After U.S. markets closed on Tuesday, Alphabet beat estimates on both the top and bottom lines. Shares traded up 6.6% shortly after the market opened on Wednesday.
Microsoft also beat both earnings per share (EPS) and revenue estimates. The company noted that the promise of AI will take time to become a reality. That was enough to slice 3% from the share price Wednesday morning.
Visa made it a clean sweep, also beating EPS and revenue estimates. The stock traded down about 0.5%.
Before markets opened 0n Wednesday, AT&T beat the consensus EPS estimate but fell short on revenue. Even a forecast for $1 billion less in capital spending during the second half of the year was not enough to boost investors’ spirits. Shares traded down about 1.4%.
Boeing posted better than expected earnings and revenue. Revenue was up 18% year over year, and the loss per share was smaller than forecast. The company also said that the economic recovery is here to stay. Shares traded up 6.6%.
Coca-Cola also beat on both the top and bottom lines. Warren Buffett’s favorite soft drink company also issued inline guidance. Shares traded about flat.
Mattel, Meta Platforms and ServiceNow are scheduled to report quarterly earnings after U.S. markets close on Wednesday, while AbbVie, Comcast and Valero Energy are on deck to report results the following morning.
Here is a look at four companies scheduled to share their quarterly results later on Thursday.
Ford
Ford Motor Co. (NYSE: F) stock has added nearly 6% over the past 12 months, including a gain of nearly 17% so far in 2023. That’s pretty good, considering. And what investors have to consider is the company’s plans versus the dividend Ford now pays.
Last week, Ford said it planned to triple the production rate of its F-150 Lightning EV and sell it for around $40,000. There go the fat profits, and with them, investors believe, hopes for higher dividends. The scheme worked for Tesla, but can Jim Farley make it work for Ford? The day the company announced its plan, Ford’s market value dropped by $3.6 billion.
Analysts remain cool to the stock, with nine of 22 brokerages having a Hold rating and nine more a Buy or Strong Buy rating. At a recent price of around $13.60 a share, the implied gain based on a median price target of $14.00 is 2.9%. At the high price target of $22.00, the upside potential is 61.7%.
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