Investors continue to hit the like button on shares of Facebook. Last night we told you about Facebook’s blow out earnings. Investors got a chance to react to those earnings today and they bought up shares of the social media giant. With today’s gain, Facebook, now at a record high, cracks the top 15 most valuable companies in the S&P 500 index. Its $190 billion market value makes it bigger than bellwethers like Coca-Cola and AT&T. The stock closed five percent higher at $74.98.
Some of its newer drugs helped Bristol-Myers Squibb post better than expected quarterly results. Cost controls and strong sales of its blood cut and melanoma treatment bolstered the results. Profit did fall from a year earlier, because of higher taxes and its exit from the diabetes business. Still shares rose slightly to $49.46.
Another drug maker posted better than expected earnings. Eli Lilly beat on the top and bottom lines, but its profit fell from a year ago as patents from some of its top drugs expired. The company backed its full-year earnings guidance. Shares rose slightly to $64.37.
After the close Visa reported results that beat the street’s estimates. But the credit and debit card company cut its revenue growth target for the year, citing a strengthening U.S. dollar. That sent shares down initially after hours. During the regular session the stock rose slightly to $222.74.
Dow Component 3M’s second-quarter profit rose as sales across all of its businesses were higher. The maker of Post-it notes said sales of its face masks and water filters in China, where pollution fears are growing, helped its results. It also re-affirmed its full-year earnings forecast. Shares rose a fraction to $145.13.
Dunkin’ Donuts & Starbucks
Two coffee chains out with earnings today. Dunkin’ Brands saw its shares dip after the company cut its full-year forecast. Revenue was short of consensus. The company blamed bad weather, among other challenges. It was the opposite story for Starbucks. It saw its earnings rise on strong sales. It also hiked the lower end of its earnings estimates for this quarter. Shares of Dunkin’ were down about 4.5 percent to $42.01. Starbucks, which reported after the bell, fell initially after-hours. During the regular session the stock was 1.5 percent higher at $80.45.
Zillow & Trulia
Online real estate companies Zillow and Trulia both popped on merger buzz. Zillow is reportedly looking to buy its smaller rival Trulia in a deal that could be valued at $2 billion. Shares of Zillow rose 15 percent to $145.76. Trulia surged 32 percent to $53.74.