Morgan Stanley’s first quarter earnings surged more than 50 percent. The firm posted higher revenue in each of its major businesses, including surprising results from its fixed-income division. The company beat of both the top and bottom lines and it doubled its quarterly dividend to 10 cents per shares. Shares were up about three percent to $30.76.
It was the opposite store for DuPont. The chemical maker saw its agricultural sales suffer and its operating costs rise because of the harsh winter weather, which weighed on its first-quarter results. Earnings matched estimates, but revenue came in shy. The company says the rough winter weather shaved seven cents a share off the quarter’s profits. Shares fell one percent to $66.98.
Toy maker Mattel swung to a first-quarter loss on weak sales of Barbie. The company also blamed a “challenging retail environment” as it had to mark down inventory left over from a sluggish holiday season. Shares fell one percent to $37.47.
PepsiCo posted an earnings beat as the company sold more snacks around the world and hiked prices. That helped the maker of Frito-Lay chips and Tropicana juice offset softer volumes and foreign exchange headwinds. Shares were up about one percent to $85.55.
Barnes & Noble
Shares of Barnes & Noble moved lower on news the company’s chairman and largest shareholder Leonard Riggio trimmed his stake in the book retailer. Riggio sold 3.7 million shares, cutting his stake to 20 percent. He says the sale was part of his long-term financial and estate planning and he has no plans to sell more stock this year. Shares plunged 12 percent to $16.37.
China’s Weibo made its trading debut today and shares surged. The social media company priced its 16.8 million shares at $17 a piece, which was at the low-end of the expected range. It raised more than $285 million from the offering. The stock popped 19 percent to $20.24.