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We start the final trading day of one of the most historically informational week for the stock market in recent memory relatively quiet. Thursday saw record closing highs for the S&P 500, Nasdaq and small-cap Russell 2000.
We’ll see final Manufacturing PMI from S&P and ISM after the opening bell, but otherwise we have time to absorb the tremendous amount of content sent our way this week — from continually rising gasoline prices as the Strait of Hormuz remains closed to Fed Chair Jerome Powell’s remarkable final presser about the importance of an independent Federal Reserve to inflation back up over +3% to unbelievably low Weekly Jobless Claims numbers to succinctly, four of the biggest earnings reports in Wall Street’s history, in terms of AI hyperscalers’ growth and capital expenditures.
The week of trading saw the major indexes flat to down overall before climbing to record closes, but this morning they’d jumped on the latest news that Iran’s government has submitted a new plan to end the war. As this column gets written, however, volatility is once again entering pre-market activity. The Dow is +154 points presently, +0.31%, while the S&P 500 is 16 points, +0.22%. The tech-heavy Nasdaq has actually dipped to negative territory, -12 points, -0.05%, and the Russell 2000 is +2 points, +0.07%.
Earnings Report Roundup Ahead of the Opening Bell
Global cosmetics mainstay Estee Lauder EL crushed fiscal Q3 earnings expectations, reporting 91 cents per share compared to the 66 cents in the Zacks consensus. Revenues surpassed estimates by a decidedly more modest +0.29% to $3.71 billion. Shares are up +12% on the news this morning, but still digging out of their double-digit hole year to date. For more on EL’s earnings, click here.
Zacks Rank #1 (Strong Buy)-rated ExxonMobilXOM easily beat estimates on both top and bottom lines this morning. Earnings of $1.16 per share outpaced the Zacks consensus $1.07 by +8.4%, while revenues of $85.14 billion were +4.47% stronger than anticipated. Shares are flat on the news, but +28% year to date. For more on XOM’s earnings, click here.
ChevronCVX, another integrated oil supermajor with a Zacks Rank #1, posted an even bigger bottom line surprise: +53.3% to $141 per share. Revenues of $48.61 billion bettered expectations by +2.60% for the quarter, and $1 billion better than the year-ago sales tally. Shares are down slightly, but +25% year to date. For more on CVX’s earnings, click here.
Both of these companies — along with Dominion EnergyD, which posted a +6.7% earnings beat and +17.2% on the top line — have obviously benefited from the spike in global oil prices since the start of the war launched in late February. But there are some bearish signals, as continued price increases in spot oil will eventually lead to shrinking margins. After all, there will be only so much of these price increases oil companies will be able to pass along to consumers.
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End-to-end product lifecycle management, technological prowess, customer-oriented strategy and strong liquidity position are major growth drivers for Sanmina.
Radian is poised for long-term growth on strong persistency, solid in-force premium yield, lower levels of paid claims and financial strength, which reflect an improvement in its operating environment.
The proximity of Murphy USA’s fuel stations to Walmart supercenters helps the company to leverage the strong and consistent traffic that these stores attract.
Robust adoption, driven by high demand for 5G design and test solutions primarily from telecom vendors, and a strong pipeline for new business bookings are key catalysts.
Increased demand among millennials for first-time home purchases, improved rate environment, strength in commercial business and effective capital deployment should drive growth.
Strategic alliances and Morgan Stanley’s increased focus on wealth and investment management are expected to aid growth. Enhanced capital distribution activities reflect a solid balance sheet.
Strong momentum across end markets, constant focus on project executions, capacity expansions and shareholder-friendly policies position Powell favorably for robust growth.
Increasing anti-outsourcing sentiments in certain countries, including the United States and the United Kingdom, is likely to lead to the enactment of restrictive legislations.
Cyclical demand exposure, intense competition, customer concentration, and geopolitical risks continue to limit visibility and constrain long term valuation upside potential.
Zoom Communications, Inc. (ZM)Downgraded: 04/25/26
Stiff competition in the video communication space, legal vulnerabilities, foreign exchange headwinds and deteriorating cash generation efficiency are concerns.
Fresenius Medical Care AG & Co. (FMS)Downgraded: 04/25/26
Fresenius Medical faces challenges in 2024, including high patient mortality, severe weather, rising costs, and reimbursement risks, which impact short-term growth. Strategic initiatives affect sales.
High leverage, intense competition, and ongoing retail margin compression can limit earnings visibility and constrain capital allocation flexibility over time.
Snap-on has been grappling with increased operational costs, raw material price volatility, and stiff competition, which are likely to act as deterrents.
Persistently mounting expenses due to investments in franchises are likely to hurt Blackstone’s bottom-line growth. The sustainability of the company's capital distribution actions is less.
Harmony faces financial strain from its high-cost structure, rising royalties, escalating labor and electricity costs, and ongoing labor and supply issues despite efforts to manage expenses.
Strength in the Energy Generation/Storage business, balance sheet strength, and focus on autonomous driving, robotics and artificial intelligence are set to drive Tesla.
Kroger drives growth with digital expansion, private label success, fresh offerings and strategic partnerships, while investments in AI and value creation fuel long-term scalability.
Central Garden & Pet advances digital, supply chain and product innovation while driving margin gains and M&A, backed by strong financials and a focused Cost and Simplicity program.
AT&T is witnessing a healthy momentum in its core market areas, driven by strength in 5G and fiber, as it aims to better harness edge computing capabilities with core business focus.
Strength across all product groups is a positive catalyst for Edwards Lifesciences. The company’s bullish long-term growth strategy buoys optimism on the stock.
US market leadership, disciplined pricing, recurring software revenue, steadier China profits, and sustained buybacks support returns for shareholders amid cyclical uncertainty.
Intel’s leading position in PC market, strength in servers, growing clout in software, IoT & ADAS domains and headway in process technology are positive indicators of future growth prospects.
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