We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Pre-market futures are trying to push out of the red this morning, having opened the early trading day decidedly down after rare winning streaks now extended to 6 days on the Dow and 7 on the Nasdaq. In fact, the Nasdaq is already trading higher in the early session, +20 points at this hour. The Dow is -60 points and the S&P 500 -5 and the small-cap Russell 2000 -4.
Q3 earnings season continues bringing the hits today, although we are well past the halfway point of the S&P 500 firms having reported for the quarter. As we’ve become accustomed to, results have largely been better than many analysts had been expecting. We’ll see that this is still the case, at least of prominent pre-market reports today.
First, however, a new Trade Deficit for September is out this morning, slipping to -$61.542 billion from a downwardly revised -$58.657 billion the previous month. That said, it’s a better deficit tally than anything we saw last year, and is currently the third-best deficit rate reported since 2021, following only the aforesaid August print and March of this year. While it would be nice to have this solvent, like we had all the way up until the 1980s, but at least we’re well off all-time lows of early last year.
We’ll see a new Consumer Credit report this afternoon, also for September, right around the time the closing bell for today’s session rings. At that time, we’ll be ready to receive new earnings results from eBay (EBAY - Free Report) and Gilead Sciences (GILD - Free Report) , to name but a couple. Later this week, we’ll hear from Disney (DIS - Free Report) , Warner Brothers Discovery (WBD - Free Report) and Arm Holdings (ARM - Free Report) , among many others.
Ride-sharing leader Uber (UBER - Free Report) missed expectations on both its top and bottom lines for its Q3 this morning, as re-evaluations on equity investments and reclassification of certain incentives took a bite out of results. Earnings of 10 cents per share were light the 13 cents in the Zacks consensus, though in another orbit from the -61 cents reported in the year-ago quarter. Revenues of $9.29 billion were lower than the $9.47 billion, though still +11% year over year.
Uber CEO Dara Khosrowshahi said the top-line figure would have been +8% higher without the recalibration of Uber Eats incentives. Otherwise, Bookings, Trips and MAU were all higher for the quarter, with Mobility +31% to $17.90 billion and Delivery +18% to $16.09 billion. Adjusted EBITDA in the quarter came in at $1.09 billion, higher than the $1.02 billion expected. Thus, Uber takes the opportunity to get its house in order; revenue guidance for Q4 is reasonably in-line with expectations.
Texas-based homebuilder D.R. Horton (DHI - Free Report) outperformed estimates on both top and bottom lines this morning, with earnings of $4.45 per share zooming past the $3.98 expected, on $10.5 billion is quarterly sales, which surpassed the $10.07 billion in the Zacks consensus. Revenue guidance for next quarter is solidly higher to a range of $36-37 billion. Shares are modestly higher on the news, but up nearly +11% just over the past month.
Image: Bigstock
Can Markets Keep the Winning Streak Intact?
Pre-market futures are trying to push out of the red this morning, having opened the early trading day decidedly down after rare winning streaks now extended to 6 days on the Dow and 7 on the Nasdaq. In fact, the Nasdaq is already trading higher in the early session, +20 points at this hour. The Dow is -60 points and the S&P 500 -5 and the small-cap Russell 2000 -4.
Q3 earnings season continues bringing the hits today, although we are well past the halfway point of the S&P 500 firms having reported for the quarter. As we’ve become accustomed to, results have largely been better than many analysts had been expecting. We’ll see that this is still the case, at least of prominent pre-market reports today.
First, however, a new Trade Deficit for September is out this morning, slipping to -$61.542 billion from a downwardly revised -$58.657 billion the previous month. That said, it’s a better deficit tally than anything we saw last year, and is currently the third-best deficit rate reported since 2021, following only the aforesaid August print and March of this year. While it would be nice to have this solvent, like we had all the way up until the 1980s, but at least we’re well off all-time lows of early last year.
We’ll see a new Consumer Credit report this afternoon, also for September, right around the time the closing bell for today’s session rings. At that time, we’ll be ready to receive new earnings results from eBay (EBAY - Free Report) and Gilead Sciences (GILD - Free Report) , to name but a couple. Later this week, we’ll hear from Disney (DIS - Free Report) , Warner Brothers Discovery (WBD - Free Report) and Arm Holdings (ARM - Free Report) , among many others.
Ride-sharing leader Uber (UBER - Free Report) missed expectations on both its top and bottom lines for its Q3 this morning, as re-evaluations on equity investments and reclassification of certain incentives took a bite out of results. Earnings of 10 cents per share were light the 13 cents in the Zacks consensus, though in another orbit from the -61 cents reported in the year-ago quarter. Revenues of $9.29 billion were lower than the $9.47 billion, though still +11% year over year.
Uber CEO Dara Khosrowshahi said the top-line figure would have been +8% higher without the recalibration of Uber Eats incentives. Otherwise, Bookings, Trips and MAU were all higher for the quarter, with Mobility +31% to $17.90 billion and Delivery +18% to $16.09 billion. Adjusted EBITDA in the quarter came in at $1.09 billion, higher than the $1.02 billion expected. Thus, Uber takes the opportunity to get its house in order; revenue guidance for Q4 is reasonably in-line with expectations.
Texas-based homebuilder D.R. Horton (DHI - Free Report) outperformed estimates on both top and bottom lines this morning, with earnings of $4.45 per share zooming past the $3.98 expected, on $10.5 billion is quarterly sales, which surpassed the $10.07 billion in the Zacks consensus. Revenue guidance for next quarter is solidly higher to a range of $36-37 billion. Shares are modestly higher on the news, but up nearly +11% just over the past month.
Questions or comments about this article and/or author? Click here>>