US index futures are down in premarket trading on Wednesday, as
the downgrade of US credit ratings by Fitch Ratings ended up
weighing on investor sentiment.
By 7:17 AM, Dow Jones futures (DOWI:DJI) were down 110 points,
or 0.31%. S&P 500 futures were down 0.49%, while
Nasdaq-100 futures were down -0.73%. The 10-year Treasury
yield was at 4.015%.
The downgrade of the credit rating by Fitch from “AAA” to “A+”,
with a stable outlook, could overshadow some corporate indicators
and balance sheets. That fuels fears about the deterioration
of the world’s largest economy over the next three years. US
Treasury Secretary Janet Yellen reacted to the decision, noting
that the US economy had recovered quickly from the recession caused
by Covid-19, and considered Fitch data outdated, according to
Reuters.
In Europe, in addition to uncertainties regarding the world’s
largest economy, some data and corporate news are also
considered. Siemens Healthineers, Siemens’ healthcare
business, faces a nearly 7% drop in shares after reporting a drop
in quarterly profit, hit by the cancer therapy segment, which has
had problems with deliveries, according to
agencies. Meanwhile, Volkswagen is in talks with an electric
vehicle startup in China, which is sending the German company’s
shares down more than 1%.
On Wednesday’s American economic agenda, investors will follow
the release of interest rates for mortgages on 30-year contracts at
7:00 am. The ADP, in turn, is going to release at 8:15 am the
number of private jobs for July, with a consensus of 189,000 new
jobs. Later, at 10:30 am, EIA’s weekly oil inventory will be
released, with the market projecting a reduction of 900,000
barrels.
In commodities markets, West Texas Intermediate crude for
September is up 0.86% to trade at $82.07 a barrel. Brent crude
for October is up 0.73% near $85.53 a barrel. Iron ore futures
traded in Dalian, China, fell 1.07% to $115.60 a tonne on doubts
about the US economy following Fitch’s credit rating downgrade.
Stocks on Wall Street had a mixed day on Tuesday. The Dow
rose 71.15 points, or 0.20%, to 35,630.68 points, its best closing
level in more than a year. The S&P 500 fell 12.23 points,
or 0.27%, to 4,576.73 points. The Nasdaq Composite dropped
62.11 points, or 0.43%, to 14,283.91 points. The ISM PMI index
showed the worst case scenario. At the same time that the main
data fell to 46.4 points (expectation: 46.9), showing contraction,
the index of prices paid was higher than expected, to 44 points,
despite remaining at a contractionary level. Finally, the
long-awaited JOLTS employment report did not bring any major
surprises, with the indicator being very close to market
expectations.
Ahead of Wednesday’s corporate results, investors await reports
from CVS Health (NYSE:CVS), Humana (NYSE:HUM), Generac (NYSE:GNRC),
Kraft Heinz (NASDAQ:KHC), Ferrari (NYSE:RACE), Dupont (NYSE:DD)
before the market opened. Post-closing, reports are expected
from PayPal (NASDAQ:PYPL), Shopify (NYSE:SHOP), Qualcomm
(NASDAQ:QCOM), Occidental Petroleum (NYSE:OXY), Unity (NYSE:U),
Robinhood (NASDAQ:HOOD), Mercado Libre (NASDAQ:MELI), Etsy
(NASDAQ:ETSY), among others.
Wall Street Corporate Highlights for Today
Apple (NASDAQ:AAPL) – Apple will likely
report a more than 2% decline in iPhone sales in the second quarter
due to anticipation of a new model and a slow
economy. Analysts are waiting for details on using AI to drive
growth. Mac and iPad sales are also expected to decline, but
the services business could be a bright spot, with an increase in
the ad market and prices for iCloud subscriptions.
Amazon (NASDAQ:AMZN) – Amazon.com has announced
a $7.2 billion investment in Israel through 2037 to launch Amazon
Web Services (AWS) data centers in the country. Cloud services
will allow the government to run applications and store data
locally. With this expansion, AWS will be available in 32
regions, contributing $13.9 billion to Israel’s GDP. In other
news, Amazon is rolling out a major overhaul of its grocery
business, offering fresh food delivery to non-Prime customers and
planning to merge its online grocery offerings into a single
cart. The changes are aimed at expanding the company’s share
of an estimated $1.5 trillion US grocery
market. Refurbishments include renovating physical stores and
focusing on simplifying the purchasing process for customers.
