Earnings continue to dominate the news this morning with results from Proctor & Gamble, Samsung, Starbucks, Honeywell and Halliburton. Also making headlines this morning is Cisco's decision to sell its home-networking business to Belkin.
Procter & Gamble
Consumer stables maker Procter& Gamble (PG) reported adjusted EPS of $1.22 per share on revenue of $22.18 billion. Analysts had expected $1.11 per share on sales of $21.91 billion. The company also raised its guidance for the full year to $3.97 per share to $4.07 per share.
Samsung reported a 76% increase in profit for the fourth quarter. The report comes a day after Apple (AAPL) shares saw a huge drop after the company turned in a disappointing quarterly report. The fourth quarter was the fourth quarter in a row that Samsung's Galaxy phones outsold phones from Apple.
Expensive coffee chain Starbucks (SBUX) reported earnings of 57 cents per share on sales of $3.8 billion. Analysts had expected 57 cents on revenue of $3.85 billion. The company also affirmed its previous guidance, which calls for earnings growth of 15 to 20 percent for 2013.
Cisco Systems (CSCO) plans to sell its Linksys home-networking unit to Belkin. The company acquired Linksys for about $500 million in 2003. Terms of the sale to Belkin, which is expected to close in March, were not disclosed.
Defense contractor Honeywell (HON) reported adjusted EPS of $1.10 per share on sales of $9.58 billion. Analysts had expected the company to earn $1.09 per share. The company also confirmed its full-year guidance of $4.75 to $4.95 per share.
Oil services firm Halliburton (HAL) reported adjusted EPS of 67 cents per share on revenue of $7.29 billion. Analysts had expected EPS of 61 cents on revenue of $7.06 billion. Results during the quarter were impacted by the continuing fallout from the 2010 Gulf of Mexico oil spill as well as acquisitions and seasonal slowdowns in North America.