with earnings per share coming in at $0.15, substantially lower than markets were expecting. The subdued trading update saw GE shares slip more than 3% to under $26 – their lowest point since early autumn 2016.
However good news for whistle-blowing: US bank Wells Fargo has been ordered to re-hire an employer who alerted authorities that Wells Fargo had opened customer bank accounts without permission; separately Berenberg claim Wells Fargo shareholders face a tough year and has slashed its rating on the stock from Hold to Sell.
Elsewhere work on exec pay and other fat-cat bonus reforms appear to have being kicked into the long grass by the Trump administration, new reports suggest. Oil was hit with WTI crude down more than 2.5% to $45.72.
Away from Wall Street credit ratings giant Standard & Poor's has upped Greece's credit rating from Stable to Positive.
- Dow 21,580 -0.15%
- S&P 500 2,472 -0.91%
- Nasdaq 6,387 -0.04%
- Russell 2000 1,435 -0.45%
- NYSE Composite 11,924 -0.17%
- Gold 1,255.13 +0.83%
- Oil WTI $45.7 -2.6%
- 10-Year Treasury Yield 2.24% -0.95%
Honeywell earnings climb
Honeywell though did rather better than GE. The second quarter saw earnings per share arrive at $1.80 on sales of $10.1bn. Both those figures were above previous guidance, helping drive Honeywell's share price to a record high of $136.35.
"We are increasing our full-year reported and organic sales guidance and raising the low end of our full-year earnings guidance by 10 cents,” Honeywell said earlier. “We now anticipate 2017 earnings per share to be between $7.00 and $7.10, up 8%-10%.”
Colgate profits lose their shine
However the gleam wasn’t present for Colgate earlier; net profits slumped to $524m compared to $600m a year ago, Colgate admitted to investors. Revenues for the last quarter came in at $3.83bn compared to $3.85bn.
"The second quarter was another challenging one,” said CEO Ian Cook. “Net sales declined 0.5% and organic sales were even with the year ago quarter, below our expectations as a result of continued softness in North America and challenges in Asia Pacific.
"Despite this," Cook went on, "we are encouraged by another quarter of strong organic sales growth in Latin America and the return to positive organic sales growth at Hill’s."
On the jobs front a new report from Cushman & Wakefield saw steady improvement for the financial services industry with employment rising to 466,300. For the first four months of 2017, more than 7,300 jobs were created.
Breaking news: LVMH says its luxury bag brand Louis Vuitton is to launch a Chinese e-commerce site. Deutsche Bank has confirmed a new London-to-Frankfurt jobs move on Brexit pressure.