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Pre-markets are mostly higher courtesy of strong market momentum and news on U.S. -China trade talks. Yesterday, the S&P 500 closed above 3,400 for the first time and the Nasdaq posted its 37th high at closing so far this year. This morning, Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer had a telephonic discussion with Chinese vice premier Liu He. Both sides have expressed optimism about the continuation of the Phase 1 trade deal.
Meanwhile, the S&P, Dow Jones Indices announced that the Dow Jones Industrial Average — popularly known as the Dow 30 — will undergo a major shake-up which will be effective Aug 31, before the opening bell. Effectively, the index will exclude Pfizer Inc. (PFE - Free Report) , Raytheon Technologies Corp. (RTX - Free Report) and Exxon Mobil Corp. (XOM - Free Report) . The newcomers will be salesforce.com inc. (CRM - Free Report) , Amgen Inc. (AMGN - Free Report) and Honeywell International Inc. (HON - Free Report) .
The S&P Dow Jones said that the readjustment within the 30 stock index is needed after Apple Inc. (AAPL - Free Report) decided a 4-for-1 stock split that will reduce the price-weighted index's exposure to the technology sector.
On the economic data front, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index advanced 4.3% year over year in June and remained flat with the previous month. The 10-City Composite increased 2.8% year over year while the 20-City Composite rose 3.5% year over year.
Earnings at a Glance
Consumer electronics retailer Best Buy Co. Inc. (BBY - Free Report) saw 5.8% year-over-year growth in same-store sales in second-quarter fiscal 2021. Online sales surged 242% year over year.
Quarterly adjusted earnings of $1.71 per share surpassed the Zacks Consensus Estimate of $1.09 and increased from $1.08 reported a year-ago. Revenues of $9.91 billion exceeded the Zacks Consensus Estimate of $9.84 billion and improved from the year-ago amount of $9.54 billion. However, the company said its third-quarter sales will be impacted by the ongoing pandemic. For a detailed analysis of BBY's earnings, click here.
Global medical devices manufacturer Medtronic plc (MDT - Free Report) reported second-quarter fiscal 2021 adjusted earnings per share of 62 cents, beating the Zacks Consensus Estimate of 21 cents. It had reported earnings of $1.26 per share a year earlier. Revenues of $6.51 billion surpassed the Zacks Consensus Estimate of $5.38 billion. However, the year-ago figure was $7.49 billion. For a detailed discussion of MDT's earnings, click here.
Meat-based food product producer Hormel Foods Corp. (HRL - Free Report) reported third-quarter fiscal 2020 adjusted earnings per share of 37 cents, ahead of the Zacks Consensus Estimate of 33 cents and flat year over year. Revenues of $2.38 billion outpaced the Zacks Consensus Estimate of $2.29 billion and increased from $2.29 billion in the prior-year quarter. For knowing more on HRL's earnings, click here.
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Strong Market Momentum Continues
Pre-markets are mostly higher courtesy of strong market momentum and news on U.S. -China trade talks. Yesterday, the S&P 500 closed above 3,400 for the first time and the Nasdaq posted its 37th high at closing so far this year. This morning, Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer had a telephonic discussion with Chinese vice premier Liu He. Both sides have expressed optimism about the continuation of the Phase 1 trade deal.
Meanwhile, the S&P, Dow Jones Indices announced that the Dow Jones Industrial Average — popularly known as the Dow 30 — will undergo a major shake-up which will be effective Aug 31, before the opening bell. Effectively, the index will exclude Pfizer Inc. (PFE - Free Report) , Raytheon Technologies Corp. (RTX - Free Report) and Exxon Mobil Corp. (XOM - Free Report) . The newcomers will be salesforce.com inc. (CRM - Free Report) , Amgen Inc. (AMGN - Free Report) and Honeywell International Inc. (HON - Free Report) .
The S&P Dow Jones said that the readjustment within the 30 stock index is needed after Apple Inc. (AAPL - Free Report) decided a 4-for-1 stock split that will reduce the price-weighted index's exposure to the technology sector.
On the economic data front, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index advanced 4.3% year over year in June and remained flat with the previous month. The 10-City Composite increased 2.8% year over year while the 20-City Composite rose 3.5% year over year.
Earnings at a Glance
Consumer electronics retailer Best Buy Co. Inc. (BBY - Free Report) saw 5.8% year-over-year growth in same-store sales in second-quarter fiscal 2021. Online sales surged 242% year over year.
Quarterly adjusted earnings of $1.71 per share surpassed the Zacks Consensus Estimate of $1.09 and increased from $1.08 reported a year-ago. Revenues of $9.91 billion exceeded the Zacks Consensus Estimate of $9.84 billion and improved from the year-ago amount of $9.54 billion. However, the company said its third-quarter sales will be impacted by the ongoing pandemic. For a detailed analysis of BBY's earnings, click here.
Global medical devices manufacturer Medtronic plc (MDT - Free Report) reported second-quarter fiscal 2021 adjusted earnings per share of 62 cents, beating the Zacks Consensus Estimate of 21 cents. It had reported earnings of $1.26 per share a year earlier. Revenues of $6.51 billion surpassed the Zacks Consensus Estimate of $5.38 billion. However, the year-ago figure was $7.49 billion. For a detailed discussion of MDT's earnings, click here.
Meat-based food product producer Hormel Foods Corp. (HRL - Free Report) reported third-quarter fiscal 2020 adjusted earnings per share of 37 cents, ahead of the Zacks Consensus Estimate of 33 cents and flat year over year. Revenues of $2.38 billion outpaced the Zacks Consensus Estimate of $2.29 billion and increased from $2.29 billion in the prior-year quarter. For knowing more on HRL's earnings, click here.