On the third trading day of the week, crude futures have now rallied above $45 per barrel while the Dow Jones and S&P 500 futures are modestly lower as the earnings reports of several tech giants weigh down the indices. In this article, we take a closer look at the latest financial results of United Technologies Corporation (NYSE:UTX), Baker Hughes Incorporated (NYSE:BHI), Boeing Co (NYSE:BA), Anthem Inc (NYSE:ANTM), and AT&T Inc. (NYSE:T). In addition, we are going to analyze how the smart money is positioned in each stock.
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United Technologies Corporation Turns in Excellent Quarter
United Technologies Corporation (NYSE:UTX) is 0.5% higher after the industrial giant reported EPS of $1.47 on sales of $13.36 billion, beating estimates by $0.08 and $180 million, respectively. Although sales grew only 0.3% year-over-year, as a strong dollar weighed on United’s business, the company’s EPS might grow faster due to share buybacks. United Technologies announced additional share repurchases worth $3 billion in 2016 beyond the buybacks that will be completed under the company’s previously announced $6 billion program. For the full year, the company expects EPS in the range of $6.30 to $6.60 and plans acquisitions worth between $1 billion and $2 billion. Ken Fisher’s Fisher Asset Management reported holding 8.38 million shares of United Technologies Corporation (NYSE:UTX) in its 13F filing for the end of the first quarter.
Traders Sell Baker Hughes After Lousy First-Quarter Numbers
The low crude oil prices are having a big effect on Baker Hughes Incorporated (NYSE:BHI)‘s business, as the service giant reported a first quarter loss of $1.58 per share on sales of $2.7 billion, which were $1.24 and $150 million below estimates. Sales dropped 42% year-over-year due to the 41% year-over-year global rig count drop and reduced pricing in most markets. Adjusted EBITDA retreated 76% year-over-year to $108 million. Investors hope Baker Hughes Incorporated (NYSE:BHI)’s numbers get better as crude oil rallies. Jeffrey Ubben’s ValueAct Capital was bullish on the company with a holding of over 23 million shares at the end of 2015. Shares of Baker Hughes opened around 4% in red, but have regained some ground.
On the next page, we examine the last-quarter results posted by Boeing, Anthem, and AT&T.