5 things to know before the stock market opens Thursday, Oct. 28
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Investors need the following news, analysis and trends to help them start trading:
1. Wall Street to Recover as Earnings and Economic Data Take Center Stage
Traders in New York City work at the New York Stock Exchange (NYSE), on October 25, 2020.
Spencer Platt | Getty Images
2. Dow stocks Merck, Caterpillar jump on earnings, Apple, Amazon later
Dow stock CaterpillarPremarket trading was up 1.5% after Thursday’s heavy equipment manufacturer reportedEarnings of $2.66 per Share in the third quarter were better than expected. The Q3 revenue of $12.4 million was slightly lower than expected. A Dow stock is also available. MerckAfter the drugmaker, a nearly 22% increase in PT was seen. saidOn Thursday, it posted an adjusted $1.75 a share during the third quarter. Also, revenue of $13.1 million beat expectations. Merck increased its outlook for the full-year.
AppleAnd AmazonLead the long line of companies scheduled to release quarterly earnings reports after Thursday’s close bell on Wall Street. Dow component Apple will report its July earnings. saidIts September quarter growth will not be as robust as that of its June quarter. After reporting its third consecutive quarter of revenue decline in July, Amazon has now announced that it will not report the same quarterly results in September. gaveThird-quarter guidance was weak. The outlook warnings for investors will be closely scrutinized. In premarket trading, shares of Amazon and Apple were slightly higher.
3. Ford profits explode after surpassing estimates. Reinstating dividend
After Ford announced an investment of 230 GBP on October 18, 20,21, Halewood in England, this is a general view at the Halewood Ford transmission plant.
Getty Images| Getty Images
FordShares were soaringMore than 8% rose in Thursday’s premarket after the automaker revealed adjusted third-quarter earnings at 51 cents per share. That was nearly twice the estimate. Also, Q3 revenue of $33.21 million exceeded expectations. Ford’s annual guidance was increased for the second year in a row. Ford also stated that it will reinstate the regular dividend in the fourth quarter. This is more than one year and half since the company suspended the payments at the beginning of Covid.
4. Biden will attend the House Democrats meeting to signify a compromise on the spending bill
U.S. President Joe Biden speaks at the NJ TRANSIT Meadowlands Maintenance Complex, Kearny (New Jersey), U.S.A, October 25, 2021.
Reuters| Reuters
President Joe Biden has made last-minute plans to attendCNBC confirms that there will be a House Democratic Caucus meeting Thursday morning. CNBC has confirmed that Biden will be appealing to party progressives to support the bipartisan infrastructure bill. It is currently in the Senate’s final stages. Biden’s appearance on Capitol Hill was seen as a sign that the parties had made a deal over President Barack Obama’s signature legislation on social spending. Biden will leave Thursday afternoon for Europe where he is expected to meet with Pope Francis.
5. Big Oil executives will testify in House Climate Change Hearing
View of ExxonMobil Baton Rouge Refinery, Baton Rouge (La.), May 15, 2021
Kathleen Flynn | Reuters
The top executives of Exxon Mobil Chevron BPAmerica ShellAre set to testifyA House hearing was held Thursday to hear from congressional Democrats about what they believe is a decades-long campaign by industry leaders to spread misinformation regarding the impact of fossil fuels on global warming. Shell is also present on Thursday missed estimatesThird-quarter profits were reported on the same day that activist Dan Loeb demanded company dissolution. According to multiple media reports, Loeb’s Third Point owned a share of Shell worth approximately $750 million. CNBC couldn’t independently verify these claims.
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