Mixed Trading in US Stocks; Johnson & Johnson Beats Earnings Expectations
Chinese Stocks Lose $6 Trillion in Value; United Airlines Foresees Impact from Grounded Boeing 737 Max 9 Planes
- US stocks traded mixed with the Dow Jones index falling around 90 points while the NASDAQ rose 0.12% and the S&P 500 rose 0.07%.
- Johnson & Johnson reported better-than-expected earnings for its fourth quarter with quarterly adjusted earnings of $2.29 per share, up 11.7% year-over-year, beating the consensus of $2.28.
- Chinese stocks have lost $6 trillion in value over the past three years, with the Hang Seng index down 10% this year alone, and the Shanghai Composite and Shenzhen Component indexes down 7% and 10% respectively.
- China is considering a stimulus package to prop up the slumping stock market, and Beijing has asked banks to sell dollars to prop up the yuan.
- United Airlines expects a financial impact from the FAA's grounding of Boeing 737 Max 9 planes, foreseeing an adjusted loss between 35 cents and 85 cents a share for its first quarter.
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