US stock futures advanced on Friday following stellar earnings releases from multiple tech titans; lifting sentiment amid dismal economic data.
Shares of Apple (AAPL), Amazon (AMZN) and Facebook (FB) all rose in pre-market after earnings data highlighted an increased dependence on their products and services during the ongoing Covid-19 pandemic.
Meanwhile, new virus cases in the US climbed back above 70,000 as daily reported deaths rose to their highest level in more than a month Thursday, according to data compiled by Johns Hopkins University.
Ahead, in today's economic calendar, Friday includes; Personal Income and Outlays for June at 8:30am EST, followed by Consumer Sentiment and Expectations for July at 10am EST.
In earnings; Caterpillar (CAT), Chevron (CVX), Merck's (MRK), Exxon Mobil (XOM) and Colgate-Palmolive (CL) will all report today.
TODAY'S TOP HEADLINES
Coronavirus: US Virus Cases Close To Hitting 4.5 Million. (The WSJ)
The US neared 4.5 million confirmed coronavirus infections, while areas that had brought outbreaks under control struggled to keep it that way.
Today's Economical Announcements.
08:30AM - ★☆☆ - Personal Income (Jun) (Previous: -4.2%)
08:30AM - ★★☆ - Personal Spending (Jun) (Previous: 8.2%)
10:00AM - ★★☆ - Michigan Consumer Expect. (Jul) (Previous: 72.3)
10:00AM - ★★☆ - Michigan Consumer Senti. (Jul) (Previous: 73.2)
STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
Apple (AAPL): [EARNINGS] Earned $2.58 per share for its fiscal third quarter, beating the $2.04 a share consensus estimate. Revenue was well above forecasts. Apple saw gains in every product category, helped by consumers and students working and learnings from home. Apple also announced a 4-for-1 stock split.
Amazon.com (AMZN): [EARNINGS] Dwarfed the consensus forecast of $1.46 a share, with quarterly earnings of $10.30 per share. Revenue easily topped consensus as well. Amazon’s $5.2 billion profit was the largest in its 26-year history, helped by a surge in e-commerce amid the Covid-19 pandemic.
Facebook (FB): [EARNINGS] Beat estimates by 41 cents a share, with quarterly earnings of $1.80 per share. Revenue also beat estimates. Facebook also forecast growth in ad sales, despite a boycott by some key advertisers and cutbacks induced by the pandemic.
Under Armour (UA): [EARNINGS] Lost 31 cents per share for its latest quarter, smaller than the 41 cents a share loss anticipated by analysts. Revenue was well above estimates, boosted by a surge in e-commerce sales.
Merck (MRK): [EARNINGS] Beat consensus estimates by 33 cents a share, with quarterly profit of $1.37 per share. Revenue also beat estimates and Merck raised its full-year forecast. The company’s results were boosted by a better-than-expected 29% jump in sales of its cancer drug Keytruda, among other factors.
Chevron (CVX): [EARNINGS] Reported a quarterly loss of $1.59 per share, wider than the 92 cents per share that analysts were expecting. Revenue also came in below forecasts, amid lower oil and gas prices and the pandemic-related drop in fuel demand.
VF Corp (VFC): [EARNINGS] Lost 57 cents per share for its fiscal first quarter, smaller than the 67 cents a share loss predicted by Wall Street. Revenue was better than expected as well, as stores reopened toward the end of the quarter.
Ford Motor (F): [EARNINGS] Lost 35 cents per share for the second quarter, considerably less than the $1.17 per share loss forecast by analysts. The automaker’s revenue beat estimates, and it said it expected to have sufficient cash on hand for the remainder of 2020 even if demand falls or the coronavirus forces more plant shutdowns.
Gilead Sciences (GILD): [EARNINGS] Fell 34 cents a share shy of consensus, with quarterly earnings of $1.11 per share. The drugmaker’s revenue missed Wall Street forecasts as well as sales of key hepatitis C and HIV drugs fell during lockdowns. Gilead raised its full-year sales forecast, however, due to expected contributions from sales of Covid-19 treatment remdesivir.
Colgate-Palmolive (CL): [EARNINGS] Beat estimates by 4 cents a share, with quarterly earnings of 74 cents per share. Revenue exceeded estimates as well. Organic sales were up by 5.5%, with increased demand for soap and cleaning products contributing to that rise.
Caterpillar (CAT): [EARNINGS] Reported quarterly earnings of $1.03 per share, beating the 64 cents a share consensus estimate. Revenue also topped forecasts. The beat came even as sales tumbled from a year ago due to a pandemic-related slump in demand.
Newell Brands (NWL): [EARNINGS] Earned 30 cents per share for its latest quarter, 12 cents a share above estimates. Revenue also beat forecasts. Newell said the pandemic hurt its results but added that it saw sequential improvement from month-to-month during the quarter.
Alphabet (GOOGL): [EARNINGS] Reported quarterly profit of $10.13 per share, compared to a consensus estimate of $8.21. The Google parent’s revenue also exceeded analysts’ forecasts. Alphabet reported the first-ever quarterly revenue drop in its 16-year history as a public company, but it said Google ad sales have recovered from a March coronavirus-induced slump.
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