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We take a break from economic reports this morning, a week and a half from the end of October trading this year. The next major inflation report comes a week from tomorrow, when September PCE hits the tape. Until then, we will happily make do with Q3 earnings reports to inform market sentiment.
Pre-market futures are up at this hour, as the blue-chip Dow enjoys its best trading month since April. Bond yields and spot oil prices remain inflated, but off highs seen a week ago or more. The Dow is currently +239 points, the Nasdaq is +163 points, and the S&P 500 is +25. The small-cap Russell 2000 is +6 points at this hour.
Yesterday after the close, SpaceX (SPCX - Free Report) posted a highly impressive quarter, with revenues escalating +161% year over year to $14.58 billion. Earnings more than tripled expectations to $0.45 per share, largely on 9x growth in its AI business. (Recall SpaceX obtained xAI back in February of this year.) Shares are now up +8.2% in today’s pre-market, +18% from its IPO price from this past summer. CEO Elon Musk discussed SpaceX’s buyout of Tesla (TSLA - Free Report) at yesterday’s conference call.
Q3 Earnings at a Glance: NEE, ABT, CME
NextEra Energy (NEE - Free Report) posted a 4-cent beat on its bottom line to $1.24 per share this morning, surpassing the $1.13 per share reported in the year-ago quarter. Revenues of $8.09 billion, however, was -11% below the Zacks consensus, and up slightly from the $7.97 billion the company brought in during the year-ago quarter. Shares are up +0.9% on the news this hour, but still down marginally year to date.
Abbott Labs (ABT - Free Report) was also mixed in its Q3 report this morning, but in reverse: earnings of $1.42 per share missed estimates by a penny while revenues of $13.01 billion narrowly outperformed expectations by +0.30%. Questions regarding the spinoff of its Nutrition business are helping lead shares down -3.36% at this hour, deepening the -18.2% hole the stock is in since the start of the year.
CME Group (CME - Free Report) outpaced estimates on both top and bottom lines in its Q3 results ahead of today’s open. Earnings of $3.02 per share surpassed the $2.98 in the Zacks consensus, while revenues of $1.74 billion beat projections by +1.43%. The Chicago-based derivatives market has underperformed the S&P 500 year to date — +8.1% versus +12.7% — and shares are basically flat ahead of the bell.
What to Expect from the Stock Market Today: Mag 7 Earnings Late
We won’t see any economic reports during the regular trading today either, but after the closing bell, we expect plenty fireworks when Mag 7 companies begin to release earnings results for the quarter:
Meta Platforms (META - Free Report) , based on its extensive AI buildout during the course of this year, is expected to post negative earnings growth of -52.4% this afternoon, on impressive +23.68% revenue growth from a year ago. The social media and communications staple looks to bounce back from its Q2 miss, and add to its +5% gains year to date.
Tesla (TSLA - Free Report) carries a Zacks Rank #4 (Sell) into its Q3 report after today’s close, with -10% earnings growth expected on -1.12% gains in revenue year over year. It, too, is looking to bounce back from its Q2 earnings miss, and more discussion regarding SpaceX’s potential takeover. Shares are up +3% ahead of the opening bell, but still down -14.7% year to date.
View the Zacks #1 Rank List
Image: Bigstock
Pre-Markets in Green on Strong Earnings Results
We take a break from economic reports this morning, a week and a half from the end of October trading this year. The next major inflation report comes a week from tomorrow, when September PCE hits the tape. Until then, we will happily make do with Q3 earnings reports to inform market sentiment.
Pre-market futures are up at this hour, as the blue-chip Dow enjoys its best trading month since April. Bond yields and spot oil prices remain inflated, but off highs seen a week ago or more. The Dow is currently +239 points, the Nasdaq is +163 points, and the S&P 500 is +25. The small-cap Russell 2000 is +6 points at this hour.
Yesterday after the close, SpaceX (SPCX - Free Report) posted a highly impressive quarter, with revenues escalating +161% year over year to $14.58 billion. Earnings more than tripled expectations to $0.45 per share, largely on 9x growth in its AI business. (Recall SpaceX obtained xAI back in February of this year.) Shares are now up +8.2% in today’s pre-market, +18% from its IPO price from this past summer. CEO Elon Musk discussed SpaceX’s buyout of Tesla (TSLA - Free Report) at yesterday’s conference call.
Q3 Earnings at a Glance: NEE, ABT, CME
NextEra Energy (NEE - Free Report) posted a 4-cent beat on its bottom line to $1.24 per share this morning, surpassing the $1.13 per share reported in the year-ago quarter. Revenues of $8.09 billion, however, was -11% below the Zacks consensus, and up slightly from the $7.97 billion the company brought in during the year-ago quarter. Shares are up +0.9% on the news this hour, but still down marginally year to date.
Abbott Labs (ABT - Free Report) was also mixed in its Q3 report this morning, but in reverse: earnings of $1.42 per share missed estimates by a penny while revenues of $13.01 billion narrowly outperformed expectations by +0.30%. Questions regarding the spinoff of its Nutrition business are helping lead shares down -3.36% at this hour, deepening the -18.2% hole the stock is in since the start of the year.
CME Group (CME - Free Report) outpaced estimates on both top and bottom lines in its Q3 results ahead of today’s open. Earnings of $3.02 per share surpassed the $2.98 in the Zacks consensus, while revenues of $1.74 billion beat projections by +1.43%. The Chicago-based derivatives market has underperformed the S&P 500 year to date — +8.1% versus +12.7% — and shares are basically flat ahead of the bell.
What to Expect from the Stock Market Today: Mag 7 Earnings Late
We won’t see any economic reports during the regular trading today either, but after the closing bell, we expect plenty fireworks when Mag 7 companies begin to release earnings results for the quarter:
Meta Platforms (META - Free Report) , based on its extensive AI buildout during the course of this year, is expected to post negative earnings growth of -52.4% this afternoon, on impressive +23.68% revenue growth from a year ago. The social media and communications staple looks to bounce back from its Q2 miss, and add to its +5% gains year to date.
Tesla (TSLA - Free Report) carries a Zacks Rank #4 (Sell) into its Q3 report after today’s close, with -10% earnings growth expected on -1.12% gains in revenue year over year. It, too, is looking to bounce back from its Q2 earnings miss, and more discussion regarding SpaceX’s potential takeover. Shares are up +3% ahead of the opening bell, but still down -14.7% year to date.