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Coronavirus, Kansas City Southern, Schlumberger earnings: What to know in markets Friday

Heidi Chung
·Reporter

While it is gearing up to be a relatively quiet Friday, investors will closely monitoring coronavirus-related developments and key earnings announcements from Kansas City Southern (KSU) and Schlumberger (SLB).

The deadly COVID-19 outbreak has been crushing global economies and testing equity markets. As of Thursday evening, there were more than 2.1 million cases and 141,000 deaths globally, according to Johns Hopkins University data. The U.S. has the most infections of any other country in the world with 653,000 confirmed cases and nearly 31,000 deaths. New York Governor Andrew Cuomo extended the mandatory shutdown order in the state to May 15.

A wagon of a freight train of the Kansas City Southern (KCS) Railway Company is pictured in Toluca, Mexico October 1, 2018. REUTERS/Edgard Garrido
A wagon of a freight train of the Kansas City Southern (KCS) Railway Company is pictured in Toluca, Mexico October 1, 2018. REUTERS/Edgard Garrido

Earnings season has officially begun and coronavirus and its impact on businesses has been the focal point for investors thus far. Both the transports and energy companies have been struggling to navigate the challenging environment.

Kansas City Southern is expected to report adjusted earning of $1.79 per share on $716.46 million in revenue. Shares of the rail company have tumbled nearly 12% so far in 2020, but have outperformed the broader market’s 13% decline during the same time period.

“While nobody knows the impact we're going to see over the balance of the year, and nobody expects guidance, some commentary on the spectrum of revenue resiliency across your various businesses would be helpful,” Loop Capital analyst Rick Paterson wrote in a note April 13. “In terms of what to watch, we're confident that PSR progress will continue, acting as a positive offset to macro weakness, but worried about the weak Mexican Peso and consequent competitiveness of KCS's Mexican international intermodal product.”

Meanwhile, Schlumberger is expected to report adjusted earning of 24 cents per share on $7.53 billion in revenue. The energy sector has been struggling as global demand for crude oil plunged amid the COVID-19 outbreak. Oil closed below $20 a barrel Thursday holding at its lowest level since 2002. The commodity and sector is unlikely to see relief until coronavirus’ impact on demand eases.

Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.

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