In another day of the pre-market without any major economic data, we look forward to tomorrow’s testimony from Fed Chair Jay Powell on the state of the U.S. economy. Three Fed members — Bullard, Quarles and Bostic — will also be making speeches later today.
PepsiCo PEP got an early jump on Q2 earnings season, with solid earnings and revenue beats. Earnings of $1.54 per share beat the Zacks consensus by 5 cents, while revenues of $16.45 billion eking out a 0.36% positive surprise. Organic revenue growth — a key metric for its industry — went up 4.5% in the quarter, thanks in part to strength in its Frito Lays group.
The company’s Quaker Oats division also returned to profitability, along with an impressive showing from its sparkling water brand Bubly, which launched last year. Shares of PEP are up roughly 20% year to date, and have gained another 1% in today’s pre-market. For more on PEP’s earnings, click here.
Farm machinery company Lindsay Corp. LNN, on the other hand, disappointed investors this morning, with quarterly earnings of 50 cents per share missing the Zacks consensus by 38% on revenues of $121 million which missed by 11.6%. These figures are also way down from year-ago results of $1.66 per share and $169.6 million, respectively. Shares are well off their multi-year highs in November of last year. For more on LNN’s earnings, click here.
In other news, Boeing BA reports June delivery numbers after the market opens this morning. Will this be the third straight month with zero new orders for the 737 MAX? Difficulties with the plane have hit Boeing hard over the past quarter or more; European competitor Airbus has begun to outperform the largest U.S. aircraft manufacturer.
Cisco Systems CSCO has agreed to purchase communications equipment manufacturer Acacia Communications ACIA for $70 per share, at an overall sticker price of $2.6 billion. The deal is reported to be on a fully diluted (stock value) basis, and is expected to enhance Cisco’s optical systems portfolio.
Click to get this free report Cisco Systems, Inc. (CSCO) : Free Stock Analysis Report Acacia Communications, Inc. (ACIA) : Free Stock Analysis Report The Boeing Company (BA) : Free Stock Analysis Report Pepsico, Inc. (PEP) : Free Stock Analysis Report Lindsay Corporation (LNN) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research