Stocks were mixed today on a barrage of earnings reports from blue chip companies. But that didn't stop the Dow from hitting a record intraday high of 15,604 and setting a new closing high of 15,569.
Three Dow components came out with their quarterly results this morning, and all three told a similar story: a beat on earnings but a miss on revenue. The pattern was most pronounced with Travelers (TRV) which wound up falling over 3.5%. Excluding items, Travelers posted earnings of $2.13 when estimates were for $1.60. But revenue was about $150 million below projections at $5.824 billion versus $5.971 billion. Dupont (DD) also missed on revenue, which came in at $9.84 billion when it was expected to pass the $10 billion mark. The company beat on earnings by a penny posting profits of $1.28 a share. Meanwhile, United Technologies (UTX) posted earnings of $1.70 a share compared with estimates of $1.57. In this case, revenue was $16 billion even, when consensus had been for another $369 Read More »from Dow Edges Higher, Sets New Record Highs After Mixed Earnings Results