Yahoo Finance Market Awaits After-Hours Earnings Results
Pre-market futures are mixed but sinking so far this morning, as morning Q3 earnings are more often beating on earnings but flat to slightly down from expectations on sales. We also see a 10-year Treasury yield creeping back up toward 5% — 4.885% at this hour — while the 2-year stays modestly above 5%. The Dow is the sole major index in the green, +50 points, while the S&P 500 and Nasdaq are -15 points and -90 points, respectively.
Automatic Data Processing ADP, which brings a new private-sector payroll report for October a week from today, posted a 5-cent beat on its bottom line in fiscal Q1 this morning, to $2.08 per share (and notably higher than the $1.86 per share reported in the year-ago quarter). Revenues were a smidge below Zacks consensus to $4.51 billion. Shares were selling -2% or so ahead of today’s open.
The Boeing Company BA missed expectations on both top and bottom lines this morning, as its Q3 loss per share of -$3.26 was five cents lower than expected (though about half the deficit of the company’s abysmal Q3 of last year) on $18.10 billion in quarterly sales, beneath the $18.25 billion analysts were expecting. The company also announced cuts to 737 MAX deliveries in the quarter. Yet shares are +3.4% in early trading today, halving its year-to-date stock deficit.
Lab equipment giant Thermo Fisher TMO beat estimates on its bottom line, posting earnings of $5.69 per share in Q3, while revenues of $10.57 billion were exactly in-line with expectations, -1% year over year. Guidance for the full year was ratcheted down on both earnings and sales, and as a result, shares are down -3% ahead of today’s open, and -17% year to date. The company entered the day with a Zacks Rank #4 (Sell).
After today’s opening bell, we’ll see New Home Sales for September come out. Expectations are for a slightly warmer market — 680K from 675K posted the previous month — even though these numbers have been fairly volatile over the past year. Highs came in July at 739K and the lows at the beginning of the cycle, 577K in October of last year. Homebuilders have been increasing output as existing homes do not find themselves on the market as they would in “normal times.”
Q3 earnings season continues after today’s close, with reports due from Meta Platforms META, IBM IBM, cybersecurity software company ServiceNow NOW once the closing bell has sounded. We’re not through the biggest companies in the market until sometime next week, when Apple AAPL reports a week from tomorrow. But we’re still getting plenty of information about the quality of the domestic and international economies with this earnings data.
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The Boeing Company (BA) : Free Stock Analysis Report
Apple Inc. (AAPL) : Free Stock Analysis Report
International Business Machines Corporation (IBM) : Free Stock Analysis Report
Automatic Data Processing, Inc. (ADP) : Free Stock Analysis Report
Thermo Fisher Scientific Inc. (TMO) : Free Stock Analysis Report
ServiceNow, Inc. (NOW) : Free Stock Analysis Report
Meta Platforms, Inc. (META) : Free Stock Analysis Report