Meta Platforms (NASDAQ:META) – Meta has
initiated the process to block access to news on Facebook and
Instagram in Canada in response to the new online news
law. The Canadian government denounced the measure as
irresponsible, while Meta claims the news has little economic
value. Canadian law is similar to Australian law. Meta
also plans to ask European Union users for consent before allowing
companies to target advertising based on their activities on
Facebook and Instagram. The move is aimed at meeting
regulatory requirements and stems from an order from Ireland’s data
protection commissioner. Meta will share more information
about the process in the coming months. In other news, Meta
plans to launch AI-powered chatbots with different personalities in
September.
Alphabet (NASDAQ:GOOGL) – Google is
restructuring its Assistant unit to drive advances in generative AI
and incorporate large language model technology. This is aimed
at improving voice software, competing with Apple’s Siri and
Amazon’s Alexa. The restructuring may include some job
cuts.
Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL)
– Indian cricket’s governing body has postponed auctioning the
series’ bilateral broadcasting rights to the next five years,
seeking interest from companies including Amazon and
Alphabet. The sale faces challenges due to weak advertising
revenue. The IPL remains the most valuable cricket property,
with BCCI hoping to raise at least $750 million from the sale of
the rights.
Uber (NYSE:UBER) – Uber is developing an
AI-powered chatbot to improve customer service in its app. CEO
Dara Khosrowshahi mentioned that the company uses AI in its
businesses, from algorithms to find cars to messengers.
Tesla (NASDAQ:TSLA) – Indian authorities have
asked Tesla to follow Apple’s (NASDAQ:AAPL) approach and
seek local partners to deal with Chinese suppliers, while Tesla
looks into building a factory in India. The conflict between
India and China could complicate Tesla’s plans to bring in Chinese
suppliers.
General Motors (NYSE:GM) – General Motors
will recall just over 900 older vehicles worldwide due to ruptured
Takata airbag inflators. The decision was taken after an
incident in Brazil involving a 2013 Chevrolet Camaro. The company
is investigating the cause, but suspects a manufacturing
defect. To date, there are no similar reports of inflator
ruptures in other GM vehicles. Since 2009, faulty Takata
inflators have been linked to more than 30 deaths worldwide, but
none have occurred in GM vehicles.
Ford Motor (NYSE:F) – Ford has resumed
assembly of the F-150 Lightning electric truck and plans to triple
its production rate to 150,000 vehicles per year by
October. The company is now allowing individual customers to
buy the F-150 Lightning Pro cheaper.
General Electric (NYSE:GE) – General
Electric is looking at a significant dividend return thanks to a
remarkable financial recovery. With projections of free cash
flow generation and other improvements to its business, analysts
suggest that a dividend of up to $2 per share is possible for GE
Aero following the planned 2024 spin-off. of 0.3%.
TSMC (NYSE:TSM) – Chipmaker TSMC leads
advanced chip packaging development with 2,946 patents, followed by
Samsung with 2,404 and Intel with 1,434, according to LexisNexis
data. Advanced packaging is essential for getting more power
out of chip designs and is relevant for contract chip
makers. TSMC and Samsung have consistently invested in the
technology, while Intel (NASDAQ:INTC)
has not kept up with its own patent filing in this field.
Intel (NASDAQ:INTC) – Intel sold all of
its shares in Kaltura (NASDAQ:KLTR) and
cut about a tenth of its stake in Joby
Aviation (NYSE:JOBY), according to a
filing. Kaltura provides a video-on-demand technology
platform, while Joby develops eVTOL aircraft. Kaltura and Joby
shares have fallen since the start of the second quarter, while
Intel shares have risen.
Tupperware (NYSE:TUP), Yellow
Corp (NASDAQ:YELL) – Shares of North American
companies such as Tupperware Brands, Yellow Corp and others rose
significantly, reminiscent of “meme shares”, boosted by retail
investors. Experts point out that the phenomenon may not
follow traditional logic and involves companies in difficulties
with high volatility. Yellow jumped more than 78% on Tuesday,
while Tupperware jumped more than 32%
after shooting more than 575% in the past
seven sessions.
Wells Fargo (NYSE:WFC) – Wells Fargo
expects to pay up to $1.8 billion to replenish the government’s
deposit insurance fund after three banks fail, under an FDIC
proposal. The bank may also overhaul its balance sheet due to
new US capital guidelines. In addition, Wells Fargo is in
negotiations to resolve SEC and CFTC investigations into employee
communications over unapproved channels. The bank authorized a
new share buyback program of up to $30 billion after second-quarter
earnings.
Goldman Sachs (NYSE:GS) – Lisa Opoku,
global head of Goldman Sachs Partner Family Office, is leaving the
firm after two decades. She oversaw wealth management
offerings for partners and senior executives. This departure
is part of a recent series of senior executive departures from
Goldman Sachs. The firm promoted 11 partners and hired nine
new investment-focused managing directors this year.
Bank of America (NYSE:BAC) – Bank of
America has revoked its US recession forecast, becoming the first
major Wall Street bank to officially do so. Better economic
results over the last three months, low unemployment and easing of
price pressures were cited as reasons for the change. Analysts
forecast GDP growth of 2% in the quarter ended December, 0.7% in
2024 and 1.8% in 2025. The resilience of the US economy this year
has forced many to revise their recession forecasts.
HSBC Holdings (NYSE:HSBC) – HSBC raised
its profitability target and announced a $2 billion share
buyback. Revenues increased in the first half, boosted by
central bank interest rates. The commercial and retail banking
and wealth management division was the main driver of
results. HSBC has warned of economic uncertainty and customer
pain, particularly in Britain. The bank continues to expand in
China and is considering exiting some countries to boost
profits. HSBC has sold businesses in Oman, Canada, France and
Greece, but the sale in Russia has not yet been completed due to
regulatory approval.
NatWest Group (NYSE:NWG) – NatWest Group
Plc was ordered to pay $112,440 to a former compliance manager,
Adeline Willis, who was wrongfully terminated after undergoing
cancer surgery. Willis stated that the discrimination had a
detrimental impact on her health. NatWest regretted what
happened and took steps to prevent it from happening
again. Wrongful dismissal awards are generally limited in the
UK, but may be unlimited if allegations or discrimination are
substantiated.
Blackrock (NYSE:BLK) – A US Congressional
committee is investigating BlackRock and MSCI for facilitating
investments in blacklisted Chinese companies. The companies
are alleged to allow the flow of capital to companies accused of
contributing to the Chinese military advance and human rights
abuses. BlackRock has denied wrongdoing, and MSCI is reviewing
the inquiry.
Blackstone (NYSE:BX) – Blackstone’s $68
billion retail real estate fund, Blackstone Real Estate Income
Trust (Breit), limited investor withdrawals for the ninth
consecutive month in July, facing large withdrawal
requests. Redemption requests reached US$3.7 billion, with 34%
of this amount being paid to investors. Breit’s semi-liquid
structure has worked as expected, although redemption requests
remain high. The fund holds a portfolio of US$122 billion in
assets. Blackstone shares rose 0.2% on Tuesday.
Apollo Global
Management (NYSE:APO), Bain
Capital (NYSE:BCSF), KKR &
Co (NYSE:KKR) – These companies are among the
candidates selected in the tender to acquire a controlling interest
in the chip packaging unit Shinko Electric Industries Co., from
Fujitsu Ltd. State-owned Japan Investment Corp. is also
seeking a 50% stake in the company. The next round of bidding
is scheduled for September. Shinko Electric is valued at
around $2.7 billion. Fujitsu has sought to streamline its
business and focus on communication and information technology.
Apollo Global
Management (NYSE:APO), Yellow (NASDAQ:YELL)
– Apollo Global Management and other creditors are close to an
agreement to provide Yellow Corp with new money during an impending
bankruptcy. The trucking company faces financial difficulties,
including $1.54 billion in debt and payments due in 2024.
Coca-Cola Europacific
Partners (NASDAQ:CCEP) – Coca-Cola Europacific
Partners plans to acquire Coca-Cola Beverages Philippines together
with Aboitiz Equity Ventures (AEV) for $1.8 billion, seeking to
become the world’s largest bottler of cola . The ownership
structure will be 60% CCEP and 40% AEV. The agreement is still
under negotiation. CCEP also expects to return to the adjusted
earnings range of 2.5 to 3 times its net debt by 2024.
Li-Cycle (NYSE:LICY) – Li-Cycle has
started operations at its battery recycling plant in Germany, part
of its expansion into the European market. The factory in
Magdeburg has the capacity to process 10,000 metric tons of battery
parts annually, with the potential to grow to 30,000 tons. The
company is also building facilities in Norway and France to feed an
Italian recycling plant in the future. Li-Cycle plans to
become one of Europe’s leading lithium producers.
