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Equity markets are on a role and this earnings season has taken markets by surprise. With global growth concerns and the recent negative events such as Brexit, investors feared earnings season would be more of the same bad news. But the opposite is happening as companies are not only beating expectations by also increasing their guidance for the year.
Below are some of the star performers this week:
Bayer AG
Bayer AG, the German chemicals company seeking to acquire Monsanto Co., reported a 5.7 percent increase in second-quarter profit as prescription-drug sales helped offset weakness in its crop sciences and consumer health units.
LVMH Moet Hennessy Louis Vuitton SE
LVMH Moet Hennessy Louis Vuitton SE rose after the world’s biggest luxury-goods maker increased sales more than analysts anticipated, buoyed by demand for wines and spirits, showing how its broad product portfolio can insulate it against the sector’s malaise.
Valeo SA
Valeo SA, France’s second-biggest auto-parts maker, is outperforming the market, CEO Jacques Aschenbroich. He said there's ‘No negative trend’ from customers regarding Brexit, adding that Valeo is focused on organic growth, though is still doing acquisitions to gain technology.
Apple Inc.
Apple sold 40.4 million iPhones in the third quarter, while analysts were expecting 40.02 million. The company's services revenue grew 19%.
Cook said he feels "fantastic" about iPhone sales in the latest quarter and highlighted the strength of Apple's services business.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, notable return on equity and expanding profit margins.
The Goodyear Tire & Rubber Company
The Goodyear Tire & Rubber reported a profit for its second quarter that gained ground from last year.
The company said its bottom line totaled $314 million, or $1.16 per share. This was up from $229 million, or $0.84 per share, in last year's second quarter.
Analysts had expected the company to earn $1.03 per share.
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