Key Takeaways
- U.S. equities were mixed at midday as the market shifted its focus from events in Washington to the latest corporate earnings reports.
- Soaring sales at its Coach brand sent Tapestry shares to an all-time high.
- Honeywell said it planned to split up the company, and shares declined.
U.S. equities were mixed at midday as investors focused on the latest batch of corporate earnings reports. The S&P 500 and Nasdaq were up, while the Dow Jones Industrial Average was down.
Tapestry (TPR) was one of the best-performing stocks in the S&P 500, with shares hitting an all-time high as the parent of fashion retail brands posted record holiday-quarter revenue and raised its outlook thanks to soaring sales at Coach.
Philip Morris International (PM) shares also traded at an all-time high after the tobacco giant beat profit and sales estimates as demand for its smokeless alternatives took off.
Higher prices helped Hershey (HSY) offset the skyrocketing price of cocoa, and shares of the chocolate giant gained.
Skyworks Solutions (SWKS) shares cratered when the cellphone chipmaker warned that increased competition for semiconductors designed for Apple’s (AAPL) iPhone would negatively impact future sales.
Shares of Ford Motor (F) declined after the carmaker gave soft guidance, saying it anticipates “headwinds related to market factors.”
Honeywell International (HON) shares fell when the industrial conglomerate announced plans to split up the company.
Oil futures climbed. Gold prices were little changed. The yield on the 10-year Treasury note advanced. The U.S. dollar was up on the euro and pound, but lost ground to the yen. Most major cryptocurrencies traded lower.
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