Why Boeing, T-Mobile, Owens Corning & Two Other Stocks Are in Spotlight on Wednesday

Owens Earnings Ahead of Estimates

Owens Corning (NYSE:OC)’s stock has surged by over 4% after the company delivered an excellent second quarter, with earnings of $1.29 per share on sales of $1.55 billion, versus analyst estimates of $0.86 and $1.47 billion, respectively. Sales advanced by 9.9% year-over-year, aided by strong roofing and insulation demand due to the robust housing market. In terms of guidance, Owens expects adjusted EBIT of at least $700 million for full year 2016. During the first quarter, the number of funds tracked by Insider Monkey with long positions in Owens Corning went up by four to 41.

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Energy Company’s Results Better than Expected

Hess Corp. (NYSE:HES) is 2% in the red this morning after reporting a loss $1.1 per share on revenue of $1.27 billion for the second quarter. Although sales fell by 34.5% year-over-year, Hess’ top line beat the consensus by $20 million, while the company’s bottom line exceeded analysts’ estimates by $0.13 per share. Hess averaged 313,000 BOE of production per day and the company cut its E&P capex to $485 million for the quarter. Management sees net production of 315,000-325,000 BOEPD excluding Libya and capex of around $2.1 billion for the full year. The number of funds with holdings in Hess Corp. (NYSE:HES) rose by five quarter-over-quarter to 39 at the end of March.

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General Dynamics Reports Mixed Results

Shares of General Dynamics Corporation (NYSE:GD) are moderately higher today after the company reported earnings of $2.44 per share on sales of $7.67 billion for the second quarter. Although revenue missed the consensus estimate by $200 million, General Dynamics’ bottom-line beat the average analyst estimate by $0.13 per share. Operating margin inched up 30 basis points to 14% and the company’s management anticipates full-year EPS will be in the range of $9.20 to $9.70. Among the investors tracked by us, 43 funds had a bullish position in General Dynamics Corporation (NYSE:GD) at the end of the first quarter.

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