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Ahead of Wall Street

Tuesday, April 24, 2018

Ahead of today’s opening bell, we see results from Case-Shiller’s February housing prices index, with results in-line with expectations of 6.3% year-over-year growth. The 20-city index — from Atlanta to Washington D.C. — went up 0.8% (seasonally adjusted) to 6.8% year over year. Seattle was the index’s top performer on both a month-to-month and year-over-year basis, +1.7% and +12.7%, respectively.

No cities experienced monthly or yearly price declines. The worst-performing of the 20 cities represented in the index was Chicago: +0.1% month over month and +2.6% year over year. Yes, the Case-Shiller index is a lagging indicator, but it is considered among the most solid of economic metrics on the calendar.

We are now also in the thick of Q1 earnings season. After today’s close we’ll also hear from Texas Instruments TXN, Wynn Resorts WYNN, Capital One COF and others. But here’s a quick run-down of some top names this morning:

Caterpillar CAT put up another big positive surprise for its Q1 2018, with earnings of $2.82 per share topping the $2.11 expected and +34% year over year. Revenues of $12.9 billion in the quarter outpaced the $11.6 billion in the Zacks consensus estimate. Guidance also cranked up for the full-year, from a range of $8.25-9.25 previously to $10.25-11.25 this morning.

Shares have reacted favorably thus far in today’s pre-market, with CAT shares up 3.4% currently. Of course, any negative news regarding trade with China would likely put a damper on this company’s outlook, but for now Caterpillar appears to be firing on all cylinders. For more on CAT’s earnings, click here.

Lockheed Martin LMT also posted a solid earnings beat, reporting $4.02 per share as opposed to the $3.35 per share, for a positive surprise of 20%. Revenues also ratcheted up from expectations to $11.64 billion from the $11.30 Zacks consensus. Aeronautics was up 7% in the quarter, whereas Missiles and Fire Systems rose 8%. Shares of LMT are up 1% ahead of the opening bell. For more on LMT’s earnings, click here.

On the other side of the industrial majors this morning, 3M MMM stock is down 4.8% on its latest earnings report, which saw a meet in earnings of $2.50 per share on a beat on the top line to $8,278 million from $8,079 million expected. But the top range of full-year guidance was lowered from $10.70 per share to $10.55. Shares are down considerably from their January peak.

And United Technologies UTX has also released Q1 numbers before today’s market open, with a firm beat on top and bottom lines — $1.77 per share surpassed the $1.51 expected and $15,242 million well ahead of the $14,537 million estimated. Shares are up 2.8% in pre-market trading. For more on UTX’s earnings, click here.

Mark Vickery
Senior Editor

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Earnings and Economic News

Key Earnings Reports For Apr 24, 2018

Economic Event Reported
(+) Consumer Confidence - Apr 24, 2018 --
(+) Case-Shiller Home Prices - Composite 10 - Apr 24, 2018 --
(+) Case-Shiller Home Prices - Composite 20 - Apr 24, 2018 --
(+) New Home Sales - Apr 24, 2018 --
(+) Treasury bills (3 mth) - Apr 24, 2018 --
(+) Federal Funds Rate - Apr 24, 2018 --
(+) Treasury notes (10 yr) - Apr 24, 2018 --