Stocks were higher this morning as all sectors except for energy were trading higher.
Productivity fell by 0.5% in the second-quarter, the third consecutive quarterly decline. The measure was down 0.4% on a year-over-year basis. The drop comes as unit labor costs rose by a 2% annual rate, faster than overall output.
Stocks on the Move
Shares of Valeant Pharmaceuticals (VRX) jumped over 18% this morning after the firm reported second-quarter results and said the firm would pursue a major reorganization effort. Overall, the company lost 88 cents per share versus a loss of 15 cents a share in the year-ago quarter. Management also affirmed its full-year guidance.
The 22% lift in no-moat-rated News Corp's (NWS) June quarter fiscal 2016 EBITDA to $243 million was a welcome reprieve, after the previous three consecutive quarters of decline. This was a quality result, driven by the key growth engine (digital real estate EBITDA up 18% to $53 million) and a recovery in book earnings (EBITDA up 52% to $50 million). Shares rose 4.3% at midday.
Jeremy Glaser does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.