Few sectors are as intimately tied to the health of the global economy as steel. This high-beta group was taken to the woodshed last year as global investors fretted about a confluence of negative factors, namely Europe's sovereign debt crisis, emerging markets demand and slack growth in the U.S.
It's a pretty simple equation really.
Exxon Mobil (NYSE: XOM), the largest U.S. oil company, is reportedly in talks to sell part of its 50% interest in TonenGeneral Sekiyu back to Japan's TonenGeneral. The deal could be worth up to $3.9 billion and could be announced as early as Monday, Reuters reported, citing four unidentified sources with knowledge of the matter.
The U.S.
Dow component Procter & Gamble (NYSE: PG), the world's largest maker of consumer products, reports fiscal second-quarter results before the bell today and analysts are expecting a profit of $1.08 on revenue of $22.19 billion. EPS estimates range from $1.03 to $1.11 while revenue estimates range from $21.71 billion to $22.63 billion.
Dow component Chevron (NYSE: CVX), the second-largest U.S. oil company, reports fourth-quarter results before the bell Friday morning and analysts are expecting a profit of $2.85 per share on revenue of $71 billion. In the third quarter, Chevron earned $3.69 a share on revenue of $64.4 billion.
Most readers of this space will probably need to ask an older friend or relative about Neil Sedaka. Back in the 1960s, the singer crooned a hit in "Breaking Up Is Hard to Do." Indeed it is, that is unless you're a big oil company.
Remember those old Under Armour (NYSE: UA) commercials with the slogan "We Must Protect This House?" Well, it's fair to say investors don't think the house will be well protected in the coming quarters after Under Armour forecast 2012 revenue growth at the low end of its 20%-25% target. Fourth-quarter margins slipped to 51.6% from 51.7%.
Athletic apparel maker Under Armour (NYSE: UA) reports fourth-quarter results before the bell today and analysts are expecting a profit of 60 cents on revenue of $402 million. In the third quarter, Under Armour earned 84 cents a share on sales of $465.5 million.
Aerospace giant Lockheed Martin (NYSE: LMT) reports fourth-quarter results before the bell today and analysts are expecting a profit of $1.94 a share on revenue of $12.3 billion. EPS estimates range from $1.82 to $2.03 while revenue estimates range from $11.99 billion to $12.55 billion.
On Wednesday, Defense Department officials said the U.S.
Potash Corp. Of Saskatchewan (NYSE: POT), the world's largest maker of its namesake fertilizer, reports fourth-quarter results Thursday before the bell and analysts are expecting a profit of 88 cents per share on revenue of $2.09 billion. A year earlier, Potash earned 59 cents on revenue of $1.81 billion.
Following a strong fourth-quarter earnings report, shares of Delta Air Lines (NYSE: DAL) are surging almost 7% on what is already double the average daily volume.
1.877.440.ZING (9464)
