In early trading Friday, the Dow Jones industrials traded up 0.44%, the S&P 500 was up 0.37% and the Nasdaq traded up 0.52%. Electric vehicle maker Tesla and hard drive maker Seagate both added nearly 11% to their share prices on Thursday, pulling the indexes higher. Good economic news reversed the uninspired trading that took place in the premarket session.
After U.S. markets closed Thursday, Intel reported missed estimates on both adjusted earnings per share and revenue. Even worse, the company’s current quarter revenue guidance fell far short of the consensus estimate. Shares traded down about 8% Friday morning.
Another Dow stock, Visa, reported beats on the top and bottom lines, thanks to international travelers who raised their payment volume by 22% year over year and the rest of us who boosted payment volume and total transactions by 10% each. Shares traded up more than 3% Friday morning.
Before markets opened on Friday, American Express reported results that missed on both EPS and revenue. Upside guidance for the new fiscal year and a 15% increase to the annual dividend had shares up by more than 10%.
Chevron also missed the consensus EPS estimate but beat the revenue estimate by about $2.5 billion. The company said it expects 2023 production to be flat to up 3%, with an average Brent crude price of $80 a barrel. Rising natural gas prices will increase costs at Chevron’s refineries, however, and performance at the company’s other segments is uncertain, tending toward lower. Shares traded down about 2.4% shortly after the opening bell.
Alliance Resource Partners, GE Healthcare, Li-Cycle and SoFi Technologies are set to report quarterly results first thing Monday morning.
Here are previews of five companies set to report results before Tuesday’s opening bell. Three of them are Dow Jones industrial average components.
Caterpillar
Shares of heavy equipment maker Caterpillar Inc. (NYSE: CAT) posted a new 52-week high on Thursday. The share price is up nearly 45% over the past six months, including a gain of more than 9% in January. Coming federal spending on infrastructure has been a major influence in the stock’s rising share price, as have price increases.
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