Market Minute: BP, Beset by Lawsuits, Set to Jump on Strong Earnings

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Pfizer flops, and BP is set to gain despite a slew of new lawsuits.

The S&P 500 rose 11 points yesterday to close above the record high set earlier this month, and it's poised to complete its sixth straight monthly gain. Dow Industrials jumped 106 points and the Nasdaq gained 27.

On the earnings scoreboard:

Shares of Pfizer (PFE) are set to slide after the company's operating net fell short of expectations. The world's biggest drug-maker also lowered its earnings and sales forecast for the full year.

The BP company logo.  Photographer: Daniel Hambury/Bloomberg News
Getty Images
BP (BP) is set to jump after earnings blew past expectations. Separately, the company has been hit by 2200 new lawsuits in recent weeks, related to the Gulf of Mexico oil spill three years ago. Individuals and businesses are trying to beat a deadline to file new claims.

Insurance giant Aetna (AET) reports a four percent earnings decline, because of charges. But the company says sales and membership increased, and it raised its outlook for the full year.

Herbalife (HLF), the nutritional-supplement maker at the center of a power struggle between some big time investors, posted a 10 percent earnings gain. That topped expectations and the company raised its forecast for the full year.

Has Apple (AAPL) escaped from investors' doghouse? The stock is up sharply three days in a row. It closed Monday at $430 a share, up nearly $40 from the low hit less than two weeks ago. The latest driver is a rumor that the iPhone 5S could be available this summer.

Best Buy (BBY) is getting out of Europe. It's selling its 50 percent interest in Carphone, a joint venture there, for $775 million.

And Federal Reserve policymakers begin a two-day meeting at which they're expected to continue their easy money program to encourage spending and hiring.

–Produced by Drew Trachtenberg


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doronone

Also the oil co.'s should pay us more to pump our oil out of the ground.

April 30 2013 at 11:00 AM Report abuse rate up rate down Reply
doronone

Today In Libertyville Il. 60042 GAS price for regular $4.19 per gallon. How long ( and I'm guessing forever ) will the US Goverment keep letting the Oil Company's stick these prices up our asses. Gas went up $ .20 over night why??

April 30 2013 at 10:58 AM Report abuse rate up rate down Reply
Tracie

I want to know, where did all those billions of dollars that Ken Feinberg was supposed to give to those affected by the Horizon Oil well explosion? There was $20 billion allotted for people on the Gulf Coast to help them rebuild their businesses and to aid with tourism and beach clean up...only about $7 billion was actually given out...so, where is the REST of that money? Sitting in a bank account in Switzerland with his and Obama's names' on the account? NOW Feinberg has been put in charge of handling MORE money for the families of the Boston Marathon tragedy. Why is it, this man only shows his face when there are LARGE amounts of money to be handled? Something tells me, he is in this up to his neck, and drawing the interest for himself, or for the Democratic National Committee. It would NOT surprise me in the least. There is SO much corruption in this administration, it is SICKENING!!!! Yet, NO ONE will EVER be prosecuted. Yet, if a Republican president and administration had done everything that has and is being done with THIS president, they would have already been tried for treason and tainted as traitors to this country. It is SHAMEFUL what is going on in this administration, with NO accountability or consequences.

April 30 2013 at 10:56 AM Report abuse rate up rate down Reply
Dick

With the over inflated price of oil...why wouldn't BP and all the other greedy gas and oil companies do well!!!

April 30 2013 at 9:20 AM Report abuse rate up rate down Reply
1 reply to Dick's comment
michael6179

Hey Dick...You are a fool...Go take a basic economics class, maybe you will learn something..

April 30 2013 at 10:55 AM Report abuse rate up rate down Reply