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💉 Pfizer surged 5.18% after the pharma giant not only handily beat top and bottom line expectations for its second quarter, but also raised its forward-looking guidance. That outlook hike arrived on the same day President Trump announced plans to roll out hefty pharma tariffs that could hit the industry harder than a dose of the Covid booster vaccine. But Pfizer CFO David Denton told CNBC that projected costs for tariffs in the company’s guidance are now under $100 million thanks to inventory management and stockpiling key medications.
- EPS: $0.78 per share, outpacing expectations of about $0.58 per share.
- Revenue: $14.65 billion, beating estimates of roughly $13.56 billion.
🛢️ BP jumped 3.42% today after the company reported its turnaround plan is kicking off after years of underperforming. The oil giant promised investors a wide-ranging portfolio review, including cost cuts demanded by activist investor Elliot Investment Management. In a continuation of its pivot back toward fossil fuels and away from renewable energy, BP said it made its biggest oil discovery in 25 years off the coast of Brazil just the other day.
- EPS: $0.90 per American Depositary Share, beating expectations of $0.68
- Revenue: $47.7 billion, under the $60.7 projected.
🏨 Marriott rose just 0.23% after the hotel giant posted its third straight quarter of earnings beats. The hospitality chain’s international business was particularly lucrative: Its revenue per available room, a key metric for the hospitality industry, grew 1.5% overall year over year, but surged 5.3% internationally while staying flat domestically. Management blamed a decline in travel demand from government workers, saying on the earnings calls that government room nights in the US and Canada dropped 16% year over year in Q2.
- EPS: $2.65 per share, above projections of about $2.62
- Revenue: $6.74 billion, outpacing analyst estimates of $6.66 billion