Yahoo Finance Everything's Gone Green (in the Market)
Tuesday, July 21, 2020
Because we are light on national economic reports, not only for today but also the rest of the week, today’s pre-market does not have many metrics to review to see if particular segments of our economy continue to improve or are beginning to take a step back amid recursions of coronavirus outbreaks in various regions of the U.S. Good thing we’ve got Q2 earnings results to help guide the way.
Lockheed Martin LMT, a defense industry major, easily outperformed expectations in its quarterly release before Tuesday’s open. Earnings of $6.13 per share breezed past the $5.71 expected, also up from the $5.00 per share reported in the year-ago quarter. Revenues of $16.22 billion in the quarter outperformed the Zacks consensus by 6.46%, also up from $14.43 billion in Q2 2019.
Lockheed has not posted a negative earnings surprise since Q3 2017. Early trading has brought shares up 3.4%, though shares are still down more than 2% year to date. For more on LMT’s earnings, click here.
Coca-Cola KO Q2 earnings also beat estimates on the bottom line, by 2 cents to 42 cents per share. Revenues in the quarter came in just a smidge below the Zacks consensus to $7.15 billion. This marks the third quarter out of the last four where Coke has posted a positive surprise.Shares, which had been down 16.7% year to date, are up 3.2% in today’s pre-market. For more on KO’s earnings, click here.
Logistics major Prologis PLD delivered a strong quarter ahead of today’s opening bell as well, with funds from operations (FFO) of $1.11 per share on $945 million in sales besting the 99 cents per share and $927.3 million expected. Earnings also compare favorably to the year-ago 77 cents per share for the company that brings the delivery technology to firms as big as Amazon AMZN, UPS UPS and FedEx FDX.
To say Prologis never misses earnings estimates is practically an understatement: the company has not disappointed analysts on their bottom line since Q2 of 2009 — all the way back to this country’s previous economic disaster. Shares in the early session are up more than 5%, and +11% year to date.
Everything’s gone green this morning — the Dow +160, Nasdaq +60, S&P 500 +20, even gold, bonds and crude oil. Asia closed positive while we were sleeping. It may not look like it from many angles in the U.S. right now, but it’s a very good day to be in the market.
Mark Vickery
Senior Editor
Questions or comments about this article and/or its author? Click here>>
Is the Market Rigged?
Computer-driven High-Frequency Traders (HFTs) manipulate the market thousands of times a day – and their gains come at the expense of human investors. Zacks has mounted a Counterstrike to take advantage of the best profit opportunities created by HFTs. Access to these recommendations must be limited; the doors close soon.
See Counterstrike Trades Now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Prologis, Inc. (PLD) : Free Stock Analysis Report
Amazon.com, Inc. (AMZN) : Free Stock Analysis Report
United Parcel Service, Inc. (UPS) : Free Stock Analysis Report
FedEx Corporation (FDX) : Free Stock Analysis Report
Lockheed Martin Corporation (LMT) : Free Stock Analysis Report
CocaCola Company The (KO) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
