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Q4 Earnings Season Heats Up: JNJ, MMM, GE & More

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Tuesday, January 24th, 2023

The busiest day of Q4 earnings season so far is here, with plenty of big-name companies reporting ahead of the opening bell. Whether pre-market futures are reacting to results or just doing some profit-taking off recent highs is hard to tell — the Dow is -150 points at this hour, the S&P 500 is -20 and the Nasdaq -85 points currently.

No economic data has hit the tape in today’s pre-market, as we are back-loaded this week for such things. After the open today, we’ll get January numbers for S&P PMI Manufacturing and Services. Both are expected to come in below the 50 level, which is the inflection point between positive and negative growth. Q4 GDP, Jobless Claims and a new PCE report all come out Thursday or Friday this week.

Johnson & Johnson (JNJ - Free Report) beat estimates decisively on its bottom line to $2.35 per share in its Q4, from $2.22 expected, for a nearly +6% earnings surprise. Revenues were a hair light of expectations at $23.71 billion in the quarter. J&J is a company that, simply, does not miss on earnings — going back far longer than a decade. Shares are down on this weak trading pre-market, -1.3%, and now -6% year to date. For more on JNJ’s earnings, click here.

Zacks Rank #5 (Strong Sell)-rated General Electric (GE - Free Report) was also mixed in its Q4 results, with earnings coming in better than expected: $1.24 per share versus $1.11 in the Zacks consensus. Revenues of $21.79 billion was beneath the $21.94 billion analysts were looking for. Pre-market trading sees GE stock down -2.3%, though the shares are up nearly +50% over the past six months.

3M (MMM - Free Report) was mixed in the opposite way this morning: earnings of $2.28 per share came in -2.56% lower than the $2.34 expected (and three cents lower than year-ago earnings) on quarterly sales of $8.08 billion, which improved over the Zacks consensus by +0.58%. Full-year guidance was ramped down, however, which has delivered a hit to MMM shares in the pre-market, -5%. For more on MMM’s earnings, click here.

The Travelers Companies (TRV - Free Report) met expectations on its bottom line this morning, after last week’s guide downward: $3.40 per share was reported, well off the $5.20 reported in the year-ago quarter. Revenues of $9.63 billion were slightly ahead of expectations. Cat losses from recent winter blizzard conditions were what prompted the pre-announcement last week. Shares are trading flat in today’s early trading. For more on TRV’s earnings, click here.

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