Most investors are smiling today, as the US stock market continues its rally, with the Dow setting a new intraday high. Oil prices are also surging after the EIA reported a decline in inventories by 2.3 million barrels. With the earnings season picking up steam, let’s take a look at five companies that reported their second quarter results this morning and how investors reacted to the numbers.
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Abbott Laboratories (NYSE:ABT) is up this morning, having managed to surpass analysts’ estimates for both revenue and earnings. The company reported $5.33 billion in revenue, up by 3% year-over-year, and adjusted earnings of $0.55 per share, topping projections of $0.53 per share on the back of $5.26 billion in revenue. Abbott Laboratories (NYSE:ABT) said its medical device unit registered the strongest performance during the quarter, followed by its endovascular business. The company also noted that political turmoil in Venezuela have had a significant impact on revenues from emerging markets. Among the hedge funds followed by Insider Monkey, 42 of them were invested in Abbott Laboratories (NYSE:ABT) at the end of the first quarter, up from 39 a quarter before.
Stock Soaring On Earnings Beat
Amphenol Corporation (NYSE:APH) shareholders are all smiles this morning, as shares are trending higher following the release of the earnings report. For the second quarter, the company posted a net income of $206.5 million or $0.65 per share, beating estimates of $0.63 per share. Revenues came in at $1.55 billion, while analysts were looking for $1.52 billion. Amphenol Corporation (NYSE:APH) said it expects third quarter revenue to range between $1.54 billion to $1.58 billion, with analysts having estimated revenues of $1.58 billion. The company has a market cap of $18 billion and pays an annual dividend of $0.55 per share, providing investors with a 0.93% yield. Hedge fund sentiment towards Amphenol Corporation (NYSE:APH) was unchanged during the first three months of 2016, with 16 of the funds in our database having reported a long position as of the end of March.
Head to the next page to read about three other earnings reports and how investors are trading the news.