J&J beats on earnings
Johnson & Johnson reported quarterly results that beat analyst expectations. The pharmaceutical giant earned $2.77 per share on revenue of $21.89 billion. Analysts polled by LSEG expected a profit of $2.59 per share on revenue of $21.56 billion.
Shares ticked slightly higher in the premarket.
Stock chart icon
JNJ 5-day chart
Bank of America posted better-than-expected earnings for the first quarter, sending shares higher by more than 1% in the premarket. The bank earned 90 cents per share on revenue of $27.51 billion. Analysts had forecast a profit of 82 cents per share on revenue of $26.99 billion.
The company’s results were driven by strong revenue from trading and solid interest income.
Stock chart icon
BAC rises after earnings
Asia-Pacific markets mostly rose Tuesday after all three key Wall Street benchmarks advanced overnight on a tech rally.
Japan’s benchmark Nikkei 225 climbed 0.84% to end the day at 34,267.54 while the broader Topix index advanced 1% to 2,513.35.
In South Korea, the Kospi index added 0.88% to close at 2,477.41 while the small-cap Kosdaq moved up 0.41% to 711.92.
Australia’s S&P/ASX 200 moved up 0.17% to close at 7,761.70.
India’s benchmark Nifty 50 surged 2.18% while the broader BSE Sensex rose 2.19% as at 1.50 p.m. Indian Standard Time.
Hong Kong‘s Hang Seng Index closed 0.23% higher at 21,466.27 to while Mainland China’s CSI 300 ended the day flat at 3,761.23.
— Amala Balakrishner
It is essential for investors to practice patience and not got swept up in trepidation amid this period of heightened uncertainty, according to Oppenheimer.
In a Monday note, Oppenheimer chief investment strategist John Stoltzfus reiterated his bullish stance on equities.
“We remain positive on stocks and consider near-term volatility tied to the uncertainties surrounding the tariff regime structure — which for now remains in our view very much ‘a work in progress’ — as not atypical of a period in market history which is laden with watershed caliber developments in technological innovation and changes likely to the global trade landscape that seek to create a fairer and likely more competitive global venue,” he wrote.
Stoltzfus added: “Pullbacks earlier this year have mostly looked like ‘trims’ and ‘haircuts’ for the S&P 500 whenever bears, skeptics, and nervous investors have found a catalyst to take near-term profits without FOMO (fear of missing out) amid what appears to us in fundamentals that persist in showing resilience like a very much intact bull market.”
Specifically, Stoltzfus listed his favorite sectors as information technology, communications services, consumer discretionary, financials and industrials — sectors that have all sold off this year.
— Lisa Kailai Han
Stock chart icon
ON/ALGM 5-day chart
In a press release, ON Semiconductor said it had “determined there is no actionable path forward,” but that the company would focus its efforts on other opportunities to enhance shareholder value.
— Lisa Kailai Han
