New York (AFP) - US stocks Tuesday moved higher in early trade, lifted by earnings from drug makers Pfizer and Merck that topped Wall Street estimates.
Europe's biggest tyre-maker, Michelin, on Tuesday confirmed its full-year outlook after a jump in earnings in the first half helped by lower raw material costs. Net profit jumped 23 percent in the first half to 624 million euros ($837 million) boosted by lower raw material costs, the company said in a statement. "In a competitive environment that persisted through the first half, Michelin met its objective of delivering a further improvement in its performance," said chief executive Jean-Dominique Senard in a statement. Earnings were also helped by a 351 million-euro gain from cheaper rubber and other raw materials.
By Rodrigo Campos NEW YORK (Reuters) - U.S. stocks were set to rise slightly at the open on Tuesday following better-than-expected results from companies such as Pfizer and Merck and ahead of data on consumer sentiment. Merck reported better-than-expected quarterly results as new drugs offset declining sales of ones facing generic competition. Pfizer's higher-than-expected second-quarter earnings were helped by growing sales of its cancer medicines. Merck was up 1 percent in premarket, while Pfizer gained 0.6 percent.
NEW YORK (AP) — Pfizer's second-quarter earnings plunged 79 percent from last year, when the world's second-largest drugmaker booked a business spinoff gain of more than $10 billion. The latest results still edged analyst expectations.