Stocks opened in the negative as surging oil prices overshadowed strong earninghs reports. Heavy equipment maker Caterpillar Inc. reported a 48% increase in Q1 profit, beating expectations due to strong sales to mining and energy companies. Novartis reported Q1 net income rise of 32% on 13% revenue growth. Watsco also exceeded expectations, posting Q1 net income rise on 14% revenue growth. Ameritrade fell, despite posting Q1 earnings increase to 22 cents a share, beating estimats by a penny. |
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