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Mixed Thrid-Quarter 2019 Earnings Results

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With the Dow now 2% below its record all-time high close, we get to the heart of Q3 earnings season. These earnings reports will be taking up the balance of pre-market news items, as we again see no new economic data ahead of today’s opening bell.

Yesterday after the market opened, we saw a read on Existing Home Sales. Results were down slightly from expectations, reaching 5.38 million units for September, and down from the 5.50 million reported for August. Analysts are not making too much out of one month’s data, but with interest rates so low, not seeing a pick-up in home sales may be an indication that the consumer’s appetite is not what it once was.

The Boeing Company (BA - Free Report)  posted a big miss on its bottom line this morning, bringing in just $1.45 per share — down from expectations for $2.04. Revenues, on the other hand, outperformed expectations by 3.3% to $19.980 billion in its Q3, though this is down from the $25.15 billion reported in the year-ago quarter.

Shares of the aircraft giant are up more than 2%, however, on guidance for its beleaguered 737 MAX: the company sees a return to service of the model in Q4 — following two fatal crashes that grounded the plane over the world — with a ramp-up of production coming in 2020. Whether this report is looking through rose-colored glasses or whether it represents a real turn-around in the future of the 737 MAX is too early to say at this juncture. 

Zacks Rank #4 (Sell)-rated Caterpillar (CAT - Free Report)  also came up light of expectations in its Q3, with earnings of $2.66 per share well beneath the anticipated $2.82, with revenues of $12.758 billion missing the Zacks consensus by 4.67%. Citing global economic uncertainty, the large equipment manufacturer has also cut guidance for its Q4 and full-year expectations. Shares are down 1.12% in early trading this morning. 

Healthcare insurance major Anthem (ANTM - Free Report) , on the other hand, has surpassed expectations in its Q3 earnings report, with $4.87 per share beating estimates by 3 cents on $26.44 billion in revenues that outperformed consensus by 4%. These also mark significant improvements from the year-ago quarter’s $3.81 per share and $22.98 billion, respectively. However, shares are selling off 2.4% in the pre-market today.


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