Procter & Gamble Co (NYSE:PG) shares dropped despite beating on fiscal third-quarter earnings and revenue after the consumer goods giant reported thinning margins before the bell. The company saw earnings rise 6% to $1.06 per share year over year, ahead of the street estimate of $1.03 EPS. Revenue grew 1% to $16.46 billion versus estimates of $16.34 billion. Looking ahead, the Cincinnati-based company expects fiscal 2019 sales growth of roughly 4%, up from a range between 2% and 4%. However, its operating margin decreased 10 basis point to 19.9%.
The stock fell 2.7% to $103.17.
Hormel Foods Corp (NYSE:HRL) stock spoiled Tuesday on downgrades from two analysts. Goldman Sachs shifted the packaged foods company to Neutral from Buy and set a price target of $35, StreetInsider reported. JPMorgan went further, dropping the maker of Spam and Jennie-O to Underweight from Neutral with a price target of $36, per MarketWatch. Hormel closed Monday at $40.43. The firms each cited the rising cost of pork, particularly after the African Swine Fever killed millions of pigs in China.
Shares closed nearly 3% lower at $39.24.
The Coca-Cola Company (NYSE:KO) saw shares bubble up before the bell Tuesday after posting first quarter results that beat on earnings and revenue. The beverage giant brought in earnings of $0.48 per share on revenue of $8 billion topping Street estimates of $0.46 EPS on revenue of $7.9 billion. Net income increased to $1.7 billion from $1.3 billion in the previous year, thanks to growing sales of water and new soft drink flavors.
The stock climbed 1.7% to $48.21.
Twitter Inc (NYSE:TWTR) was making noise after the company posted first quarter EPS that doubled analysts' expectations .The social media power player made $0.37 EPS, more than twice the year ago quarter and blowing past estimates of $0.15 EPS. Revenue grew 18% to $787 million compared to projections of $774.9 million. Net income for the quarter was $191 million. Average monthly active users grew to 330 million from 321 million in the previous quarter but fell year-over-year. Analysts had expected about 319 million users, according to IBES data from Refinitiv.
Investors had a lot to Tweet about as the share price rose more than 15% to finish at $39.76.
Verizon Communications Inc (NYSE:VZ) stock dropped Tuesday after the company reported a larger-than-expected drop in subscribers. The telecommunications titan lost 44,000 phone subscribers, a bigger blow than the 25,000-subscriber loss expected by FactSet. Net income increased to $5 billion from $4.6 billion year over year, but its $32.13 billion in revenue came up just shy of $32.15 billion estimates. Adjusted earnings were $1.20 compared to Street projections of $1.17.
Traders weren’t getting a signal, with shares dropping 2.1% to $57.15.
Hasbro Inc (NASDAQ:HAS) stock was soaring on the wings of an unlikely source: the BumbleBee movie. The toy company shook off an expected earnings loss for the first quarter, thanks in part to a 9% jump in franchise brand sales, which includes Transformers toys. Franchise sales were $393.6 million, surpassing expectations of $361.7 million. The Rhode Island company’s $0.21 EPS and $732.5 million revenue beat Street expectations of a $0.01 loss per share and $665.3 million revenue.
Shares were up more than 14% to $100.65.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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