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

 

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>


BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

TDDA: State-Of-The-Art Drug Testing Laboratory To Open In Auckland

World leading drug testing agencies, The Drug Detection Agency (TDDA) and Omega Laboratories, open New Zealand laboratory More>>

Network: Bigpipe Launches Ultra-Fast Broadband Into Wellington

Bigpipe Launches Ultra-Fast Broadband into Wellington Naked broadband provider Bigpipe has extended its national reach, announcing today, the launch of its unlimited UFB offering into Wellington. The Spark Venture business is giving Wellingtonians the ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news