Shares of Abbvie surge on an earnings beat. The drug maker hiked it outlook for the year as its profit and revenue easily topped consensus. On top of that, the company increased its quarterly dividend to 57 cents a share. That will be payable in February. Shares rose ten percent to $59.55, making Abbvie the second best performer in the S&P 500.
The opposite story for CVS. Its profit forecast for 2016 came in below estimates, which the company is blaming on costs related to the purchase of Target’s pharmacies, among other things. Earnings missed consensus for the first time in six quarters, which it attributed to another acquisitions and generic drugs. Shares were off nearly five percent to $98.78.
An increase in sales of generic drugs helped Mylan post an earnings beat. Revenue was short of forecasts. The company also announced it will continue to strongly pursue its bid to buy Perrigo. Shares were off more than three percent to $44.09.
Colgate’s earnings were in line with consensus, while revenue missed. Quarterly sales fell as the strong dollar weighed on the toothpaste maker. It’s expecting full-year earnings to be lower than predicted. Shares fell four percent to $66.35.
Anheuser-Busch InBev saw its shares rise despite posting results that missed on both the top and bottom lines. Volatile currencies weighed on results. Still, the company hiked its dividend. Shares were up more than one percent to $119.33.
Phillips 66 saw its earnings rise more than 30 percent, helped by strength in its refining segment. And even though revenue came in below consensus. The stock was up three percent to $89.10.