Diamonds and Dogs
Martin Marietta Materials (MLM) jumping 7% following earnings. The construction conglomerate is up 7% to a 11 month high even though earnings were just in line. Sales actually fell 1.3% year over year to $1.48 billion. Martine Marietta is seeing some acceleration in public infrastructure investment and large-scale energy and domestic manufacturing projects going forward.
Devon Energy (DVN) taking it on the chin. The energy giant is down 12% following earnings. Devon actually missed estimates as the storms out West impacted production. Revenues rose 0.6% year over year to $4.3 billion. The company raised its fixed dividend 2% while cutting its variable dividend due to cash flow. The price of oil is down 2% today.
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