Dow futures are down in the pre-market this morning roughly 20 points after hitting a new, record high for 10 straight days as of Monday’s close. The S&P 500 also hit a new record high yesterday, and is down marginally in today’s pre-market. Not that Q2 earnings season is creating a drag; most earnings results coming out this morning have surprised to the upside.
Michael Kors (KORS - Free Report) far surpassed the Zacks consensus estimate this morning, putting up 80 cents per share as opposed to the 62 cents expected. Revenues also solidly beat: $952.4 million easily outpaced the $917.9 million we were anticipating. These results, while impressive on the headline, still represent a downward trajectory year over year — -11% on earnings and -3.6% on sales. Nevertheless, KORS shares are seeing a 15.5% upswing in pre-market trading today.
CVS Health (CVS - Free Report) posted a 2-cents beat to $1.33 per share in its Q2 earnings report this morning, on revenues of $45.6 billion which also slightly outperformed expectations. This amounts to a swing to the positive from the estimate on year-over-year earnings growth. This marks at the the fifth straight earnings beat for the pharmacy retailer, with Pharmacy Services up 9.5% year over year to $32.3 billion. However, shares are trading down 2% after an initial pop, following a narrowing of full-year 2017 guidance.
Ralph Lauren (RL - Free Report) also surpassed earnings expectations ahead of the bell today, with $1.11 per share topping the 96 cents per share in the Zacks consensus. Revenues came roughly in-line, a tad short, to $1.347 billion from the $1.349 billion we were looking for. This was Ralph Lauren’s fiscal Q1 2018 quarter, which shows earnings growth of 4.7% year over year. Shares are up 5.6% in todays pre-market.
After yesterday’s closing bell, CBS Corporation (CBS - Free Report) also outperformed expectations, posting $1.04 per share in earnings compared to the 97 cents expected. Revenues also surpassed our consensus estimate of $3.11 billion with a Q2 top-line of $3.26 billion. Content licensing and distribution was up 12% year over year, and Entertainment was also up 12%. Cable was up 7%, and Publishing and Local Media also improved results year over year. Pre-market shares are up just north of 1% at this hour.
After today’s closing bell, The Walt Disney Company (DIS - Free Report) reports fiscal Q3 earnings. The Zacks consensus is looking for $1.53 per share on $14.44 billion in quarterly revenues. The entertainment giant has beaten earnings estimates in three of its last four quarters.