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Stock futures have risen in today’s pre-market after two consecutive days of loss making. The second-quarter 2022 earnings season remains strong.
Pharmacies and drug retailing giant CVS Health Corp. (CVS - Free Report) has come up with quarterly earnings of $2.40 per share, beating the Zacks Consensus Estimate of $2.16 per share. The company posted revenues of $80.64 billion, surpassing the Zacks Consensus Estimate by 5.31%.
Biotech bigwig Regeneron Pharmaceuticals Inc. (REGN - Free Report) has registered quarterly earnings of $9.77 per share, beating the Zacks Consensus Estimate of $8.53 per share. The company posted revenues of $2.86 billion, beating the Zacks Consensus Estimate by 3.43%.
Electric Power utility Entergy Corp.’s (ETR - Free Report) quarterly earnings of $1.78 per share beat the Zacks Consensus Estimate of $1.42 per share. Entergy recorded revenues of $3.4 for the quarter ended June 2022, surpassing the Zacks Consensus Estimate by 17.94%.
Moderna Inc. (MRNA - Free Report) has reported quarterly earnings of $5.24 per share, beating the Zacks Consensus Estimate of $4.50 per share. The biotech behemoth posted revenues of $4.75 billion, outpacing the Zacks Consensus Estimate by 22.08%.The company wrote-downs nearly $500 million for vaccines that have expired or are expected to expire before they can be used.
On the economic data front, Mortgage Bankers Association reported that total mortgage demand increased 1.2% last week buoyed by the largest weekly drop in the average 30-year fixed mortgage rate. This was the first increase since the week ended Jun 24.
Applications to refinance a home rose 2%. However, the metric declined 82% year over year. Applications to purchase a home increased 1%. However, the metric dropped 16% year over year.
The ISM Services Index for July and the Factory Orders data for June will be released in today’s trading session. The ISM Services index declined steadily in the second quarter of 2022. However, the headline data for each month has stayed in expansion territory this year.
The data for July will be analyzed microscopically to get a sense of the economy’s health. The complete reopening of the U.S. economy after the resurgence of the Omicron variant of coronavirus was a boon for the sector. However, labor shortage and higher wages dented profits in this sector. In addition to the headline number, the sub-indexes for new orders, employment and prices will be closely monitored.
The consensus estimate for the ISM Services Index for July is 54, below the previous month’s reading of 55.3. Any reading above 50 indicates an expansion in services activities. The consensus estimate for Factory Orders in June indicates a gain of 0.7% compared with 1.6% in May.
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Pre-markets Green on Strong Earnings Numbers
Stock futures have risen in today’s pre-market after two consecutive days of loss making. The second-quarter 2022 earnings season remains strong.
Pharmacies and drug retailing giant CVS Health Corp. (CVS - Free Report) has come up with quarterly earnings of $2.40 per share, beating the Zacks Consensus Estimate of $2.16 per share. The company posted revenues of $80.64 billion, surpassing the Zacks Consensus Estimate by 5.31%.
Biotech bigwig Regeneron Pharmaceuticals Inc. (REGN - Free Report) has registered quarterly earnings of $9.77 per share, beating the Zacks Consensus Estimate of $8.53 per share. The company posted revenues of $2.86 billion, beating the Zacks Consensus Estimate by 3.43%.
Electric Power utility Entergy Corp.’s (ETR - Free Report) quarterly earnings of $1.78 per share beat the Zacks Consensus Estimate of $1.42 per share. Entergy recorded revenues of $3.4 for the quarter ended June 2022, surpassing the Zacks Consensus Estimate by 17.94%.
Moderna Inc. (MRNA - Free Report) has reported quarterly earnings of $5.24 per share, beating the Zacks Consensus Estimate of $4.50 per share. The biotech behemoth posted revenues of $4.75 billion, outpacing the Zacks Consensus Estimate by 22.08%.The company wrote-downs nearly $500 million for vaccines that have expired or are expected to expire before they can be used.
On the economic data front, Mortgage Bankers Association reported that total mortgage demand increased 1.2% last week buoyed by the largest weekly drop in the average 30-year fixed mortgage rate. This was the first increase since the week ended Jun 24.
Applications to refinance a home rose 2%. However, the metric declined 82% year over year. Applications to purchase a home increased 1%. However, the metric dropped 16% year over year.
The ISM Services Index for July and the Factory Orders data for June will be released in today’s trading session. The ISM Services index declined steadily in the second quarter of 2022. However, the headline data for each month has stayed in expansion territory this year.
The data for July will be analyzed microscopically to get a sense of the economy’s health. The complete reopening of the U.S. economy after the resurgence of the Omicron variant of coronavirus was a boon for the sector. However, labor shortage and higher wages dented profits in this sector. In addition to the headline number, the sub-indexes for new orders, employment and prices will be closely monitored.
The consensus estimate for the ISM Services Index for July is 54, below the previous month’s reading of 55.3. Any reading above 50 indicates an expansion in services activities. The consensus estimate for Factory Orders in June indicates a gain of 0.7% compared with 1.6% in May.