Super Hot Stocks as Dow Breaks 12,000: Exxon Profit Climbs 41%, P&G Edges Lower, and Bank Stocks are Booming
Exxon Mobil (NYSE:XOM) is up 1.3% in early trading after the company reported strong earnings for the third quarter. Profits climbed 41% to $10.33 billion ($2.13 per share), compared to $7.35 billion ($1.44 per share) last year. Chevron Corp. (NYSE:CVX) and ConocoPhillips (NYSE:COP) are also trading higher by 2%.
Investing Insights: Exxon Mobil Corp Earnings Cheat Sheet: Profits Climb By Double Figures Again.
Procter & Gamble (NYSE:PG) is edging lower in pre-market trading. The consumer products giant reported a 1.9% decrease in net income. Net income fell from $3.08 billion to $3.02 billion in the latest quarter. High commodity costs damaged profit margins and slowed growth. Competitor Kimberly-Clark (NYSE:KMB) is up more than 1.6%.
Investing Insights: Procter & Gamble Co. Earnings Cheat Sheet: Snaps Strong Streak with Profit Drop.
Now that an actual Eurozone plan has emerged, financial stocks are seeing a surge. Bank of America (NYSE:BAC) and Citigroup (NYSE:C) jumped more than 7% in before the opening bell. Morgan Stanley (NYSE:MS), who many thought had the greatest exposure to the Eurozone debt crisis, surged more than 8%. Goldman Sachs (NYSE:GS) increased more than 3%, while JP Morgan (NYSE:JPM) popped nearly 8%. Warren Buffett favorite Wells Fargo (NYSE:WFC) popped 5%.