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DJIA Futures: -94 (-0.3%)
SPX Futures: -19 (-0.4%)
NASDAQ Futures: -86 (-0.5%)
Good morning friends!
Futures are slipping as a new month of trade begins and a busy earnings week continues.
Let’s get right to it!
Pfizer Slips On Weak Revenue
Pfizer (PFE) shares are down 0.1% ahead of the open after beating Q2 profit expectations but missing on revenue.
Here’s how the pharmaceutical giant’s results compared to analysts’ estimates:
- Adjusted EPS: $0.67 vs $0.57 expected
- Revenue: $12.73 billion vs $13.27 billion expected
Revenue dropped 54% year over year as Covid vaccine sales slowed.
The vaccine brought in $1.49 billion in sales during the quarter, down 83% from a year ago.
The antiviral pill Paxlovid posted $143 million in sales, down 98% from Q2 2022.
Pfizer lowered its full-year sales forecast following the results.
The company now expects revenue between $67 billion and $70 billion vs $67 billion to $71 billion previously.
Pfizer maintained its full-year adjusted earnings guidance.
Uber Jumps On Strong Guidance
Uber Technologies (UBER) shares are up 1.1% in premarket trade after reporting mixed Q2 results and issuing strong guidance.
Here’s how the ride-hailing giant’s results compared to analysts’ estimates:
- EPS: $0.18 vs $0.01 loss expected
- Revenue: $9.23 billion vs $9.33 billion expected
Gross bookings jumped 16% year over year to $33.6 billion.
The CEO said it was Uber’s first quarter of free cash flow over $1 billion and its first GAAP operating profit.
He said the company plans to remain profitable in every quarter moving forward.
Uber forecast gross booking between $34 billion and $35 billion in the third quarter with adjusted EBITDA between $975 million and $1.025 billion.
Both of those were ahead of analysts’ estimates.
JetBlue Drops After Guidance Cut
JetBlue Airways (JBLU) shares are down 5.7% ahead of the open after slashing its full-year outlook.
Here’s how the airline’s Q2 results compared to analysts’ estimates:
- Adjusted EPS: $0.45 vs $0.44 expected
- Revenue: $2.61 billion, as expected
But JetBlue now expected full-year adjusted EPS to range between $0.05 and $0.40, down from an earlier estimate of $1.
The airline expects an adjusted loss of as much as $0.20 per share in Q3 with revenue down 4% to 8% year over year.
That lower outlook is due to passengers’ shifting demand toward international travel as well as the end of JetBlue’s partnership with American Airlines (AAL) in the Northeast.
Caterpillar Crushes Q2 Estimates
Caterpillar (CAT) shares are up 1.3% in premarket trade after crushing Q2 expectations.
Here’s how the company’s results compared to analysts’ estimates:
- Adjusted EPS: $5.55 vs $4.57 expected
- Revenue: $17.3 billion vs $16.5 billion expected
Caterpillar’s adjusted operating profit margin improved to 21.3% in the quarter, up from 13.8% a year ago.
The company said it expects sales and profit margins in Q3 to be higher year over year but down from Q2.
In Case You Missed It
- SoFi Technologies (SOFI) shares surged 19.9% on Monday after beating Q2 expectations on the top and bottom line. The company also hiked its full-year outlook. SOFI closed at a fresh 52-week high.
- A new Fed survey found lending conditions in the U.S. are tight and likely to get tighter. The Central Bank released its second-quarter Senior Loan Officer Opinion Survey Monday. That report said banks have tightened lending standards for credit cards, consumer loans, and auto loans. Respondents said they plan to further tighten standards in the second half of this year.