DJIA Futures: -89 (-0.2%)
SPX Futures: -11 (-0.2%)
NASDAQ Futures: -46 (-0.3%)
Good morning friends!
Futures are slipping as traders gear up for the start of big tech earnings this afternoon.
Let’s get right to it!
Super Micro Computer (SMCI) shares are rallying 11.5% ahead of the open after crushing fiscal Q2 results and hiking its full-year outlook.
Here’s how the server and computer products maker’s results compared to analysts’ estimates:
Those results were even better than what the company pre-announced last week.
For the fiscal third quarter, SMCI expects adjusted EPS of $5.20 to $6.01 on revenue of $3.7 billion to $4.1 billion.
That sharply beat analysts’ estimates of $4.61 in adjusted EPS on $2.9 billion in revenue.
The company also raised its full-year forecast to between $14.3 billion and $14.7 billion vs its previous outlook for $10 billion to $11 billion.
General Motors (GM) shares are up 7.4% in premarket trade after beating Q4 expectations on the top and bottom line.
Here’s how the automaker’s results compared to analysts’ estimates:
GM’s full-year 2023 revenue rose 10% from 2022 and the company forecast another strong year in 2024.
The CFO said, “As we begin 2024, I believe GM is well positioned for another year of strong financial performance.”
GM expects full-year 2024 adjusted EPS of $8.50 to $9.50 and adjusted automotive free cash flow of $8 billion to $10 billion.
Pfizer (PFE) shares are up 0.6% ahead of the open after reporting a surprise profit in the fourth quarter.
Here’s how the pharmaceutical giant’s results compared to analysts’ estimates:
Revenue dropped 10% year over year as Covid product sales plunged.
Pfizer’s Covid vaccine and Paxlovid treatment brought in $12.5 billion in total revenue in 2023, down 78% from 2022.
Excluding Covid products, Pfizer’s Q4 revenue grew 8%.
The company reiterated its 2024 forecast for adjusted EPS of $2.05 to $2.25 on $58.5 billion to $61.5 billion in revenue.
United Parcel Service (UPS) shares are falling 5.6% in premarket trade after missing Q4 revenue expectations and issuing weak guidance.
Here’s how the shipping giant’s results compared to analysts’ estimates:
Revenue was down 7.8% year over year and missed forecasts for the sixth straight quarter.
Domestic package revenue dropped 7.3% to $16.92 billion vs $17.39 billion expected.
International package revenue declined 6.9% to $4.61 billion vs $4.64 billion expected.
UPS did raise its quarterly dividend to $1.63 per share, implying a 4.13% yield based on Monday’s closing price.
The company forecast 2024 revenue of $92 billion to $94.5 billion vs $95.51 billion expected.
UPS also announced it will layoff 12,000 employees as part of cost-cutting efforts this year.
The CEO said those cuts will save the company about $1 billion in costs.