Taking cues from the election verdict and positive data from Pfizer’s COVID vaccine trial, major Wall Street indexes made strong gains early this week, but the momentum waned later amid concerns over the resurgence of coronavirus infections.
Dow Jones Industrial Average pared about 300 points since the last close, while the S&P 500 index is down around 30 points. The virus-related uncertainties might continue to weigh on stock markets in the coming days.
Unemployment claims, a closely-followed economic indicator that assumed prominence during the pandemic days, moderated after staying steady in the previous two weeks.
Data published by the Labor Department this week showed that about 709,000 persons filed for first-time jobless claims last week, which was slightly below the estimate. Meanwhile, in what could be a relief to video-sharing app Tik Tok, the Commerce Department delayed its order to ban the China-based tech firm in the U.S.
Fast food chain McDonald’s came out with mixed second-quarter results amid negative comp sales. Pfizer, which released encouraging results from its COVID drug trial, reported lower sales and profit for Q3.
Advance Auto Parts registered a surprise spike in third-quarter comparable sales, while Cisco on Thursday posted a 10% fall in Q1 earnings. The continuing slump in Disney’s parks and studios businesses dragged the entertainment giant into a loss in the September-quarter.
With the earnings season entering the last phase, there are only a few important announcements next week. Palo Alto Networks is scheduled to release first-quarter results, and the cybersecurity firm will be joined by China-based tech firm Baidu Inc. on Monday after the bell.
As usual, Kohl’s, Walmart, and Target Corp. will be reporting at the fag end of the season, with the announcements scheduled for Tuesday and Wednesday. Others reporting earnings next week include Home Depot, on Tuesday, and Macy’s, on Thursday.
Key Earnings to Watch
Key Corporate Conferences to Watch
Key Investor Days/AGMs to Watch
Key US Economic Events
The following are notable companies which have reported their earnings last week. In case if you have missed to catch up on their performance, click the respective links to skim through the transcripts to glean more insights.
If you want to listen to how management responds to analyst questions and the tone they use, you can head over to our YouTube channel to listen to conference calls on the go.
Micron Technology Inc. (NASDAQ: MU) reported third quarter 2022 earnings results today. Revenue increased 16% year-over-year to $8.64 billion. GAAP net income was $2.63 billion, or $2.34 per share, compared
Shares of Constellation Brands Inc. (NYSE: STZ) were down 4% on Thursday despite the company beating expectations on its first quarter 2023 earnings results. The stock has dropped 7% year-to-date.
Constellation Brands, Inc. (NYSE: STZ) reported first quarter 2023 earnings results today. Net sales increased 17% year-over-year to $2.3 billion. Net income attributable to CBI was $390 million, or $2.06