Coffee With Greta: Traders Await Big Tech Earnings
DJIA Futures: -161 (-0.5%)
SPX Futures: -14 (-0.4%)
NASDAQ Futures: -15 (-0.1%)
Good morning friends!
Futures are falling as traders digest a barrage of Q3 earnings and await big tech earnings later today.
Let’s get right to it!
Coca-Cola Beats Q3 Expectations, Hikes Outlook
Coca-Cola (KO) shares are up 2.4% ahead of the open after beating Q3 expectations and hiking its full-year outlook.
Here’s how the beverage giant’s results compared to analysts’ expectations:
- Adjusted EPS: $0.69 vs $0.64 expected
- Revenue: $11.05 billion vs $10.52 billion expected
Sales rose 10% while organic revenue jumped 16%, field by higher prices for the company’s products.
Coke now expects comparable earnings growth of 6% to 7% this year vs 5% to 6% previously.
UPS Reports Mixed Q3 Results
UPS (UPS) shares are up 2.6% in premarket trade after reporting mixed Q3 results.
Here’s how the shipping giant’s results compared to analysts’ expectations:
- EPS: $2.99 vs $2.84 expected
- Revenue: $24.16 billion vs $24.30 billion expected
UPS reaffirmed its full-year outlook for revenue of $102 billion.
The company’s shipping volumes decline in the quarter but that drop was partially offset by higher rates.
General Motors Crushes Q3 Profit Expectations
General Motors (GM) shares are up 3% ahead of the open after sharply beating Q3 earnings expectations.
Here’s how the automaker’s results compared to analysts’ estimates:
- Adjusted EPS: $2.25 vs $1.88 expected
- Revenue: $41.89 billion vs $42.22 billion expected
GM maintained its full-year guidance with the CFO saying the company expects to hit the “mid-point” of that outlook.
In a letter to investors, CEO Mary Barra said “demand continues to be strong for GM products and we are actively managing the headwinds we face.”
JetBlue Misses Q3 Profit Estimates
JetBlue (JBLU) shares are slipping 3.6% in premarket trade after missing Q3 profit expectations.
Here’s how the airline’s results compared to analysts’ estimates:
- Adjusted EPS: $0.21 vs $0.23 expected
- Revenue: $2.56 billion, in line with estimates
Revenue rose 30% year over year as travelers paid higher fares.
But JetBlue’s operating margin narrowed to 5.4% vs 9.4% a year ago as expenses surged 36%.
In a note to employees, the CFO said, “we have to continue to be thoughtful about every penny we spend, particularly in today’s environment, since our entire business model of competing with lower fares is based on having lower costs relative to the legacy airlines.”
She also said the airline won’t post a full-year profit “after the bumps we faced in the first half of the year with the Omicron variant and operational challenges.”
General Electric Jumps Despite Profit Miss
General Electric (GE) shares are up 1.9% ahead of the open despite missing Q3 expectations.
Here’s how the company’s results compared to analysts’ expectations:
- Adjusted EPS: $0.35 vs $0.47 expected
- Revenue: $18.4 billion, in line with estimates
GE cut its full-year EPS outlook to between $2.40 and $2.80 vs $2.80 to $3.50 previously.
That updated forecast includes a $500 million warranty charge in the company’s renewable power division.
The outlook implies $1.23 per share in Q4 earnings vs analysts’ expectations for $1.17.
3M Slashes Outlook
3M (MMM) shares are slipping 2.9% in premarket trade after mixed Q3 results and cutting its full-year outlook.
Here’s how the company’s results compared to analysts’ estimates:
- EPS: $2.69 vs $2.60 expected
- Revenue: $8.6 billion vs $8.7 billion expected
3M now expects full-year EPS between $10.10 to $10.35 vs $10.30 to $10.80 previously.
That implies roughly $8.1 billion in Q4 sales and $2.40 EPS vs Wall Street’s expectations for $8.4 billion in revenue and EPS of $2.55.
Key Earnings After the Close
Here are the key companies set to report earnings after the close today:
- Microsoft (MSFT)
- Alphabet (GOOGL)
- Chipotle Mexican Grill (CMG)
- Spotify (SPOT)