Top Midday Stories: Intuit Shares Fall After Q2 Guidance Falls Short of Expectations; Honeywell to Sell PPE Business

MT Newswires Live00:25

All three major US stock indexes were up in late-morning trading Friday as they head for weekly gains.

In company news, Intuit (INTU) reported fiscal Q1 non-GAAP earnings late Thursday of $2.50 per diluted share, up from $2.47 a year earlier and above the consensus estimate from analysts surveyed by FactSet of $2.36 excluding certain items. Fiscal Q1 revenue was $3.28 billion, up from $2.98 billion in the year-ago period and above the FactSet consensus of $3.14 billion. For fiscal Q2, the company expects non-GAAP EPS of $2.55 to $2.61 on revenue of $3.81 billion to $3.85 billion. Analysts polled by FactSet expect $3.25 and $3.88 billion, respectively. Intuit shares were down 4.7% around midday.

Honeywell International (HON) agreed to sell its personal protective equipment business to a portfolio company of private equity firm Odyssey Investment Partners in an all-cash deal valued at about $1.33 billion. The transaction is expected to be complete in H1 2025, the companies said in separate statements. Honeywell will retain its gas detection portfolio within the industrial automation business. Honeywell shares were up 1.0%.

The US Supreme Court on Friday declined to consider an appeal by Meta Platforms' (META) Facebook, meaning it will have to face a lawsuit accusing it of misleading shareholders regarding the 2015 data breach involving Cambridge Analytica. Meta shares were down 1.2%.

Amazon.com (AMZN) said Friday that it is making an additional $4 billion investment in Anthropic and that the artificial intelligence company has named Amazon Web Services its primary training partner. Amazon shares were down 0.4%.

The mobile ecosystem activities of Apple (AAPL) and Alphabet's (GOOG, GOOGL) Google should be investigated by the UK's Competition and Markets Authority, according to the provisional findings of the regulator's independent inquiry group published on Friday. Apple shares were up 0.3%, while those of Alphabet were down 1.7%.

Merck's (MRK) asthma drug Singulair, now manufactured by Merck spin-off Organon, and generic versions of montelukast have been linked to serious mental health problems from some users in a US Food and Drug Administration study, Reuters reported Friday, citing a scientific presentation it reviewed. Merck shares were up 1.3%.

Price: 228.50, Change: +2.41, Percent Change: +1.07

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