The Dow Jones Industrial Average (DJINDICES:^DJI) was down a slight six points at 1 p.m. EDT Wednesday despite quarterly earnings reports from three major components since the closing bell Tuesday afternoon.
AT&T (NYSE:T) reported better than expected results Wednesday morning, beating earnings per share estimates of $0.70 by a penny. The results were driven by strong subscriber growth that lifted revenue to nearly $32.5 billion for the quarter.
The telecom giant added 1 million new subscribers, and emphasized that 625,000 of these new users signed long-term contracts.
The market responded negatively to the release, with AT&T trading down 3.2% in early afternoon trading.
Boeing (NYSE:BA)also had good news this morning, reporting earnings per share of $1.76, beating estimates by a solid 13%. Like AT&T, the stronger than expected performance was driven by better than expected revenue of $20.5 billion -- $300 million more than Wall Street anticipated.
Boeing delivered 161 commercial planes in the first quarter, including 18 of the company's new Dreamliner 787. The airplane maker anticipates delivering 110 Dreamliners in 2014. After a string of malfunctions grounded the new plane last year, the anticipated increase in production and deliveries is a very positive sign for Boeing shareholders.
The company was able to return $3 billion to shareholders via buybacks and dividends in the quarter as well. The stock was up 2.2% by 1 p.m..
Procter & Gamble (NYSE:PG) also beat earnings in its first-quarter report, but the household goods specialist fell short of revenue expectations.
Earnings came in at $1.04, beating estimates by $0.02. P&G reported $20.6 billion on the top line, versus Wall Street's expectation of $20.7 billion. The company blamed currency fluctuations for the miss on revenue.
The company is focusing primarily on cost reductions and only the most profitable products. Procter & Gamble sold off its pet care business earlier this month for $2.9 billion in cash and plans to cut over $10 billion in costs by next year. CEO A.G. Lafley said of the results, "We're operating in a slow-growth, highly competitive environment, which places even greater importance on strong innovation and productivity improvement."
The stock was down 0.3% on the news.