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John Wang
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Stocks
April 28 22:48

Earnings reports drive the US stocks up

Positive Q1 earnings reports continue to spur growth on the stock market.
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 A number of major US companies saw the price of their shares grow after publishing the data.

3M demonstrated one of the best performances on the market, gaining 4.7% after their report was published. The growth has been driven mostly by its healthcare division, while other divisions were still in the decline. The company revealed the EPS of US$2.16 and US$8.08 billion in revenue, surpassing the forecasts. 3M’s buyback is suspended, yet the dividend payments will continue.    
Caterpillar’s Q1 earnings ended up being slightly lower than forecasted. Nevertheless, its stock still climbed 1.3%. The company has cut its guidance for 2020, and yet it still pays dividends. T Rowe Price shares went up 2.1%. The company earnings surpassed the earlier expectations, even with the net client outflows of US$6 billion in the first three months of 2020.
Meanwhile, UPS shares dropped 4.4%, following the drop of Q1 earnings by around 8% and failing the expectations of US$1.15 EPS. The company underwent margin compression, following the costs that outpaced the revenue despite delivery demand surging up during the lockdown