What's moving markets today
United Technologies reported earnings and sales that topped Wall Street's forecasts. The reason: booming demand for jet engines and other aircraft parts. Shares of the Dow component company rose 5% in early trading on the news.
United Technologies (UTX) owns the Pratt & Whitney engine maker as well as Collins Aerospace, the company formerly known as Rockwell Collins that United Technologies bought for $30 billion last year.
CEO Gregory Hayes said strong orders from Boeing (BA) and Airbus were a boost. He said he expected that trend to continue this year.
United Technologies is increasingly dependent on aerospace for its sales and profits. The company in November said it would split into three separate publicly traded firms — one for aviation, another for its Carrier air conditioning unit, and one for its Otis elevator businesses.
Procter & Gamble's (PG) stock rose around 5% after the company reported strong quarterly sales and raised its 2019 guidance.
P&G's organic sales rose 4% last quarter from the same time last year, led by 8% growth in its beauty division for brands like SK-II and Olay. P&G's fabric and home care division, which accounts for more than 30% of the company's sales, grew 6%.
P&G's digital sales increased 30%. The company's push on natural and organic products like Pampers Pure diapers, Burt's Bees toothpaste and Native deodorant helped growth.
Grooming continues to be a weak spot for P&G. Sales fell 3% last quarter.
P&G has lowered the cost of Gillette razors to match Dollar Shave Club, but said "heightened competitive activity" contributed to the slowdown last quarter. Gillette razor sales are also falling because more men are growing beards.
On a media call, P&G CFO Jon Moeller said the recent Gillette ad about "toxic masculinity" had been effective.
"We’ve received unprecedented levels of both media coverage and consumer engagement in that campaign," he said. "It’s a part of our effort to connect more meaningfully with younger consumer groups."
Comcast (CMCSA) shares are spiking nearly 4% in premarket trading, partly because of a rise in revenue at NBCUniversal.
The revenue for the division, which includes its broadcast and cable networks, film studios and theme parks, shot up 7.1% for the fourth-quarter of 2018 compared to the same period in 2017.
Overall, Comcast's fourth-quarter earnings increased 5.2% to $28.3 billion.
Sky high. For the first time, Comcast disclosed financials for its European pay-TV system Sky following its $40 billion acquisition and the results are strong. Revenue for the unit increased 5.6% to $5 billion for the fourth-quarter of 2018.
"We truly became a global company with our acquisition of Sky, and are excited about its future and the potential of our combined company in 2019 and beyond," Comcast CEO Brian Roberts said in a release.
IBM (IBM) reported stronger-than-expected earnings late Tuesday and its stock in premarket trading is reflecting that: Shares are up more than 6%.
The technology conglomerate's revenue for the fourth quarter came in at $21.76 billion, topping analysts' expectations of $21.73 billion. And, unlike several other companies that adjusted their 2019 guidance downwards, IBM expects its earnings per share will come in slightly higher this year.
"In 2018 we returned to full-year revenue growth, reflecting growing demand for our services and leadership solutions in hybrid cloud, AI, analytics and security," said IBM CEO Ginni Rometty in a statement.
Capital One (COF) shares are sliding more than 5% after missing on expected revenue.
The financial company's fourth-quarter revenue came in at $7.01 billion, a touch lower than analysts' expectations of $7.08 billion.
But it improved its net income from the same period in 2017, reporting $1.3 billion for the fourth quarter of 2018 compared to a $971 million loss a year earlier.
Global economic concerns continue to take center stage at the World Economic Forum.
Japan's Prime Minister, Shinzo Abe, and German Chancellor Angela Merkel are also scheduled to speak.
And investors will be watching Chinese Vice President Wang Qishan, who will take the stage a day after trade tensions appeared to flare up again.
The White House declined an invitation from Beijing to hold preliminary trade talks ahead of a new round of negotiations scheduled for later this month in Washington, a person familiar with the matter told CNN.
That news sent US stocks plummeting on Tuesday.
They later recovered slightly after White House economic adviser Larry Kudlow denied any meeting was planned.
US stock futures are pointing slightly higher, suggesting a possible recovery from Wall Street's downbeat session on Tuesday.
Coming up, it's a big day of earnings: