![]() The two oil giants are projected by consensus to continue the bottom-line expansion streak they’ve seen over the past year, thanks to oil prices that remained elevated for most of the third quarter. Management’s view on inflation pressures, supply chain and China demand will be closely watched after its CEO in August said there had been no broad improvements on these macro challenges.įriday: Exxon (XOM US) and Chevron (CVX US) are both due before the opening bell. Most of its dealers in North America are expecting further price hikes in 2023 as demand is out-running supply, according to Citigroup analysts. The heavy machinery maker is set to post accelerated growth in revenue, driven by factors BI identified as its elevated backlog, solid underlying demand and easing supply constraints. ![]() Apple withdrew plans to ramp up iPhone 14 production late last month, as an anticipated surge in demand did not materialize.Ĭaterpillar (CAT US) will report premarket. IPhone sales could match or beat consensus of about 9.8% growth year-over-year, thanks to an extra week of new-iPhone sales, but total iPhone revenue in 2023 is projected to rise only about 2.7%. “Unfavorable foreign-exchange movement may have driven high-single-digit growth in services both for the fourth quarter, with potential for similar gains in the first quarter of 2023, compared with an average of 19.7% over the past four quarters,” Bloomberg Intelligence said. Thursday: Apple (AAPL US), releasing its fourth-quarter results after the bell, could be hit harder than expected by the effects of the stronger dollar and weakness in China. The sharp sales drop - consensus implies about a 32% decline compared with a year ago - may trigger cost-cutting measures as a margin remedy, they added. Having cut its revenue forecast in August due to worsening economies and supply-chain snarls, the computer hard drive maker should post a top line for the fiscal first quarter that meets its updated guidance, Bloomberg Intelligence wrote. ![]() Seagate (STX US) is due before the market open. On the earnings call, Cowen analysts are expecting the planemaker to address supply chain and labor concerns.Īlso Read: 5 key factors being closely watched by global equity investors Analysts are projecting a return to positive free cash flow and a sequential growth in operating cash generated for the fiscal third quarter, reinforcing comments last month made by Chief Financial Officer Brian West. Wednesday: Boeing (BA US) will report before the bell. They expect third-quarter results to largely meet the Street’s consensus, which is guiding for a low-double-digit contraction in both the top and bottom lines for the quarter. Baird analysts said the company could face questions about its regulatory and pre-launch effort with Eisai for the treatment, also noting investors’ interest on pricing plans. The drugmaker’s next steps for the jointly-developed Alzheimer’s treatment lecanemab may steal the limelight from the results themselves, Bloomberg Intelligence wrote, given the positive findings from the phase 3 trial last month. Still, a rebound in cloud spending could help it beat expectations in 2024, according to Bloomberg Intelligence.īiogen (BIIB US) reports before the opening bell. Guggenheim analysts cast doubt on the company’s ability to maintain full year guidance, saying its target of double-digit reported revenue growth is at risk if the dollar continues to strengthen and macro conditions weaken further. Tuesday: Microsoft (MSFT US) is projected to report its slowest year-over-year revenue growth since late 2017 when it delivers fiscal 1Q results after the market close. Snap’s announcement of its slowest quarterly sales growth triggered a selloff in social media peers as evidence that the sector continues to be battered by reduced digital advertising budgets, setting the stage for next week as technology megacap companies are set to report.Īdvantage China! Why US debt ceiling crisis would boost Chinese economy?Īlso Read: 100% probability of a recession in the US? Tesla, on the other hand, reported lackluster results and said it will miss broad annual growth targets on EV demand concerns in China and Europe. Goldman Sachs, Bank of America, and Netflix delivered rosier reports this week, assuaging concerns for now about the health of the consumer even as executives remain cautious about the economic outlook. Of the 18% of companies that have reported, 58% posted positive surprises in both revenue and EPS, according to data compiled by Bloomberg. Bloomberg: Even with lowered earnings estimates for the third quarter, the proportion of S&P 500 companies beating expectations two weeks into the reporting season has mostly been in line with the level at this point last quarter but is trending below that of the prior year.
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