It was another strong day for U.S. equities, while oil was weaker by 0.2% and treasury bonds were also weaker. The S&P 500 Index and Dow Jones Industrial Average gained 0.5% apiece, while the Nasdaq Composite surged 0.6%.
Earnings dominated the news in Wall Street after the bell, with Barrick Gold Corporation (USA) (NYSE:ABX), Cisco Systems, Inc. (NASDAQ:CSCO) and Tripadvisor Inc (NASDAQ:TRIP) all reporting late Wednesday.
Here’s what you should know:
Barrick Gold Corporation (USA) (ABX)
Barrick Gold performed well in its winter period thanks to lower production costs. The miner unveiled earnings of $425 million, or 36 cents per share, in its fiscal fourth quarter of 2016. On an adjusted basis, earnings came in at 22 cents per share.
Wall Street was calling for adjusted earnings of 20 cents per share. The earnings beat also came in ahead of the eight cents per share Barrick Gold posted in the fourth quarter of 2015.
Part of the company’s success over the period can be attributed to lower production costs, as well as higher gold and copper prices that gave the industry a welcome boost.
For 2017, Barrick Gold hopes to improve its free cash flow per share. Gold production in the current year will come at a higher amount than expected as it will produce between 5.6 million and 5.9 million ounces, amounting to $750 and $790 per ounce.
The company also announced a quarterly dividend that will amount to 3 cents per share, which is higher than the original 2 cents per share announced.
ABX shares wafted up 2.1% in Thursday’s premarket trading.
Cisco Systems, Inc. (CSCO)
Cisco was another company to have positive figures in its most recent period.
For the communications company’s second quarter, it earned 57 cents per share, which was better than the 56 cents per share that the consensus estimate called for. Cisco posted revenue of $11.58 billion, which was 2% lower year-over-year compared to the $11.93 billion it raked in previously. The company also raised its quarterly dividend to 29 cents per share, marking a 3-cent boost.
The company unveiled a third-quarter revenue outlook that will see net sales decline as much as 2% year-over-year. Revenue came in at $12 billion in the third quarter of the previous year.
Earnings will be in the range of 57 cents to 59 cents per share for Cisco, which is right in line with the 58 cents per share that analysts are calling for, according to data compiled by Thomson Reuters.
CSCO stock is up about 1.6% in premarket trading.
Tripadvisor Inc (TRIP)
TripAdvisor stock plummeted after the company reported on its latest quarter. The travel review website revealed that it earned 16 cents per share on an adjusted basis, which was nearly half the 31 cents per share that analysts were expecting.
Data compiled by Thomson Reuters predicted revenue of $326.5 million for TripAdvisor’s fourth quarter, but the company missed this figure as it raked in $316 million.
Part of the reason why the company suffered in its last three months of fiscal 2016 has to do with lower display advertisements on its websites, as well as a drop in subscription revenue. Revenue from display-based advertising and subscription slipped 2.8% to $69 million. TripAdvisor’s other hotel revenue amounted to $29 million, which marked a 20.7% decline year-over-year.
TRIP shares are down 6.3% in premarket trading.