The Dow and the S&P 500 both reached record intraday highs, and the Nasdaq was also moving higher after the Senate passed a fiscal 2018 budget resolution that could pave the way for tax cut legislation.
Shares of General Electric Co. (GE) tumbled after missing quarterly profit estimates and cutting its earnings forecast. The industrial conglomerate reported net income of 21 cents a share. Adjusted profit of 29 cents a share fell far below estimates of 49 cents. Revenue rose 14% to $33.47 billion, which was boosted by the acquisition of oilfield services provider Baker Hughes. CEO John Flannery, in his first quarter since assuming the position, said that the "results are unacceptable," promising that cost cuts will pay off in 2018.
Procter & Gamble Co. (PG) shares also fell by more than 3% after a mixed quarter. Net income rose to $1.06 a share. Adjusted earnings of $1.09 a share came in a penny above estimates. Revenue climbed 1% to $16.65 billion, coming in below estimates of $16.69 billion. By segment, revenue in its grooming and baby, feminine and family lines fell short of estimates, while beauty and fabric and home care exceeded expectations.
Skechers USA Inc. (SKX) stock surged more than 30% after soaring past third-quarter estimates. Earnings rose to 59 cents this quarter, surpassing analysts' expectations of 43 cents. Revenue climbed to about $1.1 billion as international wholesale sales climbed 26% and a 1.4% gain in domestic wholesale sales. Total comparable-store sales rose by 4.4%.
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