EL, NVDA, MCD, CAT and Other Stocks

Welcome to our latest edition where we bring you all the latest news from the business world. Let’s jump right in and see what’s making headlines before the bell.

First up, Estee Lauder is shining bright after beating expectations with its latest results. The cosmetics stock jumped 15% in its second quarter, reporting adjusted earnings of 88 cents per share, topping the FactSet consensus estimate of 54 cents per share. Revenue of $4.28 billion also exceeded analysts’ expectations, coming in at $4.19 billion, which is great news for the company.

Catalent also saw its shares popping more than 12% after agreeing to be taken over by Novo Holdings for $63.50 per share in an all-cash deal, valuing the company at $16.5 billion. This is expected to close in late 2024, so keep an eye on this exciting development.

In other news, Caterpillar reported adjusted earnings per share of $5.23 for the fourth quarter, causing its shares to pop more than 4%. Despite revenue slightly shy of the consensus estimate, sales in North America were particularly strong.

Not all companies saw positive results, with Air Products and Chemicals shares dropping 9% after disappointing quarterly results. This included weaker earnings and revenue below the consensus estimate, so we’ll be watching closely to see how the company responds.

GlobalFoundries also experienced a slight dip after being downgraded by JPMorgan, and McDonald’s shares fell slightly after reporting mixed quarterly results. However, there was good news for Elanco Animal Health, whose shares popped 7% after Merck Animal Health announced plans to buy their aqua business in a $1.3 billion cash acquisition.

On the flip side, Mattel saw its shares decline after being downgraded by JPMorgan, who cited concerns about expected tailwinds from the blockbuster Warner Bros. Discovery movie “Barbie” and potential challenges in 2023 holiday sales and rising freight costs.

Finally, Stellantis shares slid 1.7% after reports of the French government reviewing a merger between Stellantis and Renault. It’s always interesting to see how government involvement can impact business decisions.

Overall, it’s been an eventful time for these companies as they navigate their respective industries. It’s always fascinating to see how the stock market responds to these developments, and we’ll be keeping a close eye on them moving forward.

Stay tuned for more updates on these companies and others making waves in the business world. Thanks for reading and have a great day!

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