NEW YORK, October 6, 2017 /PRNewswire/ --
U.S. equities rose to another record on Thursday, boosted by
strong economic data. The Dow Jones Industrial average rose 0.50
percent, or 113.75 points, to 22,775.39 on Thursday and hit a new
all-time high during the trading session. It also posted an
eight-day winning streak, the longest since 2013. The S&P 500
also hit new all-time and closed 0.56 percent higher at 2,552.07.
NASDAQ composite Index gained 0.78 percent to 6585.36. Strong
economic data supported the momentum in the stock market. U.S.
jobless claims fell by 12,000 to 260,000, the Labor Department said
on Thursday. The trade deficit narrowed to $42.4 billion in August due to increasing exports
of goods and services. Paychex, Inc. (NASDAQ: PAYX), Advanced Micro
Devices, Inc. (NASDAQ: AMD), Constellation Brands, Inc. (NYSE:
STZ), Monsanto Company (NYSE: MON), PepsiCo, Inc. (NYSE: PEP).
Investors are closely watching the monthly employment report on
Friday and the upcoming third-quarter earnings season. Randy Frederick, Vice President of trading and
derivatives at Charles Schwab said in a CNBC report: "The economic
backdrop is very strong. We had multi-year highs on both ISM
numbers and the impact from the hurricanes on the overall economy
seems to be smaller than expected. When the stream of economic data
is strong, the impact from events like hurricanes tends to be
smaller."
Paychex, Inc. (NASDAQ: PAYX) shares jumped more than 3%
Tuesday after the provider of integrated human capital management
(HCM) solutions announced total service revenue of
$803.1 million for the three months
ended August 31, 2017, an increase of 4% from $773.5 million for the same period last year. Net
income and diluted earnings per share each increased 5% to
$227.8 million and $0.63 per share, respectively, for the first
quarter. Adjusted net income increased 9% to $222.8 million and adjusted diluted earnings per
share increased 11% to $0.62 per
share for the first quarter. Martin
Mucci, President and Chief Executive Officer, commented, "We
posted solid growth across our major human capital management
('HCM') product lines in the first quarter, in particular our
comprehensive human resource ('HR') outsourcing solutions and our
cloud-based time and attendance products continue to perform
well."
Advanced Micro Devices, Inc. (NASDAQ: AMD) shares jumped
about 6% Tuesday after the company announced the AMD Embedded
Radeon™ E9170 Series graphics processing unit (GPU). The
new processor is the first 'Polaris' architecture-based AMD
Embedded discrete GPU available in multi-chip module (MCM) format
with integrated memory for smaller, power-efficient custom designs,
as well as PCI Express® and MXM formats for standard form factor
systems. "Developers are continuing to push the boundaries on
what's possible for embedded systems, demanding more performance,
more features and more design options, all while significantly
reducing power consumption. At the GPU level, it is critical to
provide versatile solutions that do not compromise on graphics
performance or 4K multi-display capabilities," said Colin Cureton, Director of Product Management,
AMD Enterprise Solutions.
Constellation Brands, Inc. (NYSE: STZ) shares jumped
about 4% on Thursday after the provider of agricultural products
for farmers reported 2nd quarter 2018 earnings. STZ reported basis
EPS of $2.48 and comparable basis EPS
of $2.47, an increase of 42% and 40%,
respectively. The company generated $1.1
billion of operating cash flow and $598 million of free cash flow. STZ also
increased fiscal 2018 reported basis EPS outlook to $7.90 - $8.05 and comparable basis EPS outlook to
$8.25 - $8.40; which is driven
primarily by strong beer business results. The company Affirms
fiscal 2018 operating cash flow target of approximately
$2.0 billion.
Monsanto Company (NYSE: MON) reported 4th quarter
earnings this Wednesday, concluding the 2017 fiscal year with
earnings per share (EPS) of $5.09, as
compared to last year's as-reported full-year EPS of $2.99, adding that EPS is expected to grow
in the first quarter of fiscal 2018. Monsanto reported
quarterly net sales of $2.7 billion,
and net sales for the full fiscal year of $14.6 billion. Full-year net sales were up more
than $1 billion year-over-year, due
primarily to record technology adoption for the newest soybean
technologies across the Americas and global corn pricing. "Our
record sales and gross profit in the Seeds and Genomics segment
this year, fueled by the outstanding penetration of our latest
soybean and cotton technologies and continued adoption of our
newest corn hybrids around the world, reflects the need for new
solutions in what continues to be a challenging ag economy," said
Hugh Grant, Chairman and Chief
Executive Officer for Monsanto.
PepsiCo, Inc. (NYSE: PEP) reported 3rd quarter earnings
this Wednesday. The global food and beverage company reported net
revenue increased 1.3 percent. Foreign exchange translation had a
1-percentage-point unfavorable impact on reported net revenue.
Organic revenue, which excludes the impacts of foreign exchange
translation and structural changes, grew 1.7 percent. Reported EPS
was $1.49, a 9 percent increase from
the prior-year period. Foreign exchange translation reduced
reported EPS growth by 1 percentage point. "Overall, our businesses
performed well in the third quarter in what continues to be a
challenging environment," said Chairman and CEO Indra Nooyi. "Each of our operating sectors
delivered results in line with or ahead of our expectations, with
the exception of North America Beverages (NAB) where revenues
declined following two consecutive years of very strong
third-quarter growth. Despite the challenges in our NAB business,
the PepsiCo portfolio overall generated revenue, operating profit
and earnings per share growth."
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