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It’s earnings 24/7 this week on Wall Street

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It’s earnings 24/7 this week on Wall Street

The Dow tumbled nearly 280 points Friday on China stock market fears and renewed angst over Greece’s long-term future in the eurozone. When trading resumes today on Wall Street, it will probably be corporate earnings in the spotlight.AP FINANCIAL MARKETS WALL STREET F FILE USA NY

It will be a busy week of earnings. Nearly 30% of the companies — 146 to be exact — in the Standard & Poor’s 500 stock index will report results. The earnings season, which started off with deep concerns over the possibility of the first contraction in quarterly profits since the financial crisis in 2009, has gotten off to a good start. Profits are on track to fall 2%, which is better than the nearly 3% decline at the start of April. Three out of four companies, or 75%, have beat forecasts, which is better than the 63% average since 1994.

There’s no shortage of big-name U.S. companies on the docket this week. Toymaker Hasbro kicked off the profit-reporting week on a good note, as did investment bank Morgan Stanley. Shares of Hasbro, sellers of brands such as Transformer, Nerf, Monopoly  and Play-Doh, soared 8% in pre-market trading after topping profit and revenue forecasts. About two hours before the opening bell, Hasbro shares were up $5.41, or 8.2%, to $71.30. Morgan Stanley shares were up 93 cents, or 2.5%, to $37.68 before the opening bell after topping analyst forecasts.

Those earnings beats gave the stock market a boost. The Dow, which fell 280 points Friday, is up 223.50, or 1.3%, to 18,049.81 —  just 25 minutes into today’s trading session. Other earnings reports coming later today include tech bellwether IBM reports, as will oil services firm Halliburton. Halliburton also posted earnings better-than-expected profit of 49 cents a share, vs. an estimate of 37 cents a share. Its shares were up 21 cents, or 0.5%, to $47.10 in pre-market trading. Consumer stocks, such as sports apparel maker Under Armour and Chipotle Mexican Grill, go public with results Tuesday. Wednesday, Dow blue chips Coca-Cola and McDonald’s report, as do home builder D.R. Horton and AutoNation, the USA’s largest auto seller.


February 2018
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