U.S. Markets open in 8 hrs 36 mins

Stocks Retreat From Record Highs Tuesday

U.S. stocks were in the green on Tuesday, with stronger-than-expected earnings results from several companies. The Dow Jones Industrial Average gained 0.05% to 27,105, the S&P 500 Index rose 0.17% to 3,044 and the Nasdaq Composite Index declined 0.32% to 8,299.

Non-index stocks also posted gains. Shares of Pfizer Inc. (NYSE:PFE) climbed almost 3% on Tuesday after the company announced third-quarter results. The company posted earnings of 75 cents per share, beating estimates by 13 cents. Revenue of $12.68 billion surpassed expectations by $310 million.


"We reported strong third-quarter 2019 financial results, driven by 9% volume-driven operational revenue growth in our Biopharma business, including growth from key brands such as Ibrance, Xeljanz, Eliquis, Vyndaqel and Inlyta as well as in emerging markets," CEO Albert Bourla said.

Ibrance sales increased 27% year over year to $1.28 billion, Xeljanz sales rose 40% to $599 million, Inlyta revenues almost doubled to $139 million, Global Prevnar 13/Prevenar revenues declined 3% to $1.60 billion, Enbrel revenues dropped 19% to $415 million and Xalkori sales inched up 5% to $130 million.

Moreover, during the first nine months of the year, the company paid out $6.1 billion in dividends and $8.9 billion in share repurchases.

Looking ahead to full-year 2019, the company expects revenue of $51.2 billion to $52.2 billion. It also projects adjusted diluted earnings per share of $2.94 to $3.

During the quarter ended June 30, Ken Fisher (Trades, Portfolio) boosted his stake by 4% to 44,133,251 shares and the Vanguard Health Care Fund (Trades, Portfolio) established a new position with 22,293,348 shares. Richard Pzena (Trades, Portfolio) curbed his holding by 1% to 3,153,944 shares, while Mario Gabelli (Trades, Portfolio) reduced his position by 3% to 292,852 shares.

Gainers

  • Xerox Holdings Corp. (NYSE:XRX)
  • National Oilwell Varco Inc. (NYSE:NOV)
  • General Motors Co. (NYSE:GM)
  • Kellogg Co. (NYSE:K)



Losers

  • Waters Corp. (NYSE:WAT)
  • Corning Inc. (NYSE:GLW)
  • SBA Communications Corp. (NASDAQ:SBAC)
  • Juniper Networks Inc. (NYSE:JNPR)
  • Kroger Co. (NYSE:KR)
  • TripAdvisor Inc. (NASDAQ:TRIP)



Global markets

The main European stock markets traded mostly lower. The U.K.'s FTSE 100 declined 0.34%, France's CAC 40 gained 0.17%, Germany's Dax declined 0.02% and Spain's IBEX 35 dipped 0.35%.

In Asia, Japan's Nikkei 225 gained 0.47%, India's BSE Sensex rose 1.48%, Hong Kong's Hang Seng declined 0.39% and China's Shanghai Composite slid 0.87%.

Disclosure: The author holds no positions in any stocks mentioned.

Not a Premium Member of GuruFocus? Sign up for a free 7-day trial here.

This article first appeared on GuruFocus.