Zillow (NASDAQ:Z), Redfin (NASDAQ:RDFN)
– Zillow and Redfin announced a partnership to expand the reach of
home builder listings on Zillow and allow Redfin customers to
explore a wider range of new homes for sale. The partnership
comes amid rising demand for new homes and outperforming housing
technology and homebuilder stocks. Zillow newbuild listings
will begin appearing on Redfin in the fourth quarter. The two
companies will release their quarterly results in the coming
days.
Earnings
CVS Health Corp (NYSE:CVS) – Shares in CVS
were up 0.7% premarket after reporting better-than-expected
second-quarter earnings and revenue, driven by strong performance
in the health benefits business. Total revenue grew 10.3% to
$88.92 billion. Net income fell to $1.90 billion, or $1.48 per
share, from $3.03 billion, or $2.29 per share, in the prior-year
period. The company reaffirmed its 2023 adjusted EPS guidance
range of between $8.50 and $8.70. CVS also reported on
progress in its restructuring plan to improve efficiency and reduce
costs.
Generac Holdings (NYSE:GNRC) – Shares of
Generac fell premarket after reporting mixed quarterly results and
a softer consumer backdrop. Second-quarter net income was $45
million, or $0.70 per share, compared to $156 million, or $2.21 per
share, in the prior-year period. Net sales fell to $1.00
billion from $1.29 billion. The chief executive said that the
backup energy megatrends remain attractive.
Fresh Del Monte Produce (NYSE:FDP) – The
company reported an increase in second-quarter profit
year-over-year, but revenue declined due to lower avocado prices
and declining non-tropical fruit volume. Net income was $47.7
million, or $0.99 per share. Sales fell 2.6% to $1.18
billion. Banana sales increased 6.5% to $448.8
million. Fresh produce and value-added sales fell 7.5% to
$677.6 million. The stock has lost 7.4% over the past three
months.
Pinterest (NYSE:PINS) – Despite beating
expectations on both the revenue and earnings line, Pinterest was
down 4.7% premarket on Wednesday. The image-sharing platform
reported adjusted earnings of 21 cents a share on revenue of $708
million, according to Refinitiv.
Match Group (NASDAQ:MTCH) – Stocks were up
7.7% in premarket Wednesday after Match Group beat analyst
expectations in the second quarter. The dating app company
posted earnings of 48 cents a share and revenue of $830
million. Analysts polled by Refinitiv had expected earnings
per share of 45 cents and revenue of $811 million.
Electronic Arts (NASDAQ:EA) – Electronic
Arts was down 4.5% in premarket trading on Wednesday after its
fiscal first-quarter revenue missed analyst expectations. The
video game company reported revenue of $1.58 billion, below the
consensus estimate of $1.59 billion, according to
Refinitiv. However, it posted earnings per share of $1.47,
beating the forecast of $1.02 per share.
Starbucks (NASDAQ:SBUX) – After reporting
a loss of revenue, Starbucks was down 2% in premarket
Wednesday. The coffee chain reported fiscal revenue of $9.17
billion in the third quarter, below the $9.29 billion estimated by
analysts polled by Refinitiv. However, the company reported
adjusted earnings per share of $1.00, beating the estimate of 95
cents.
Advanced Micro Devices (NASDAQ:AMD) –
Following the release of better-than-expected quarterly results by
Advanced Micro Devices (AMD), chips stock jumped 0.9% in premarket
trading on Wednesday. For the second quarter, AMD reported
adjusted earnings of 58 cents per share and revenue of $5.36
billion. Analysts polled by Refinitiv had forecast earnings
per share of 57 cents and revenue of $5.31 billion. AMD
predicts a strong end to the year, driven by the MI300 artificial
intelligence chips that could compete with Nvidia’s. AMD has
not yet created special chips for the Chinese market, but is
evaluating strategies to meet the country’s demand. The
company forecasts 2023 sales in its data center business to exceed
2022’s $6.04 billion.
Fortis (NYSE:FTS) – Canadian utility
company Fortis reported an increase in second-quarter profit to net
income of $221.4 million, driven by strong performance from its
utilities in the United States and western Canada. Rate base
growth, particularly at ITC, its US electricity transmission
company, and Western Canadian utilities, contributed to this
increase. Additionally, the company is delivering on its plan
to invest C$4.3 billion during the year, with C$2 billion invested
in the first half.
