We kick off another week of trading with the Dow Jones having posted nine straight up days — a new record. Positive Q2 earnings results overall (and Apple [AAPL] in specific) and better-than-expected economic data such as last Friday’s non-farm payroll numbers (complete with an historically low 4.3% Unemployment rate) have helped moved the index of 30 blue chips to all-time highs. Can this continue?
We’re not looking at quite as busy a week for econ data, or even high-profile earnings reports — although Thursday begins to final leg of earnings season, which brings the slew of publicly traded retailers to the fore with Macy’s (M) results before the bell that day. Otherwise, aside from a couple Fed presidents signaling the direction of FOMC policy ahead of its session coming up in September, and a CPI headline late this week, we begin to enter the seasonally dormant period on the trading calendar.
This morning, Tyson Foods TSN beat earnings estimates by a penny at $1.28 per share on revenues of $9.85 billion, which also topped expectations of $9.48 billion. These represent growth of 6% and 4.8% year over year, respectively. Also, Tyson raised full-year earnings guidance to a range of $4.95-5.05, 13% growth year over year.
Anti-inflammatory treatment specialist Horizon Pharma HZNP is climbing 14% in today’s pre-market after far surpassing the Zacks consensus of 12 cents per share in its earnings reports — 26 cents per share (accounting for stock-based compensation expenses) more than doubled expectations. Revenues of $289.5 million easily topped the $235 million anticipated. Chronic gout treatment Krystexxa grew 93% year over year, and the company upped its full-year sales guidance to over $1 billion per year.
After today’s closing bell, Marriott International MAR will report quarterly earnings, which follows this morning’s news that the global hotelier is teaming up with Alibaba BABA, whereby users of the Internet giant will be able to book hotel rooms at Marriott directly. This has led to a more than 3% jump in Marriott shares in today’s pre-market. The company is one of the very many these days trading at all-time highs.
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