In morning trading Friday, the Dow Jones industrials were up 0.49%, the S&P 500 up 0.46% and the Nasdaq 0.19% higher.
After U.S. markets closed on Thursday, Amazon reported better-than-expected earnings per share (EPS) and revenue. Comments from CFO Brian Olsavsky related to slower growth and lower profitability in the company’s AWS cloud business brought an after-hours surge of around 12% to a screeching halt. Shares traded down about 3.9% Friday morning.
First Solar missed consensus estimates on both the top and bottom lines. Revenue rose by nearly 50% year over year but came in about 24% below forecast growth. Shares traded down 14.3%.
Intel beat estimates on the top and bottom lines despite a year-over-year drop of 36% in revenue. The company expects to see margin improvement in the second half of the year. Shares traded up 4.8% Friday morning.
T-Mobile reported mixed results, beating the EPS estimate but missing on revenue. The company forecast higher 2023 growth in postpaid subscribers than its previous estimate and a 9% jump in adjusted EBITDA. Shares traded down 3.4%.
U.S. Steel solidly beat both top-line and bottom-line estimates. Shares traded down 3.2% Friday morning.
Before markets opened on Friday, Chevron reported that EPS and revenue for its first quarter came in above analysts’ consensus. Oil production was down 3% in the quarter, and capital spending rose 55%. Free cash flow fell by more than 30% year over year, largely due to the increase in capex. Shares traded up 0.6% Friday morning.
Exxon Mobil had mixed results in the first quarter, beating the EPS estimate and missing on revenue. Net profit rose to an all-time (140-year) high of $11.4 billion. CFO Kathy Mikells attributed the positive surprise to a 40% combined increase in production from the Permian Basin and offshore Guyana. Shares traded up 2%.
Norwegian Cruise Line, ON Semiconductor and SoFi Technologies are on deck to report quarterly earnings before U.S. markets open on Monday. Later in the day, look for reports from MGM Resorts, NXP Semiconductors and Transocean.
Here is what analysts expect to hear from these four companies, including one Dow component, when they report results first thing Tuesday morning.
BP
Shares of integrated oil supermajor BP PLC (NYSE: BP) have performed well over the past year, putting up a gain of 38%, trailing only Exxon for the largest increase over the period. At Thursday’s annual meeting, 84% of shareholders voted against a climate proposal that would have committed the company to focus efforts on limiting global warming to 1.5°C. The number of “yes” votes, however, increased from 15% last year to 17%. Earlier this year, CEO Bernard Looney tried to rein in earlier promises the company had made on climate change.
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