Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


While you were sleeping: Coca-Cola beats estimates

While you were sleeping: Coca-Cola beats estimates

April 16 (BusinessDesk) – Wall Street advanced, spearheaded by gains in shares of Coca-Cola and Johnson & Johnson after both companies reported quarterly results that surpassed expectations, bolstering confidence about the outlook.

Still, the escalating tension in Ukraine remained a worry, limiting gains. Ukraine is on the brink of civil war and “that’s scary,” Russian Prime Minister Dmitry Medvedev said at a meeting with his counterparts from Belarus and Kazakhstan, Bloomberg News reported. Ukraine military forces retook control of an airport in the eastern part of the region earlier today.

In afternoon trading in New York, the Dow Jones Industrial Average gained 0.38 percent, the Standard & Poor’s 500 Index rose 0.44 percent, while the Nasdaq Composite Index eked out a 0.05 percent gain.

Shares of Coca-Cola and Johnson & Johnson rose, up 3.8 percent and 1.6 percent respectively, helping to propel the Dow higher.

“Our growth momentum is steadily improving in line with our expectations, as we delivered sequentially stronger volume growth of 2 percent in the quarter while gaining global volume and value share in nonalcoholic ready-to-drink beverages,” Muhtar Kent, chief executive officer of Coca-Cola, said in a statement.

Brian Peery, who helps oversee US$4.8 billion for Novato, California-based Hennessy Funds, told Bloomberg News that his firm has taken advantage of the recent selloff to add holdings in industrial companies, such as airlines.

“The market is going to continue to climb the proverbial wall of worry. There is enough good economic news to support the market moving up higher in slower stages,” Peery said.

In the latest US economic data, a Labor Department report showed the consumer price index rose 0.2 percent in March, following a 0.1 percent increase in February.

Separately, the New York Fed’s Empire State general business conditions index unexpectedly dropped, sliding to 1.29 in April, the lowest level in five months, from 5.61 in March.

"While increases in consumer prices are a good sign for many concerned about disinflation, it is not positive for the overall economy unless wages rise in tandem," Jay Morelock, an economist at FTN Financial in New York, told Reuters.

In Europe, the Stoxx 600 Index ended the day with a 1 percent slide from the previous close. The UK’s FTSE 100 fell 0.6 percent, while France’s CAC 40 shed 0.9 percent, and Germany’s DAX dropped 1.8 percent.

In Germany, the ZEW Center for European Economic Research said its index of investor and analyst expectations dropped to 43.2 in April, down from 46.6 in March. The decline was larger than expected by economists.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news