T3 Live

Coffee With Greta: Busy Earnings Week


Register now for this week's free trading Q&A on LinkedIn with David Prince!

DJIA Futures: +208 (+0.6%)

SPX Futures: +25 (+0.6%)

NASDAQ Futures: +55 (+0.4%)

Good morning friends!

Futures are higher as traders gear up for a busy week of earnings.

Let’s get right to it!

Busy Earnings Week

This will be an important week of earnings for traders with several key names scheduled to report. 

Here are the highlights: 

  • Tuesday AM: Bank of America (BAC), Goldman Sachs (GS), Johnson & Johnson (JNJ)
  • Tuesday PM: United Airlines (UAL)
  • Wednesday AM: Morgan Stanley (MS), Procter & Gamble (PG)
  • Wednesday PM: Tesla (TSLA), Netflix (NFLX)
  • Thursday AM: AT&T (T), American Airlines (AAL)
  • Thursday PM: Taiwan Semiconductor (TSM)

Pfizer Slashes Guidance

Pfizer (PFE) shares are slipping 0.2% ahead of the open after slashing its full-year guidance. 

The pharmaceutical giant cut its outlook for both earnings and revenue this year on Friday. 

Pfizer now expects 2023 sales between $58 billion and $61 billion vs $67 billion to $70 billion previously. 

The company said that lower revenue outlook was “solely due to its Covid products”.

Pfizer expects revenue from its Covid treatment, Paxlovid, to come in $7 billion lower than previously estimated and vaccine sales to be $2 billion lower than previously expected. 

The company forecast full-year adjusted EPS of $1.45 to $1.65 vs $3.25 to $3.45 previously. 

Rite Aid Files For Bankruptcy

Rite Aid (RAD) shares are dropping 5.6% in premarket trade after filing for Chapter 11 bankruptcy protection.

The drugstore chain submitted that filing in New Jersey on Sunday and said it would begin restructuring to significantly reduce its debt. 

Rite Aid said it reached a restructuring deal with its creditors which includes closing underperforming stores. 

Lenders also agreed to extend $3.45 billion in new funding to “provide sufficient liquidity” through the restructuring. 

Rite Aid also appointed Jeffrey Stein as its new CEO, Chief Restructuring Officer, and a member of the Board on Sunday.

Charles Schwab Earnings Beat

Charles Schwab (SCHW) shares are up 0.3% ahead of the open after beating Q3 profit expectations. 

Here’s how the financial services company’s results compared to analysts’ estimates: 

  • Adjusted EPS: $0.77 vs $0.74 expected
  • Revenue: $4.606 billion vs $4.615 billion expected

Revenue dropped 16% year over year while net income tumbled 31%. 

Net interest revenue was down 23.5%, asset management and administration fee revenue rose 16.9%, and trading revenue dropped 17.4%.

Schwab’s bank deposits fell to $284.4 billion from $304.4 billion in Q2. 

Leave a Comment: