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Pre-market futures are up again, after shedding some excess to start the week after big gains Friday. The Dow is +250 points currently, the S&P 500 is +43 and the Nasdaq is +155. We’re seeing a pretty clear pull to the upside, which is curious coming as it is at the commencement of a new Federal Open Market Committee (FOMC) meeting. This meeting is sure to bring us another 75 basis-point (bps) rate hike tomorrow afternoon, once the meeting concludes.
Apparently, this new interest rate hike — which brings us to an even +4.00% on the top end of the range (for the first time in 15 years) — is already baked into the cake; in past months, directly ahead of a new Fed meeting, markets would exhibit at least a little trepidation about how these big rate tightenings will affect the overall economy. Or maybe the pre-markets are reacting to earnings reports out before today’s opening bell?
In these, Big Pharma giant Pfizer (PFE - Free Report) posted big beats on both top and bottom lines this morning. Earnings of $1.78 per share easily surpassed the $1.47 expected and $1.34 per share reported in the year-ago quarter. Revenues of $22.64 billion over the past three months outpaced the Zacks consensus by +7.6%, though still below the year-ago’s $24.09 billion. Pfizer shares are up nearly +3% on the news in early trading.
Pfizer competitor Eli Lilly (LLY - Free Report) also beat estimates this morning, albeit by much slimmer margins: earnings of $1.98 per share came in ahead by as penny on sales in the quarter of $6.99 billion, which outperformed expectations by +0.4% and surpassed the $6.77 billion reported a year ago. Lilly has big hopes for tirzepatide, marketed as Mounjaro — a once-weekly injection to treat type-2 diabetes which is now being fast-tracked for treatment of obesity. It’s a first-in-class drug approved in May of this year.
While we’re on the subject of Big Pharma, Johnson & Johnson (JNJ - Free Report) has announced it is purchasing medical device tech company Abiomed for $380 per share, which has accelerated Abiomed’s share price by +52% in today’s early market. The deal will be in all cash and will build out J&J’s line of cardiovascular products.
Finally, Uber (UBER - Free Report) posted mixed results ahead of Tuesday’s open this morning, missing on the bottom line to -61 cents per share from an expected -17 cents while revenues surpassed expectations by +3.3% to $8.34 billion in the quarter — way ahead of the $4.85 billion posted in the same quarter a year ago. The rideshare staple, which had been trading down -36% year to date, is +13% in early morning trading.
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Pre-Markets in Green to Start a Fresh Month
Pre-market futures are up again, after shedding some excess to start the week after big gains Friday. The Dow is +250 points currently, the S&P 500 is +43 and the Nasdaq is +155. We’re seeing a pretty clear pull to the upside, which is curious coming as it is at the commencement of a new Federal Open Market Committee (FOMC) meeting. This meeting is sure to bring us another 75 basis-point (bps) rate hike tomorrow afternoon, once the meeting concludes.
Apparently, this new interest rate hike — which brings us to an even +4.00% on the top end of the range (for the first time in 15 years) — is already baked into the cake; in past months, directly ahead of a new Fed meeting, markets would exhibit at least a little trepidation about how these big rate tightenings will affect the overall economy. Or maybe the pre-markets are reacting to earnings reports out before today’s opening bell?
In these, Big Pharma giant Pfizer (PFE - Free Report) posted big beats on both top and bottom lines this morning. Earnings of $1.78 per share easily surpassed the $1.47 expected and $1.34 per share reported in the year-ago quarter. Revenues of $22.64 billion over the past three months outpaced the Zacks consensus by +7.6%, though still below the year-ago’s $24.09 billion. Pfizer shares are up nearly +3% on the news in early trading.
Pfizer competitor Eli Lilly (LLY - Free Report) also beat estimates this morning, albeit by much slimmer margins: earnings of $1.98 per share came in ahead by as penny on sales in the quarter of $6.99 billion, which outperformed expectations by +0.4% and surpassed the $6.77 billion reported a year ago. Lilly has big hopes for tirzepatide, marketed as Mounjaro — a once-weekly injection to treat type-2 diabetes which is now being fast-tracked for treatment of obesity. It’s a first-in-class drug approved in May of this year.
While we’re on the subject of Big Pharma, Johnson & Johnson (JNJ - Free Report) has announced it is purchasing medical device tech company Abiomed for $380 per share, which has accelerated Abiomed’s share price by +52% in today’s early market. The deal will be in all cash and will build out J&J’s line of cardiovascular products.
Finally, Uber (UBER - Free Report) posted mixed results ahead of Tuesday’s open this morning, missing on the bottom line to -61 cents per share from an expected -17 cents while revenues surpassed expectations by +3.3% to $8.34 billion in the quarter — way ahead of the $4.85 billion posted in the same quarter a year ago. The rideshare staple, which had been trading down -36% year to date, is +13% in early morning trading.