88.35 +0.10 (0.11%)
After hours: 7:57PM EDT
|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||87.59 - 89.96|
|52 Week Range||81.18 - 94.67|
|PE Ratio (TTM)||15.78|
|Forward Dividend & Yield||2.76 (2.97%)|
|1y Target Est||N/A|
On the 30th anniversary of the worst day in market history, stocks staged a comeback and made it look like, well, nothing happened. The economic calendar will also be a bit more quiet with only the September report on existing home sales set for release. A report from Politico also crossed late Thursday which suggested President Donald Trump is currently leaning towards nominating Fed governor Jerome Powell to be the next chair of the Federal Reserve.
Procter & Gamble recorded sluggish growth during the first quarter as it battles a challenging market for consumer-goods makers.
Procter & Gamble Co. stock was down about 4 percent in trading this afternoon, dipping below $90 a share for the first time since the Oct. 10 annual shareholder meeting at which P&G announced that activist investor Nelson Peltz had lost an election for a board seat. The stock hit a low of $89.86 on Oct. 10 after Peltz reportedly lost the election , but shares rallied to close at $91.62. Peltz, who oversees $3.5 billion worth of P&G stock as CEO of Trian Fund Management, declined to comment on P&G's earnings.
U.S. stocks extended gains in early afternoon trading on Friday to scale new highs on hopes that President Donald Trump's tax-cut plan would make further headway after the Senate passed a budget resolution. The Senate on Thursday approved a budget blueprint for the 2018 fiscal year, paving the way for the Republicans to pursue a tax-cut package without Democratic support. The S&P and the Dow were on track to post gains for the sixth straight week and the Nasdaq for the fourth straight week.
Procter & Gamble Co. reported today that organic sales increased by just 1 percent in the recently ended first quarter of the fiscal year, which could inch the door open for activist investor Nelson Peltz to renew his request for a board seat, influential stock market commentator Jim Cramer suggested. “Procter is disappointing,” Cramer said on CNBC television after the Cincinnati-based maker of consumer goods such as Tide detergent (PG) posted earnings for the quarter that ended in September. P&G reported that its 1Q organic sales for fiscal 2017-18, which don’t include the effects of foreign exchange, divestitures or acquisitions, were driven by a 1 percent increase in shipping volume.
P&G, which spent millions battling Peltz's charges of bureaucratic and ineffective management, reported higher sales of beauty and home care products. Net sales in the firm's first quarter results rose just 1 percent to $16.65 billion, missing analysts' expectations of $16.69 billion and driving shares 3.5 percent lower in afternoon trading in New York. ..than we would have expected going in with the run up of commodity cost and the impact of the natural disasters," P&G Chief Financial Officer Jon Moeller said on a call with analysts pointing to higher shipping costs in many geographies.
Dow component Procter & Gamble reported a slight beat on earnings and revenue came in roughly in line with expectations. However, sales were soft, sending shares down sharply lower in early trading Friday. Yahoo Finance's Alexis Christoforous, Rick Newman and Jared Blikre discuss how the consumer giant's battle with activist hedge-fund manager Nelson Peltz is far from over.