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Because we are light on national economic reports, not only for today but also the rest of the week, today’s pre-market does not have many metrics to review to see if particular segments of our economy continue to improve or are beginning to take a step back amid recursions of coronavirus outbreaks in various regions of the U.S. Good thing we’ve got Q2 earnings results to help guide the way.
Lockheed Martin (LMT - Free Report) , a defense industry major, easily outperformed expectations in its quarterly release before Tuesday’s open. Earnings of $6.13 per share breezed past the $5.71 expected, also up from the $5.00 per share reported in the year-ago quarter. Revenues of $16.22 billion in the quarter outperformed the Zacks consensus by 6.46%, also up from $14.43 billion in Q2 2019.
Lockheed has not posted a negative earnings surprise since Q3 2017. Early trading has brought shares up 3.4%, though shares are still down more than 2% year to date. For more on LMT’s earnings, click here.
Coca-Cola (KO - Free Report) Q2 earnings also beat estimates on the bottom line, by 2 cents to 42 cents per share. Revenues in the quarter came in just a smidge below the Zacks consensus to $7.15 billion. This marks the third quarter out of the last four where Coke has posted a positive surprise.Shares, which had been down 16.7% year to date, are up 3.2% in today’s pre-market. For more on KO’s earnings, click here.
Logistics major Prologis (PLD - Free Report) delivered a strong quarter ahead of today’s opening bell as well, with funds from operations (FFO) of $1.11 per share on $945 million in sales besting the 99 cents per share and $927.3 million expected. Earnings also compare favorably to the year-ago 77 cents per share for the company that brings the delivery technology to firms as big as Amazon (AMZN - Free Report) , UPS (UPS - Free Report) and FedEx (FDX - Free Report) .
To say Prologis never misses earnings estimates is practically an understatement: the company has not disappointed analysts on their bottom line since Q2 of 2009 — all the way back to this country’s previous economic disaster. Shares in the early session are up more than 5%, and +11% year to date.
Everything’s gone green this morning — the Dow +160, Nasdaq +60, S&P 500 +20, even gold, bonds and crude oil. Asia closed positive while we were sleeping. It may not look like it from many angles in the U.S. right now, but it’s a very good day to be in the market.
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Everything's Gone Green (in the Market)
Tuesday, July 21, 2020
Because we are light on national economic reports, not only for today but also the rest of the week, today’s pre-market does not have many metrics to review to see if particular segments of our economy continue to improve or are beginning to take a step back amid recursions of coronavirus outbreaks in various regions of the U.S. Good thing we’ve got Q2 earnings results to help guide the way.
Lockheed Martin (LMT - Free Report) , a defense industry major, easily outperformed expectations in its quarterly release before Tuesday’s open. Earnings of $6.13 per share breezed past the $5.71 expected, also up from the $5.00 per share reported in the year-ago quarter. Revenues of $16.22 billion in the quarter outperformed the Zacks consensus by 6.46%, also up from $14.43 billion in Q2 2019.
Lockheed has not posted a negative earnings surprise since Q3 2017. Early trading has brought shares up 3.4%, though shares are still down more than 2% year to date. For more on LMT’s earnings, click here.
Coca-Cola (KO - Free Report) Q2 earnings also beat estimates on the bottom line, by 2 cents to 42 cents per share. Revenues in the quarter came in just a smidge below the Zacks consensus to $7.15 billion. This marks the third quarter out of the last four where Coke has posted a positive surprise.Shares, which had been down 16.7% year to date, are up 3.2% in today’s pre-market. For more on KO’s earnings, click here.
Logistics major Prologis (PLD - Free Report) delivered a strong quarter ahead of today’s opening bell as well, with funds from operations (FFO) of $1.11 per share on $945 million in sales besting the 99 cents per share and $927.3 million expected. Earnings also compare favorably to the year-ago 77 cents per share for the company that brings the delivery technology to firms as big as Amazon (AMZN - Free Report) , UPS (UPS - Free Report) and FedEx (FDX - Free Report) .
To say Prologis never misses earnings estimates is practically an understatement: the company has not disappointed analysts on their bottom line since Q2 of 2009 — all the way back to this country’s previous economic disaster. Shares in the early session are up more than 5%, and +11% year to date.
Everything’s gone green this morning — the Dow +160, Nasdaq +60, S&P 500 +20, even gold, bonds and crude oil. Asia closed positive while we were sleeping. It may not look like it from many angles in the U.S. right now, but it’s a very good day to be in the market.
Mark Vickery
Senior Editor
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