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P&G, J&J Fall in Premarket After Updates; Travelers, Merck Rise

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By Geoffrey Smith 

Investing.com — Stocks in focus in premarket trading on Tuesday, 19th October. Please refresh for updates. 

Procter&Gamble (NYSE:PG) stock fell 1.8% after the consumer products giant raised its estimate for how much higher input and transportation costs will take off its net profit this year. The company still upheld its annual profit forecast, saying it would raise prices for more of its staples. Johnson&Johnson (NYSE:JNJ) stock rose 0.2% after it revised its full-year profit forecast marginally higher. It also repeated its target for sales of its Covid-19 vaccine, which are likely to be supported into next year as regulators approve booster shots of the drug. Travelers (NYSE:TRV) stock rose 3.4% as strong investment returns helped it cushion the blow of property insurance losses caused by Hurricane Ida in late summer. The insurer's earnings fell by less than expected while its combined ratio stayed below 100%, meaning that it took in more in premiums than it paid out in claims. Ericsson (BS:ERICAs) ADRs (NASDAQ:ERIC) fell 2.1% after the telecoms networking equipment reported third-quarter revenues that missed expectations, further stoking concerns that it is losing its market position in China and elsewhere. Walmart (NYSE:WMT) stock rose 2.1% after Goldman Sachs (NYSE:GS) added the stock to their 'conviction buy' list, arguing that many of the changes in consumer spending patterns that have benefited the retailer during the pandemic will stick around for longer than first expected. Merck&Company (NYSE:MRK) stock rose 2.5% after a report that the World Health Organization intends to buy its antiviral Covid-19 pill for distribution in the world's poorer countries, once it is approved as safe to use. Halliburton (NYSE:HAL) stock was flat after the oilfield services company reported that higher oil prices had helped it to a net profit more than double last year's. CEO Jeff Miller said he saw a "multi-year" cycle developing that would support demand for the group's services.

 

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