Key Takeaways
- U.S. equities were mixed at midday with more earnings reports in focus and ahead of a Fed decision on interest rates tomorrow.
- JetBlue posted a surprise profit and delayed deliveries of new jets as it cut costs.
- Merck reduced its guidance on expenses related to to acquisition of EyeBio.
U.S. equities were mixed at midday as the market weighed the latest earnings reports and awaited tomorrow’s decision on interest rates from the Federal Reserve. The Dow was marginally higher, but the S&P 500 and Nasdaq fell.
PayPal Holdings (PYPL) shares rose after the online payment service beat profit and sales estimates and raised both its guidance and stock buybacks, citing strong transaction revenue and transaction margin dollars. Shares of JetBlue Airways (JBLU) flew higher after the carrier reported a surprise profit as it cut some unprofitable routes and delayed jet purchases. Howmet Aerospace (HWM) shares soared after the aircraft parts supplier posted better-than-expected results and lifted its outlook as it sees a “robust” commercial aerospace market.
Merck (MRK) shares tumbled as the drug maker reduced its full-year guidance on costs relating to its $1.3 billion purchase of eye treatment biotech EyeBio. Shares of Procter & Gamble (PG) declined when the consumer products maker’s revenue missed forecasts on a drop in sales of its beauty products and diapers.
CrowdStrike (CRWD) shares sank following a report Delta Air Lines (DAL) has hired trial attorney David Boies to sue for financial damages resulting from this month’s internet disruption that was caused by a faulty CrowdStrike update. Delta shares were up.
Oil futures dropped. Gold prices gained. The yield on the 10-year Treasury note was little changed. The U.S. dollar wavered against the euro, pound, and yen. Bitcoin was higher over the past 24 hours, while ether edged lower.
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