RTTNews - Stocks moved sharply higher at the start of trading on Monday, with the major averages adding to the gains posted last week. The initial strength came as traders reacted positively to the latest batch of earnings news.
With commodities prices on the rise, resource stocks have helped to lead the way higher in early trading. Healthcare provider, semiconductor, chemical, and banking stocks are also posting notable gains, while some health insurance stocks are bucking the uptrend.
As earnings season begins to wind down, Humana (HUM) reported second-quarter net income of $1.67 per share, compared to $1.24 per share in the same quarter of last year. Wall Street analysts expected the company to report earnings of $1.64 per share for the quarter.
Humana's total revenues for the quarter rose to $7.90 billion from $7.35 billion in the prior year quarter. Twelve analysts had a consensus revenue estimate of $7.77 billion for the quarter.
Tyson Foods (TSN) reported third-quarter net income of $0.35 per share compared to $0.03 per share in the year ago quarter. Sales for the quarter totaled $6.66 billion, compared to $6.85 billion last year. Analysts had expected earnings of $0.22 per share on revenues of $6.68 billion.
After the closing bell, homebuilding stalwarts Centex (CTX) and Pulte Homes (PHM) are set to report their quarterly results.
In the past few minutes, the major averages have pulled back off their highs for the young session, although they remain firmly positive. The Dow is currently up 65.60 at 9,237.21, the Nasdaq is up 18.34 at 1,996.84 and the S&P 500 is up 9.15 at 996.63.
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