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Earnings Data Deluge

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Ahead of the opening bell on this last trading day of the week, as well as kicking off a new month, we see no economic data releases worth noting. A week from today we’ll cover our eyes before peeking at the April Employment Situation, among other things, but we’re light on this front as of now. Later in the day we’ll get both PMI and ISM Manufacturing reads for April, neither of which is supposed to bring much good news.

Where we find our good news this hour is in quarterly earnings season, where these five big-name companies all outperformed expectations on both top- and bottom-lines:

ExxonMobil (XOM - Free Report) , a Zacks Rank #3 (Hold)-rated stock prior to its Q1 earnings report, posted a gigantic beat on the bottom line: 53 cents per share outperformed the $0.04 per share estimate by more than 1200%. Revenues of $56.16 billion surpassed top-line expectations by 4.38%.

Going forward, a growing supply glut of oil will pose major challenges for Exxon, as well as its Oil & Gas competitors. Analysts expect the super-majors like Exxon, however, to better be able to weather the storm of the supply glut and plummeting of prices per barrel. Exxon shares have tumbled 33.4% year to date, and are well off their all-time highs in the summer of 2014, when shares went north of $100 per share.

Exxon competitor Chevron (CVX - Free Report) also posted a big beat on its bottom line: $1.29 per share more than doubled the 64 cents in the Zacks consensus. Revenues in the quarter of $31.50 billion improved 5.43% over expectations. Chevron had been rated a Zacks Rank #5 (Strong Sell) going into this earnings report, with the stock down 23.7% year to date, and are trading around a zero-balance in the early session.

Zacks Rank #1 (Strong Buy)-rated cleaning products giant — and company of high importance as the world fights off the coronavirus pandemic — Clorox (CLX - Free Report) reported $1.89 per share on $1.78 billion in sales for the quarter. This represents a 17-cent beat on the bottom line and well ahead of the year-ago $1.44 per share, while revenues outpaced consensus by 4%. This stock is well out in from of the S&P 500’s -10% year to date, +21.4% since the start of 2020. The maker of Clorox, Pine-Sol, Liquid Plumr and Brita water filters is up 3.6% in today’s pre-market.

Consumer Staples competitor Colgate-Palmolive (CL - Free Report) beat earnings estimates by 2 cents to 75 cents per share, on $4.1 billion in quarterly sales. Another company in the green year-to-date, this Zacks Rank #3 stock is trading lower in a pre-market awash in red at this hour.

Biopharma major AbbVie (ABBV - Free Report) , maker of Humira, Skyrizi and many other treatments, surpassed expectations on its bottom line with $2.42 per share easily beating the $2.27 estimate and the $2.14 posted in the year-ago quarter. Quarterly sales of $8.62 billion amounts to a 2.18% beat on its top line. Shares are treading water in the pre-market on the news.

We exit a trading month of April that was the hottest in decades and it appears May is starting off by giving some of it back. Weekend headlines related to coronavirus developments and socio-political ramifications may present reasons for investors to advance with caution toward the weekend. But Q1 earnings season this morning has pulled its weight.