NEW YORK, NY / ACCESSWIRE / January 30, 2017 / A combination of corporate earnings and strong performances by the manufacturers and miners helped U.S. markets post strong weekly gains during President Trump's first week in office. The Dow Jones Industrial Average declined 0.04 percent to close at 20,093.78, up 1.33 percent for the week, while the S&P 500 Index declined 0.09 percent to close at 2,294.69, up 1.01 percent for the week. The Nasdaq rose 0.10 percent to close at a new record 5,660.78, posting a weekly gain of 1.88 percent.
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As of 104 companies in the S&P 500 Index reporting earnings through Wednesday morning approximately 70 percent have topped expectations, according to data from Thomson Reuters I/B/E/S. Earnings in the fourth quarter are forecasted to show a growth of 6.8 percent, which would be the largest growth rate seen in two years.
Starbucks Corporation (NASDAQ: SBUX)
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Starbucks' shares declined 4.00 percent to close at $56.12 a share Friday. The stock traded between $55.65 and $56.59 on volume of 28.88 million shares traded. The company reported adjusted earnings of $0.52 per share on revenues of $5.73 billion for the first quarter of fiscal 2017, which compared to the Street's estimates of adjusted earnings of $0.52 per share and revenues of $5.85 billion. Starbucks reported same-store sales growth of 3 percent for the fiscal first quarter, which fell short of analysts' estimates of 3.8 percent. The company has attributed some of the drop in same-store sales to mobile pay and ordering.
"We are pleased with the record Q1 financial and operating results we announced today, particularly given that the results were delivered in the face of a challenging environment for restaurant retailers overall," Scott Maw, CFO of Starbucks said in their earnings release.
Colgate-Palmolive Company (NYSE: CL)
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Colgate-Palmolive's shares declined 5.22 percent to close at $64.68 a share Friday. The stock traded between $63.43 and $65.05 on volume of 14.87 million shares traded. The company reported a net income of $606 million, or $0.68 per share, for the fourth quarter of 2016, compared to a loss of $458 million, or a loss of $0.51 per share, for the fourth quarter of 2015. Sales totaled $3.72 billion for the fourth quarter, which was a decline from $3.9 billion a year ago and below consensus analysts' estimates of $3.89 billion, according to FactSet. Organic sales growth at the company was 1.5 percent for the quarter, with a 2.5 percent rise in price and 1 percent decline in volume. Considering current exchange rate, the company expects a low single-digit growth in net sales and per share earnings in the year 2017.