U.S. Steel Powers Materials Rally
The Nasdaq has come off its highs, though it is still on track for a record close; meanwhile, the Dow and S&P 500 are holding close to intraday records set earlier in the day.
Materials stocks are leading the markets after United States Steel Corp. (X) - Get Report posted solid quarterly results. The steelmaker earned 92 cents a share, 22 cents above estimates. Revenue surged 21% to $3.25 billion, beating targets by $190 million. For fiscal 2017, the company anticipates adjusted net income of $1.70 a share, higher than consensus of $1.63.
Allergan plc (AGN) - Get Report shares were higher after reporting a better-than-expected third quarter and increased full-year guidance. Adjusted earnings of $4.15 a share came in above consensus of $4.04. However, revenue of $4.034 billion fell just shy of estimates of $4.037 billion. Allergan revised its full-year adjusted profit guidance to $16.15 to $16.45 a share, up from $16.05 a share on the low-end of previous forecasts.
Shares of Facebook Inc. (FB) - Get Report were higher ahead of its third-quarter earnings report. For the quarter, analysts are expecting earnings of $1.54 on revenue of $9.84 billion. Investors will also be watching ad sales growth and the number of daily active users.
Facebook and Allergan are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells the stocks? Learn more now.
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