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JOLTS Data After the Bell, Q1 Reports for PFE, UBER & More
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Tuesday, May 2nd, 2023
We closed down a tad on Monday afternoon in what is destined to be the busiest week of Q1 earnings season so far, and this morning it looks as if we’re following suit. All four major indices are light in the red this morning, with the blue-chip Dow -0.23% at this hour and the small-cap Russell 2000 -0.48%. The S&P 500 and the Nasdaq are splitting the difference: -0.19% and -0.05%, respectively. It’s not exactly identical to yesterday’s close, but it’s in the same ballpark.
Big Pharma staple Pfizer (PFE - Free Report) easily surpassed estimates on both top and bottom lines this morning in its Q1 report: earnings of $1.23 per share marks a +23% positive surprise over the expected $1.00 per share (though down from the $1,62 per share in the year-ago quarter). Revenues of $18.28 billion outpaced the Zacks consensus by +7.82%. Shares are up only modestly ahead of the conference call, and are down -23.5% year to date. For more on PFE’s earnings, click here.
Uber (UBER - Free Report) posted a lighter-than-expected loss in its Q1 report ahead of today’s opening bell, -$0.08 per share versus the -$0.10 analysts were anticipating — but worlds better than the Covid-inflicted year-ago quarter, which lost -$3.04 per share. Revenues of $8.82 billion outperformed the Zacks consensus by +1.44%, and well ahead of the $6.85 billion in Q1 of 2022, when the company was much more reliant on Uber Eats food delivery service. For more on UBER’s earnings, click here.
Major hotelier Marriott International (MAR - Free Report) , a Zacks Rank #2 (Buy)-rated company ahead of Q1 numbers, posted big beats on both top and bottom lines in its Q1 report this morning: earnings of $2.09 per share improved on the expected $1.86 by +12.37%, and a big improvement over the $1.25 per share the company delivered in the year-ago quarter. Revenues of $5.62 billion outpaced expectations by +6.42%, +34% year over year. Shares are up +2.5% in early trading. For more on MAR’s earnings, click here.
After today’s open, a new Job Opening and Labor Turnover Survey (JOLTS) report for March will be out today, making it the first of several employment-related releases this week, culminating in Friday’s nonfarm payrolls from the U.S. Bureau of Labor Statistics (BLS). The previous month’s headline number was the first sub-10 million job openings level in two years. We expect the previous month’s 9.9 million open jobs to 9.6 million in today’s tally.
Also, Factory Orders for March are expected to have grown +1.2%, swinging from a deep negative in February of -0.7%. We’ve seen in other data points on goods orders that overall business is better, bringing sluggish results into positive territory in most prints over the past month or so. A positive read would also be the first such in 2023 so far, and four of the past eight months have reported negative figures on Factory Orders.
After the closing bell, earnings season keeps accelerating in high gear, as Advance Micro Devices (AMD - Free Report) becomes the latest semiconductor company to report, as well as Starbucks (SBUX - Free Report) , Ford (F - Free Report) and Yum China (YUMC - Free Report) , among a bevy of others. We continue to get a more detailed look at the health of these companies in real time, and the earnings season overall. We do not expect any one report — either on earnings or somewhere in the general economy — to knock the Fed from its current date with another 25 basis-point (bps) hike tomorrow afternoon.
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JOLTS Data After the Bell, Q1 Reports for PFE, UBER & More
Tuesday, May 2nd, 2023
We closed down a tad on Monday afternoon in what is destined to be the busiest week of Q1 earnings season so far, and this morning it looks as if we’re following suit. All four major indices are light in the red this morning, with the blue-chip Dow -0.23% at this hour and the small-cap Russell 2000 -0.48%. The S&P 500 and the Nasdaq are splitting the difference: -0.19% and -0.05%, respectively. It’s not exactly identical to yesterday’s close, but it’s in the same ballpark.
Big Pharma staple Pfizer (PFE - Free Report) easily surpassed estimates on both top and bottom lines this morning in its Q1 report: earnings of $1.23 per share marks a +23% positive surprise over the expected $1.00 per share (though down from the $1,62 per share in the year-ago quarter). Revenues of $18.28 billion outpaced the Zacks consensus by +7.82%. Shares are up only modestly ahead of the conference call, and are down -23.5% year to date. For more on PFE’s earnings, click here.
Uber (UBER - Free Report) posted a lighter-than-expected loss in its Q1 report ahead of today’s opening bell, -$0.08 per share versus the -$0.10 analysts were anticipating — but worlds better than the Covid-inflicted year-ago quarter, which lost -$3.04 per share. Revenues of $8.82 billion outperformed the Zacks consensus by +1.44%, and well ahead of the $6.85 billion in Q1 of 2022, when the company was much more reliant on Uber Eats food delivery service. For more on UBER’s earnings, click here.
Major hotelier Marriott International (MAR - Free Report) , a Zacks Rank #2 (Buy)-rated company ahead of Q1 numbers, posted big beats on both top and bottom lines in its Q1 report this morning: earnings of $2.09 per share improved on the expected $1.86 by +12.37%, and a big improvement over the $1.25 per share the company delivered in the year-ago quarter. Revenues of $5.62 billion outpaced expectations by +6.42%, +34% year over year. Shares are up +2.5% in early trading. For more on MAR’s earnings, click here.
After today’s open, a new Job Opening and Labor Turnover Survey (JOLTS) report for March will be out today, making it the first of several employment-related releases this week, culminating in Friday’s nonfarm payrolls from the U.S. Bureau of Labor Statistics (BLS). The previous month’s headline number was the first sub-10 million job openings level in two years. We expect the previous month’s 9.9 million open jobs to 9.6 million in today’s tally.
Also, Factory Orders for March are expected to have grown +1.2%, swinging from a deep negative in February of -0.7%. We’ve seen in other data points on goods orders that overall business is better, bringing sluggish results into positive territory in most prints over the past month or so. A positive read would also be the first such in 2023 so far, and four of the past eight months have reported negative figures on Factory Orders.
After the closing bell, earnings season keeps accelerating in high gear, as Advance Micro Devices (AMD - Free Report) becomes the latest semiconductor company to report, as well as Starbucks (SBUX - Free Report) , Ford (F - Free Report) and Yum China (YUMC - Free Report) , among a bevy of others. We continue to get a more detailed look at the health of these companies in real time, and the earnings season overall. We do not expect any one report — either on earnings or somewhere in the general economy — to knock the Fed from its current date with another 25 basis-point (bps) hike tomorrow afternoon.
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