U.S. Steel reported earnings well above the Street’s estimates. The company announced strong results even as its profit was hurt by falling steel prices and a strong U.S. dollar. For the rest of the year, the company expects to face the same challenges. Still, shares spiked right after the bell. Before the close, shares were off slightly to $21.27
Plummeting commodity prices are weighing on Freeport McMoran. The mining company slashed its capital budget and is searching for outside funding for its oil and gas business. This as it swung to a heavy loss in its fourth quarter because of costs related to its oil and and gas segment. Shares tumbled six percent to $18.38.
Peabody Energy managed to cut its quarterly loss on lower operating costs in Australia and the U.S. Still, the coal miner’s loss was much greater than expected and it slashed its quarterly dividend to less than one cent a share. Shares were off about 6.5 percent to $6.24
Dover Corp. slashed its outlook for the year, citing the recent sharp decline in oil prices. For its most recent quarter, its profit topped estimates, but revenue fell short. Shares of Dover were off slightly to $70.65.
Strong sales of cancer drugs helped Bristol-Myers Squibb report results that beat on both the top and bottom lines. The drug maker did say the stronger U.S. dollar is a drag on its revenue and earnings outlook for the year, which disappointed investors. Shares were off a fraction to $61.99.
American Airlines’ results were mixed. The carrier is forecasting $5 billion in savings because of lower fuel costs this year. Still, the company said revenue for each seat flown would decline in the first quarter, in part because of currency headwinds that are pinching foreign travelers’ pockets. Shares slumped about five percent to $52.69.