Futures for the leading stock indexes are down a fraction this morning.
Shares of Ford Motor Co. (F) are down 1.9%, despite the automaker reporting fourth-quarter results that beat consensus estimates. But strength in the US was somewhat undermined with wider-than-expected losses in Europe; Ford said 2013′s profit will likely be the same as 2012, with higher sales in the US offset by even wider losses in Europe.
On the rise are shares of Valero Energy (VLO), up more than 7%, after the independent refiner’s fourth-quarter profit surged thanks in part to the low cost of US crude oil:
Refiners rose more than any other energy sector in 2012 as US crude production rose to the highest level since 1993, exceeding demand and keeping U.S. prices an average $21.85 a barrel�lower�than the global benchmark. Buying oil for less and selling fuel at a price linked to more expensive crude fueled the highest profits Valero has seen since 2007, according to data compiled by Bloomberg.
Also rising on a busy morning for corporate earnings are shares of US Steel (X), up about 1.9% after its quarterly loss sharply narrowed. Pfizer‘s (PFE) stock is up about 0.8% after its earnings, which saw an estimate beat, but which — on an adjusted basis — were down year-on-year. The results come as the drugmaker is in the midst of revamping itself:
Pfizer’s animal-medicine business is set to go public on Friday in what would be the largest deal from a U.S. company since�Facebook�Inc.‘s�IPO last May. The animal-health business, which has been dubbed Zoetis Inc., is aiming to raise as much as $2.2 billion in its market debut. The coming IPO is part of Pfizer’s plan to shed certain businesses and hone its focus on human pharmaceuticals, partially unwinding years of megamergers that made Pfizer the largest drug maker in the world by sales. Pfizer previously agreed to sell its nutrition unit to�Nestl�for $11.85 billion in cash.
Finally, shares of DR Horton (DHI) are up 4% after its fiscal first-quarter profit doubled from the year-ago period. Even after rising 57% last year, the stock is up nearly 8% this year — as I wrote last week, despite their recent gains, homebuilders could have moreto go�in the months ahead.
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