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Highlights:
- Chevron Inc signed a definitive agreement to acquire full ownership of Beyond6.
- Revenue of Coca-Cola (KO) rose 10 per cent YoY in Q3 FY22.
- Amgen Inc. (AMGN) noted growth in its GAAP earnings per share in Q3 FY22.
Investors have kept a close track of the US midterm polls amid volatile trading in the market. With the GOP attaining control over the House on Wednesday, November 16, some analysts believe that the market might rebound due to a split government.
The Republicans' victory over the House means there would be a split government in the nation, and President Joe Biden would remain in power for the remaining tenure. .
Let's discuss three stocks from the blue-chip Dow Jones Industrial Average Index and see how they have recently performed.
Chevron Corporation (NYSE:CVX)
Chevron Corporation is a major oil and gas company that mines gasoline, produces chemicals, and other related services. The San Ramon-based energy company’s stock surged nearly 57 per cent YTD and about 59 per cent YoY.
The CVX stock added over 28 per cent through the quarter, and it was at its 52-week high of US$ 189.68 on Monday, November 14, 2022.
The energy company’s subsidiary, Chevron U.S.A SInc., said on Thursday, November 17, that it had signed a definitive agreement to acquire full ownership of Beyond6, LLC.
Chevron Corporation's revenue and other income totaled US$ 66.64 billion in Q3 FY22, and its net income was US$ 11.23 billion. This compares with a net income of US$ 6.11 billion on revenue and other income of US$ 44.71 billion in Q3 FY21.
Coca-Cola Company (NYSE:KO)
The carbonated soft-drink manufacturer, Coca-Cola Company's dividend yield was 2.9 per cent. The US$ 262.67 billion market cap beverage firm's stock surged two per cent YTD and about eight per cent YoY.
The company's Q3 FY22 earnings release from October 25 showed that its revenue grew 10 per cent YoY to US$ 11.1 billion, and its organic revenue surged 16 per cent YoY. The leading multinational beverage firm's earnings per share (EPS) rose 14 per cent YoY to US$ 0.65 apiece in the quarter.
Coca-Cola Company now expects its organic revenue (non-GAAP) growth to be between 14 per cent and 15 per cent for fiscal 2022.
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Amgen Inc. (NASDAQ:AMGN)
The leading multinational biopharmaceutical firm, Amgen Inc's dividend yield was 2.74 per cent. The stock of the independent biotech firm rose 27 per cent YTD and about 39 per cent YoY while touching its 52-week high of US$ 296.67 on November 8, 2022.
Meanwhile, Amgen Inc's revenue declined one per cent YoY to US$ 6.7 billion in Q3 FY22, due to a slump of one per cent in its global product sales. The biopharmaceutical company's GAAP EPS rose from US$ 3.31 apiece in Q3 FY21 to US$ 3.98 in the latest quarter, driven by a decrease in its operating expenses.
Bottom line:
The US market noted strong gains in the prior year but has lost most of the gains in the ongoing year due to macroeconomic headwinds. The US indices have fallen to the bear market territory through the year, as the red-hot inflation and soaring policy rates have subsided the risk-bet appetite of the investors.
The growth stocks were among the worst-hit assets in the equity market throughout the year. Meanwhile, the Dow Jones Industrial Average, consisting of the 30 established companies listed in the US market, lost around seven per cent YTD, and around six per cent YoY.
Hence, investors should carefully evaluate all the assets and the macro environment before spending on the assets.
