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Better-Than-Expected Earnings Push Pre-Markets Higher

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Stock futures rise in pre-market trade on impressive second-quarter earnings results. Wall Street closed mostly lower yesterday as 7-day moving average data for COVID-19 new cases on Aug 1 exceeded peak recorded in summer 2020. The continued spread of highly infectious Delta coronavirus variant raised concerned among market participants about the pace of economic recovery.

However, on the positive side, In the United States 58.1% of those who are 12 and older are fully vaccinated, per the latest CDC data. Consequently, the yield on 10-Year U.S. Treasury Note that plunged to 1.15%, marking its 5-month low, yesterday on concerns over slowing economic growth, recovered marginally today to around 1.176% in the pre-market.

The second-quarter earnings season continues to remain impressive so far. Moreover, on Aug 1, Senate introduced a Bipartisan Infrastructure Bill of $550 billion in addition to the previously approved funds of $450 billion for five years. The proposed investment plan will act as a major catalyst for the stock market.

Apparel retailer Under Armour Inc. UAA came out with quarterly earnings of $0.24 per share, beating the Zacks Consensus Estimate of $0.06. The company posted revenues of $1.35 billion for the quarter ended June 2021, surpassing the Zacks Consensus Estimate by 10.94%.

Management expects full year 2021 revenues to increase at low 20% compared to a high 10% predicted earlier. For a detailed analysis of UAA earnings, click here.

Major crude oil producer ConocoPhillips COP came out with quarterly earnings of $1.27 per share, beating the Zacks Consensus Estimate of $1.15. The company posted revenues of $10.21 billion for the quarter ended June 2021, surpassing the Zacks Consensus Estimate by 0.13%. For knowing more on COP earnings, click here.

British energy behemoth BP plc BP reported second-quarter 2021 adjusted earnings of $0.83 per American Depositary Share (ADS) on a replacement cost basis, excluding non-operating items. The bottom line beat the Zacks Consensus Estimate of earnings of $0.61 per share and also turned around from the year-ago loss of $1.98. Total revenues of $37,598 million beat the Zacks Consensus Estimate of $34,542 million.

BP’s board of directors approved a dividend hike of 4% in the June quarter to $0.546 per ordinary share. Before announcing results for the third quarter, the company plans to buy back $1.4 billion worth of shares by utilizing surplus cashflow that was generated through the January-to-June period. For a detailed discussion on BP earnings, click here.

Some of the corporate bigwigs those will declare earnings results after market closes today include online and mobile game operator Activision Blizzard Inc. ATVI, biotech giant blue-chip firm Amgen Inc. AMGN, insurance major Prudential Financial Inc. PRU and online dating services provider Match Group Inc. MTCH.


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Activision Blizzard, Inc (ATVI) : Free Stock Analysis Report
 
BP p.l.c. (BP) : Free Stock Analysis Report
 
ConocoPhillips (COP) : Free Stock Analysis Report
 
Amgen Inc. (AMGN) : Free Stock Analysis Report
 
Prudential Financial, Inc. (PRU) : Free Stock Analysis Report
 
Match Group Inc. (MTCH) : Free Stock Analysis Report
 
Under Armour, Inc. (UAA) : Free Stock Analysis Report
 
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