Freshworks (NASDAQ:FRSH) – Freshworks was
up a significant 22.5% in premarket trading on Wednesday after
reporting second-quarter results that beat expectations. The
software company posted adjusted earnings of 7 cents a share and
revenue of $145 million. Analysts polled by Refinitiv had
expected earnings per share of 2 cents and revenue of $141
million.
SolarEdge Technologies (NASDAQ:SEDG) –
Shares of SolarEdge were down 13.1% in premarket trading on
Wednesday. In the second quarter, SolarEdge missed
expectations for revenue, reaching $991 million compared to the
$992 million expected by analysts surveyed by
Refinitiv. However, the company beat earnings estimates,
posting an adjustment of $2.62 per share, which was better than the
estimate of $2.52 per share.
Devon Energy (NYSE:DVN) – Shares were down
1.8% in premarket Wednesday after Devon Energy missed revenue
expectations for its second quarter. The company posted
revenue of $3.45 billion, down from the $3.74 billion estimated by
analysts polled by Refinitiv. However, earnings came in line
with estimates, with Devon reporting adjusted earnings of $1.18 per
share.
Chesapeake Energy (NASDAQ:CHK) –
Chesapeake Energy reported lower second-quarter profit due to lower
natural gas prices and production. The company’s profit fell
to $391 million, with gas prices nearly 63% lower than the previous
year. The company expects to drill more wells in the third
quarter.
Marathon Petroleum (NYSE:MPC) – Marathon
Petroleum posted a 63% drop in second-quarter profit as improved
fuel supplies and the economic slowdown squeezed its
margins. Resilient US fuel demand was impacted by increased
global refining capacity and the economic slowdown. The
company expects a gradual recovery, but gross capacity utilization
has dropped to 93% due to planned maintenance. The refining
and marketing margin fell to $22.10 a barrel, and attributable net
income fell to $2.2 billion.
elf Beauty (NYSE:ELF) – Shares in elf
Beauty were flat premarket after beating analyst expectations in
its most recent quarter. The company posted adjusted earnings
of $1.10 per share and first-quarter revenue of $216
million. Analysts polled by Refinitiv had expected earnings
per share of 56 cents and revenue of $184 million.
Caesars Entertainment (NASDAQ:CZR) –
Caesars Entertainment was flat in the premarket after the casino
company posted revenue of $2.88 billion in the second quarter,
beating the estimate of $2.87 billion, according to Refinitiv.
.
Frontier Group (NASDAQ:ULCC) – Frontier
Group was flat premarket after reporting revenue and earnings that
beat expectations. The airline reported second-quarter
adjusted earnings of 31 cents per share on revenue of $967
million. Analysts polled by Refinitiv had expected earnings
per share of 28 cents and revenue of $966 million.
Jetblue Airways (NASDAQ:JBLU) – JetBlue
Airways lowered its full-year profit forecast, citing the
termination of its alliance with American
Airlines (NASDAQ:AAL) and changes in travel
demand. The company also faces issues with the RTX Pratt &
Whitney engines that power its Airbus A320neo jets, resulting in
aircraft on the ground doubling this year. JetBlue now expects
adjusted earnings of 5 cents to 40 cents a share, down from a
previous forecast of 70 cents to $1 a share.
Norwegian Cruise Line (NYSE:NCL) –
Norwegian Cruise Line forecast a bearish profit for the third
quarter due to high costs, although it experienced strong demand
and higher ticket prices in the second quarter. The company is
focused on reducing costs, optimizing crew movements and
reformulating food. Second-quarter revenue was $2.21 billion,
with adjusted earnings of 30 cents per share.
Virgin Galactic (NYSE:SPCE) – Shares in
Virgin Galactic were down 6.8% in premarket trading on Wednesday
after the space tourism company posted a drop in revenue during the
second quarter. The company reported revenue of $1.9 million,
missing the consensus estimate of $2.7 million, according to
Refinitiv. However, the company beat earnings expectations,
posting a loss per share of 46 cents, which was better than the
estimated loss of 51 cents per share.
American International Group (NYSE:AIG) –
AIG beat expectations for second-quarter earnings, driven by growth
in its life and retirement unit and lower catastrophe
losses. Net premiums written in its general insurance arm grew
by 10%. Adjusted net income attributable to common
stockholders rose to $1.75 per share. The life and retirement
unit saw a 42% jump in premiums and deposits. Investment
income increased by 37%. General insurance underwriting
revenue declined 26% due to catastrophe-related expenses. AIG
also increased its share repurchase authorization to $7.5
billion.
