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Trade Losses Widen, Boeing (BA) Reports Challenging Q3
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Wednesday, October 26, 2022
We start another morning looking at pre-market activity in the red on the major indices. If we follow our very recent trend, we might expect these numbers to head into the green and stay there through the close. Then again, the market has filled in plenty of gaps off the mid-October lows, so there may be some question whether this rally can continue.
Especially considering we’re hitting the difficult part of Q3 earnings season, with Big Tech companies — always reliable to demonstrate growth and robust profits quarter after quarter — now demonstrating their limitations. To wit, the Nasdaq is -205 points a half hour ahead of the opening bell, while the Down is -88 and the S&P 500 -31 points. After today’s close, we’ll be hearing from Meta (META - Free Report) on Q3, among several others.
Advance Trade in Goods for September broke a five-month trend toward zero balance (though far, far from it, of course) with its deepest print in three months: -$92.2 billion. This is still well off the record-low we saw back in March, but no longer headed in the right direction. Exports fell -1.4% overall last month, largely on a -14% drop in food, feed and beverages. This was somewhat offset by Imports, which were +0.8% for September.
Ahead of today’s open, Boeing (BA - Free Report) posted one of the worst-looking earnings reports of Q3 thus far: negative earnings of -$6.18 per share was several orbits away from the -$0.01 expected — although this is directly related to a $2.8 billion one-time charge on the anticipation of coming losses in the Defense sector — on $15.96 billion in revenues, below the $17.50 billion in the Zacks consensus.
Shares of the world’s premier aircraft manufacturer have moderated since the report was first released, now -1% in the pre-market. Boeing is -12% over the past six months and -$29.5 billion year to date. The company is also not a stranger to massive earnings misses: as this is now the fifth-straight down-quarter (and eight of the last 10 quarters were lower than expected), the trailing four-quarter average loss was -2500%. For more on BA’s earnings, click here.
Aside from afternoon earnings reports, we’ll also be looking for New Home Sales results for September. On the Existing Home Sales side recently reported, headline came in at its weakest level since May 2020 — two months into the pandemic. Existing homes’ median price was +8.4% year over year; as we saw in Case-Shiller housing data yesterday, these year-over-year home price gains are melting like ice caps. We’ll see if New Home Sales follow suit; they may even find themselves mentioned in next week’s Fed meeting on interest rate hikes.
Image: Bigstock
Trade Losses Widen, Boeing (BA) Reports Challenging Q3
Wednesday, October 26, 2022
We start another morning looking at pre-market activity in the red on the major indices. If we follow our very recent trend, we might expect these numbers to head into the green and stay there through the close. Then again, the market has filled in plenty of gaps off the mid-October lows, so there may be some question whether this rally can continue.
Especially considering we’re hitting the difficult part of Q3 earnings season, with Big Tech companies — always reliable to demonstrate growth and robust profits quarter after quarter — now demonstrating their limitations. To wit, the Nasdaq is -205 points a half hour ahead of the opening bell, while the Down is -88 and the S&P 500 -31 points. After today’s close, we’ll be hearing from Meta (META - Free Report) on Q3, among several others.
Advance Trade in Goods for September broke a five-month trend toward zero balance (though far, far from it, of course) with its deepest print in three months: -$92.2 billion. This is still well off the record-low we saw back in March, but no longer headed in the right direction. Exports fell -1.4% overall last month, largely on a -14% drop in food, feed and beverages. This was somewhat offset by Imports, which were +0.8% for September.
Ahead of today’s open, Boeing (BA - Free Report) posted one of the worst-looking earnings reports of Q3 thus far: negative earnings of -$6.18 per share was several orbits away from the -$0.01 expected — although this is directly related to a $2.8 billion one-time charge on the anticipation of coming losses in the Defense sector — on $15.96 billion in revenues, below the $17.50 billion in the Zacks consensus.
Shares of the world’s premier aircraft manufacturer have moderated since the report was first released, now -1% in the pre-market. Boeing is -12% over the past six months and -$29.5 billion year to date. The company is also not a stranger to massive earnings misses: as this is now the fifth-straight down-quarter (and eight of the last 10 quarters were lower than expected), the trailing four-quarter average loss was -2500%. For more on BA’s earnings, click here.
Aside from afternoon earnings reports, we’ll also be looking for New Home Sales results for September. On the Existing Home Sales side recently reported, headline came in at its weakest level since May 2020 — two months into the pandemic. Existing homes’ median price was +8.4% year over year; as we saw in Case-Shiller housing data yesterday, these year-over-year home price gains are melting like ice caps. We’ll see if New Home Sales follow suit; they may even find themselves mentioned in next week’s Fed meeting on interest rate hikes.
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