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%.”