Page 25 - ARUBA TODAY

BUSINESS Friday 21 July 2017
A25

Philip Morris US stocks waver as central banks dominate

off forecast,

shares falter makes infant formula,
drugs and medical devic-
es, gained $1.42, or 2.9 per-

NEW YORK (AP) — Philip cent, to $50.85 after report-
Morris International Inc. ing results that were better
missed profit forecasts as than expected. Health
demand for traditional cig- care products giant John-
arettes continues to dry up son & Johnson rose $1.36,
with smokers either quitting or 1 percent, to $136.57
or opting for alternative and drugmaker AbbVie,
products. which split from Abbott in
The company shipped 2013, added $1.24, or 1.7
fewer cigarettes again last percent, to $74.01.
quarter and lowered its Paint and coatings maker
outlook for the year, send- PPG Industries fell after it
ing the stock down Thurs- reported weaker-than-
day. expected sales. PPG said
Shipments of traditional higher raw materials costs
cigarettes fell more than hurt its results, and so did
7 percent, following an unfavorable foreign cur-
11.5 percent decline in the rency exchange rates. Its
first quarter of 2017. The shares gave up $6.88, or
second-quarter drop was Trader Craig Spector works on the floor of the New York Stock Exchange, Thursday, July 20, 2017. 6.1 percent, to $106.72.
partly offset by demand for U.S. stock indexes essentially hit the snooze bar Thursday as investors were relieved the European Competitor Sherwin-Wil-
its heated tobacco units, Central Bank didn’t announce any changes to its stimulus policies. liams had a weak second
but not enough to encour- (AP Photo/Richard Drew) quarter. It also pointed to
age investors. By MARLEY JAY of trading, second-quarter stopping markets” and rising costs as well as low-
The company said ship- AP Markets Writer results moved other stocks: would step in if something er exterior paint sales. The
ments of heated units rose NEW YORK (AP) — U.S. health care companies bad happened, said Brent stock lost $8.94, or 2.5 per-
to 6.4 billion from 1.2 billion stock indexes essentially hit including Abbott Labora- Schutte, chief investment cent, to $350.78.
in the same quarter last the snooze bar Thursday tories climbed and paint, strategist at Northwest- Sears said it will begin sell-
year, driven mostly by de- as investors were relieved trucking and railroad com- ern Mutual Wealth Man- ing Kenmore appliances
mand in Japan. the European Central panies fell. agement. “If you throw a on Amazon.com, including
Philip Morris lowered its Bank didn’t announce any Sears announced an on- bunch of money at a prob- smart appliances that can
earnings-per-share guid- changes to its stimulus poli- line appliance sales pact lem, typically risk moves be synced with Amazon’s
ance for the year to a cies. with Amazon.com, and lower and people feel voice assistant Alexa. The
range of $4.78 to $4.93, Europe’s central bank appliance makers and more confidence.” owner of the Sears and
mostly due to continued maintained its current poli- home improvement stores The Standard & Poor’s 500 Kmart chains has closed
foreign currency head- cies and ECB President Ma- dropped. But overall the index slipped at the fin- large numbers of stores
winds caused by a strong rio Draghi said the bank market hardly budged. ish and lost 0.38 points to in recent years and said
U.S. dollar. The company hasn’t even set a date While stocks have been 2,473.45. The Dow Jones in March that it might not
previously forecast an for considering changes. setting record highs for industrial average fell 28.97 be able to stay in business.
earnings-per-share range Investors were startled a most of 2017, including points, or 0.1 percent, to Its stock jumped 92 cents,
of $4.84 to $4.99. month ago when he spoke Wednesday, the market is 21,611.78. The Nasdaq or 10.6 percent, to $9.60.
For the quarter ended in about scaling back the having its quietest year in composite rose 4.96 points, Even with Thursday’s climb,
June, the New York-based bank’s billions of dollars in decades. or 0.1 percent, to a record Sears stock is down 36 per-
company said it earned monthly bond purchases. “There’s the belief that the high of 6,390. The Russell cent over the last year.
a profit of $1.14 per share, On an up-and-down day Fed and the ECB are back- 2000 index of smaller com- Home Depot plunged
compared with $1.15 per panies gained 0.58 points $6.27, or 4.1 percent, to
share for the same period to 1,442.35, also a record. $147.03 as analysts won-
The results missed Wall Unilever net profit soars The S&P 500 has only had will be affected. That was
dered if its appliance sales
last year.
Street expectations. The four moves of 1 percent Home Depot’s biggest loss
or greater this year. In a
average estimate of seven in first half of 2017 typical year that happens in a year and a half, and
analysts surveyed by Zacks more than 50 times. it wiped 43 points off the
Investment Research was Abbott Laboratories, which Dow average. q
for earnings of $1.23 per THE HAGUE, Netherlands in profitability despite the
(AP) — Unilever, the owner persisting volatile global
share.
Philip Morris reported sec- of brands like Hellman’s, trading environment.”
Lipton, and Knorr, says its The strong results came in
ond-quarter net income
of $1.78 billion, virtually un- net profit rose 22.4 per- a period in which rival con-
cent in the first half of 2017 sumer products giant Kraft
changed from last year’s
second quarter. compared with the same Heinz withdrew a $143 bil-
period last year, to 3.3 bil-
lion takeover offer.
The seller of Marlboro and
other cigarette brands lion euros ($3.8 billion) as In the aftermath of the Feb-
a company-wide growth ruary takeover bid, Unilever
posted revenue of $19.32
billion in the period, up program bore fruit. announced plans to sell its
Unilever said Thursday that spreads division and com-
from $19.04 billion last year.
Its adjusted revenue, which first-half sales rose 5.5 per- bine its foods and refresh-
cent to 27.7 billion euros ments units as part of a ma-
excludes excise taxes, was ($32 billion), calling its earn-
$6.92 billion.q jor review of operations. q
ings a “substantial step-up