Investing.com – U.S. stocks were up after the open on Tuesday, as upbeat corporate earnings results and increased merger-and-acquisition activity overshadowed news of a Chinese interest rate hike.
During early U.S. trade, the Dow Jones Industrial Average was up 0.11%, the S&P 500 index eased up 0.04%, while the Nasdaq Composite index added 0.16%
Earlier in the day, the People’s Bank of China unexpectedly raised its benchmark interest rate for the third time since mid-October, as it stepped up its efforts to curb rising inflation.
Meanwhile, the world’s largest automaker Toyota saw shares rally 4.08% after it raised its full-year profit forecast to USD6.68 billion, exceeding market expectations for full-year earnings of USD5.93 billion.
U.S. listed shares of the world’s largest steel-maker ArcelorMittal jumped 3.94% after it said fourth quarter revenue increased by 16% to USD20.7 billion.
Also Tuesday, shares in healthcare provider Kindred Healthcare soared 24.23% after it agreed to purchase rival RehabCare Group in a deal valued at USD1.3 billion. The acquisition would create the largest U.S. provider of rehabilitation services. Shares in RehabCare surged 44.09% following the news.
Shares in semiconductor manufacturer Conexant Systems rallied 16.04% after it said it received a buyout bid from a private equity firm for an undisclosed fee and that its board was considering the proposal.
Meanwhile, consumer electronics giant Apple was up 0.68%, extending recent gains after closing at an all-time high in the previous session.
However, shares in cosmetics company Avon tumbled 6.58% after it reported fourth quarter earnings dropped 15% to USD229.5 million, due to declining sales in Russia and Brazil. The company, which gets approximately 80% of its revenue outside the U.S. cut its full-year earnings outlook.
Teva Pharmaceutical Industries saw shares plunge 5.53% after it said sales in the fourth quarter totaled USD4.42 billion, missing expectations for sales of USD4.64 billion.
Shares in packaged food manufacturer Sara Lee slumped 0.94% after it reported that revenue in the second quarter totaled USD2.35 billion, falling short of market expectations for revenue of USD2.9 billion.
Across the Atlantic, European stock markets were mixed. The EURO STOXX 50 shed 0.06%, France’s CAC 40 added 0.09%, Germany's DAX was up 0.17%, while Britain's FTSE 100 rose 0.11%.
Later in the day, the U.S. was to publish the results of a survey on economic optimism.
During early U.S. trade, the Dow Jones Industrial Average was up 0.11%, the S&P 500 index eased up 0.04%, while the Nasdaq Composite index added 0.16%
Earlier in the day, the People’s Bank of China unexpectedly raised its benchmark interest rate for the third time since mid-October, as it stepped up its efforts to curb rising inflation.
Meanwhile, the world’s largest automaker Toyota saw shares rally 4.08% after it raised its full-year profit forecast to USD6.68 billion, exceeding market expectations for full-year earnings of USD5.93 billion.
U.S. listed shares of the world’s largest steel-maker ArcelorMittal jumped 3.94% after it said fourth quarter revenue increased by 16% to USD20.7 billion.
Also Tuesday, shares in healthcare provider Kindred Healthcare soared 24.23% after it agreed to purchase rival RehabCare Group in a deal valued at USD1.3 billion. The acquisition would create the largest U.S. provider of rehabilitation services. Shares in RehabCare surged 44.09% following the news.
Shares in semiconductor manufacturer Conexant Systems rallied 16.04% after it said it received a buyout bid from a private equity firm for an undisclosed fee and that its board was considering the proposal.
Meanwhile, consumer electronics giant Apple was up 0.68%, extending recent gains after closing at an all-time high in the previous session.
However, shares in cosmetics company Avon tumbled 6.58% after it reported fourth quarter earnings dropped 15% to USD229.5 million, due to declining sales in Russia and Brazil. The company, which gets approximately 80% of its revenue outside the U.S. cut its full-year earnings outlook.
Teva Pharmaceutical Industries saw shares plunge 5.53% after it said sales in the fourth quarter totaled USD4.42 billion, missing expectations for sales of USD4.64 billion.
Shares in packaged food manufacturer Sara Lee slumped 0.94% after it reported that revenue in the second quarter totaled USD2.35 billion, falling short of market expectations for revenue of USD2.9 billion.
Across the Atlantic, European stock markets were mixed. The EURO STOXX 50 shed 0.06%, France’s CAC 40 added 0.09%, Germany's DAX was up 0.17%, while Britain's FTSE 100 rose 0.11%.
Later in the day, the U.S. was to publish the results of a survey on economic optimism.