Industrial ETF in Focus as GE, Honeywell Plunge Following Earnings

industryInvestors eyes will be glued to the XLI today as industrial giants General Electric (GE) and Honeywell (HON) report their latest quarterly results.

General Electric’s (NYSE:GE) Q2 profit surged 66% from last year, totaling 51 cents per share on an adjusted basis. Analysts had expected a lower 46 cents per share. Revenue jumped 15% to $33.49 billion, which included a 31% gain in the company’s power segment.

Despite the earnings beat, GE shares fell $0.69 (-2.12%) to $31.90 in premarket trading Friday.

Meanwhile, Honeywell (NYSE:HON) posted Q2 EPS of $1.66 on revenues of $9.99 billion, beating Wall Street’s view for $1.64 per share on $10.13 billion in revenue. The company also slightly boosted its full-year profit and revenue outlook.

HON shares were also down in premarket trading Friday, falling $1.91 (-1.61%) to $116.75.

Both GE and HON are big constituents in the Industrial Select Sector Index, which the XLI ETF tracks:

xli-holdings-2016-07-22

The Industrial Select Sector SPDR Fund (NYSE:XLI) closed at $58.18 on Thursday, down $0.60 (-1.02%). Friday’s premarket indications for the XLI, which has gained 9.75% year-to-date, were for a slightly lower open.

XLI-2016-07-22

The XLI is the largest industrial-focused ETF, with over $7.2 billion in assets under management.

You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)

Powered by WPeMatico