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Spotlight on Boeing earnings after two deadly crashes: Morning Brief

Wednesday, April 24, 2019

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The earnings extravaganza continues with reports from heavyweights Boeing (BA) before the opening bell and Facebook (FB), Microsoft (MSFT) and Tesla (TSLA) after the closing bell.

In the morning, investors will be focused on industrial giant Boeing. Boeing has been in the spotlight after two deadly crashes involving its 737 MAX aircraft rattled the company. Investors will be looking for any clues on software updates for the aircraft, as well as any additional information on the crashes. Due to the grounding of the Boeing 737 MAX as well as halted deliveries, commercial aircraft revenue is expected to fall 7.5% to $12 billion.

Despite the bad news for Boeing, shares of the Dow component are up more than 16% so far in 2019 and have been outperforming the Dow. Analysts polled by Bloomberg are expecting Boeing to report earnings of $3.25 per share on $22.90 billion per revenue.

Other notable earnings reports scheduled for Wednesday include Anthem (ANTM), AT&T (T), Biogen (BIIB), Caterpillar (CAT), Domino’s (DPZ), Norfolk Southern (NSC), Northrop Grumman (NOC), Novartis (NVS) before market close. Boston Beer (SAM), Chipotle (CMG), O’Reilly Auto (ORLY), PayPal (PYPL) and Visa (V) after market close.

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China's Vice Premier Liu He, center, gestures with U.S. Treasury Secretary Steven Mnuchin, right, as U.S. Trade Representative Robert Lighthizer looks on as they pose for a photo at Diaoyutai State Guesthouse in Beijing Friday, March 29, 2019. (Nicolas Asfouri/Pool Photo via AP)

U.S., China officials to resume trade talks April 30 in Beijing: Trade negotiators led by U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will travel to Beijing next week, the White House said, as both sides work to reach a draft agreement by next month. [Bloomberg]

Also: New round of U.S. tariffs a 'modest' hit for euro area: ECB [Reuters]

UK to 'defy' US over Huawei amid security concerns: UK prime minister Theresa May is defying the US over security concerns surrounding Chinese telecoms giant Huawei by allowing it to help build Britain’s new 5G network, according to a report by The Telegraph. [Yahoo Finance UK]

Snap's shares soar after posting narrower first quarter loss: Snap Inc (SNAP), the parent company of Snapchat, reported first quarter earnings on Tuesday that narrowed from a year ago, beating Wall Street’s expectations and sending the stock on a tear. The company reported a loss of 10 cents per share, compared with a 17 cent share loss in the comparable year-ago quarter. [Yahoo Finance]

Exclusive: Amazon shuffles thousands of workers: Last week, thousands of Amazon (AMZN) employees in fulfillment centers in California, Illinois, Texas, and New Jersey learned at a sudden emergency all-hands meeting that their facilities will be closed for remodeling, and that they will have to vacate in two months. Amazon offered affected workers options to remain at the company. [Yahoo Finance]


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