Carlyle Group (NASDAQ:CG) – The Carlyle
Group reported lower second-quarter earnings, reflecting the
challenges faced by new CEO Harvey Schwartz in replacing the
private equity firm. Distributable earnings were down 26%
year-on-year but still beat analysts’ estimates. The pace of
investments and new business has slowed down, reinforcing the
unpredictable scenario for Schwartz’s administration, which seeks
to boost share prices and stabilize the business. The company
reaffirmed its outlook, predicting a drop in fee-related earnings
in 2023 from last year.
Qualcomm (NASDAQ:QCOM) – Qualcomm may
present a low-key forecast when reporting its fiscal third-quarter
earnings. Global demand for smartphones is weak, making it
challenging for the company to achieve solid results. Analysts
project quarterly revenue of $8.5 billion and adjusted earnings per
share of $1.81. Qualcomm shares are down 11% over the last 12
months.
Sysco Corp (NYSE:SYY) – Food distributor
Sysco posted quarterly sales below expectations due to the impact
of inflation on consumer spending. The volatility and
sensitivity of demand for out-of-home food has prevented the
company from raising prices despite cost pressures. Profit for
the period topped analysts’ estimates. Net sales increased to
$19.73 billion in the fourth quarter, but were still below
estimates.
Lumen Technologies (NYSE:LUMN) – Lumen
Technologies posted a quarterly net loss of $8.74 billion, impacted
by a non-cash impairment charge of $8.8 billion. The company
faces continued weakness and massive debt amid the digitization of
its operations. Second-quarter revenue was $3.66 billion, just
short of analysts’ average estimate of $3.67 billion, according to
Refinitiv data.
Pfizer (NYSE:PFE) – Pfizer plans to
initiate a cost-cutting program if demand for its Covid-19 vaccine
and antiviral treatment remains lower than expected in the coming
months. CEO Albert Bourla mentioned the possibility of
reducing investments for the virus, including combination
vaccines. Second-quarter sales of the Comirnaty vaccine were
down 83%, but were still above analysts’ estimates. Total
second-quarter revenue fell 54% to $12.73 billion. The company
is also facing challenges related to tornado damage to its
facilities and stricter-than-expected recommendation for its RSV
vaccine by regulators, among others.
Merck (NYSE:MRK) – Merck & Co raised
its full-year revenue forecast due to strong sales of its Keytruda
and Gardasil products in the second quarter, beating Wall Street
estimates. The company expects to earn between $2.95 and $3.05
per share in 2023.
Haleon (NYSE:HLN) – Haleon raised its
annual revenue growth forecast due to demand for oral and
respiratory health products despite rising cost of living. The
company expects revenue growth between 7% and 8% and adjusted
operating profit between 9% and 11%. The results highlight the
benefits of its split from drugmaker GSK last year. Organic
revenue in the first half increased 10.4%, with volumes up
2.9%. The respiratory health business saw strong growth,
driven by sales of Theraflu. Adjusted operating earnings grew
8.9% in the first half.
Altria Group (NYSE:MO) – Tobacco giant
Altria beat Wall Street’s revenue and profit expectations, buoyed
by demand for nicotine sachets and higher prices. Its share in
the premium segment of Marlboro cigarettes is 58.6%. The
company also benefited from strong demand for spit-free nicotine
pouches, with volumes growing 47.8% in the quarter
year-over-year. Altria has reaffirmed its full-year profit
forecast after completing the acquisition of e-cigarette startup
NJOY Holdings.
Molson Coors (NYSE:TAP) – Molson Coors
beat expectations with earnings of $1.78 per share and
second-quarter revenue of $3.27 billion. The company expects
high single-digit sales growth for the full year, but some analysts
believe its projections are conservative.
Uber (NYSE:UBER) – Uber warned of price
competition from Lyft and set a lower-than-expectations profit
forecast. Second-quarter revenue missed estimates despite
Uber’s first quarter operating profit. Uber forecast adjusted
earnings before interest, taxes, depreciation and amortization
(EBITDA) for the third quarter above analyst
expectations. Revenue grew 14% in the quarter, but the pace of
growth slowed from previous quarters.
Toyota (NYSE:TM) – Toyota reported
first-quarter operating profit of $7.85 billion, nearly double the
prior year, driven by increased sales and productivity, and also
benefited by the weaker yen. Toyota sold about 2.53 million
cars in the quarter, with about 34% being hybrids and other
electrified vehicles. Performance in Japan was particularly
strong.
Occidental Petroleum (NYSE:OXY)
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