Latest Reports on Trending Tickers: Intel and Chevron Post Earnings

NEW YORK, NY / ACCESSWIRE / January 30, 2017 / A combination of corporate earnings and strong performances by the manufacturers and miners helped U.S. markets post strong weekly gains during President Trump’s first week in office. The Dow Jones Industrial Average declined 0.04 percent to close at 20,093.78, up 1.33 percent for the week, while the S&P 500 Index declined 0.09 percent to close at 2,294.69, up 1.01 percent for the week. The Nasdaq rose 0.10 percent to close at a new record 5,660.78, posting a weekly gain of 1.88 percent.

As of 104 companies in the S&P 500 Index reporting earnings through Wednesday morning approximately 70 percent have topped expectations, according to data from Thomson Reuters I/B/E/S. Earnings in the fourth quarter are forecasted to show a growth of 6.8 percent, which would be the largest growth rate seen in two years.

Intel Corporation (NASDAQ: INTC)

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Intel’s shares gained 1.12 percent to close at $37.98 a share Friday. The stock traded between $37.81 and $38.45 on volume of 44.37 million shares traded. Driven by growth in data center business, the company reported adjusted earnings of $0.79 per share on revenues of $16.37 billion for the fourth quarter of 2016. Average analysts’ expectations had called for adjusted earnings of $0.74 a share on revenues of $15.75 billion, according to analysts surveyed by Thomson Reuters. The company expects first-quarter revenue of $14.8 billion, plus or minus $500 million. Analysts on average were expecting $14.53 billion, according to Thomson Reuters.

“In 2017 and beyond, we expect server revenue to offset declines on the PC side,” said Edward Jones analyst, Bill Kreher.

Chevron Corporation (NYSE: CVX)

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Chevron’s shares declined 2.37 percent to close at $113.79 a share Friday. The stock traded between $112.85 and $114.70 on volume of 11.70 million shares traded. The company reported earnings of $415 million, or $0.22 a share, on revenues of $31.5 billion, for the fourth quarter of 2016. Excluding onetime items, the company has generated earnings of $0.21 a share for the quarter, which fell short of consensus analysts’ estimates of earnings of $0.64 a share on revenues of $33.3 billion, according to Thomson Reuters. Capital and exploration spending totaled $22.4 billion in 2016, down from $34 billion in 2015.

“Our 2016 earnings reflect the low oil and gas prices we saw during the year,” Chairman and CEO John Watson said in a statement. “We responded aggressively to those conditions, cutting capital and operating expenses by $14 billion.”

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