Stocks were moving higher on Tuesday as investors looked toward the kickoff to the earnings season at the end of the week. The Dow and the S&P 500 were in the green while the Nasdaq was holding relatively flat.
Walmart Stores Inc. (WMT) , the world's largest retailer, was up by more than 4% after outlining its strategy before its annual meeting later today. Walmart kept its 2018 forecasts unchanged but guided for at least 3% sales growth in fiscal 2019. The company also authorized a new two-year $20 billion share buyback program.
Shares of Pfizer Inc. (PFE) were in focus on Tuesday after suggesting it was considering a sale or spinoff of its consumer healthcare unit. The business generated $3.4 billion in revenue in 2016. CEO Ian Read said in a statement that the consumer healthcare business is "distinct enough from our core business that there is potential for its value to be more fully realized outside the company."
Honeywell International Inc. (HON) announced plans to create two new, stand-alone publicly traded companies as a result of comprehensive portfolio review. One publicly traded company will consist of Honeywell's Homes product portfolio and ADI global distribution businesses, worth about $4.5 billion. The other will be Honeywell's Transportation Systems, worth about $3 billion. The planned separation is expected to be completed by the end of 2018.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Breaking down an approach to the long side of this biotech stock.
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