Pre-Markets Lower as Investors Seek Equilibrium

Tuesday, October 29, 2024

The stock market trading flux continues into Tuesday morning. Like a ship pitching on ocean waves without really going anywhere, market indexes are solving for yesterday’s gains this morning: the Dow is -144 points at this hour, -0.34%, the S&P 500 -0.16%, the Nasdaq -0.02% and the small-cap Russell 2000 is down -0.39% currently.

The start of Jobs Week begins today, with the Job Openings and Labor Turnover Survey (JOLTS) for September out after today’s opening bell. We’ll also see the latest Consumer Confidence survey, then, after the close this afternoon, we’ll see earnings results from Alphabet GOOGL, AMD AMD, Chipotle CMG and Visa V, to name but a few.
 

Case-Shiller Home Price Index +4.2% Year over Year

Considered the most accurate home-pricing data report, the Case-Shiller index is out for August this morning. It reported +5.2% on the 20-city survey, +6% on the 10-city. Overall home prices increased +4.2% year over year.

New York continued its relative strength in home sales prices, relative to the rest of the country. It led the way with +8.1% home price growth, followed by Las Vegas at +7.3% and Chicago at +7.2%. Denver took up the rear, with home prices up +0.7%.
 

Pfizer Outperforms on Top and Bottom Lines in Q3

Big Pharma giant Pfizer (PFE Quick QuotePFE - Free Report) has had a rough go of things lately. Trading down slightly year to date and -20% over the past five years, Pfizer has posted big positive surprises in its Q3 report this morning. Earnings of $1.06 per share beat the Zacks consensus by +65.6%, and is in another orbit from the -17 cents per share reported in the year-ago quarter. Paxlovid sales were strong ahead of the new cold/flu/Covid season.

Revenues of $17.7 billion in the quarter — with Vyndaqel/Vyndamac sales +63% operationally, and Nurtec/Vydra +45% — for a +16.5% positive surprise on the top line. Revenue guidance for the full fiscal year has been ratcheted up to $61-64 billion; the Zacks consensus had been $61.52 billion). For more on PFE’s earnings, click here.

Check out the updated Zacks Earnings Calendar here.

JetBlue Flies to Q3 Outperformance

Still posting a bottom-line loss of -16 cents per share in its Q3 report this morning, JetBlue Airlines (JBLU Quick QuoteJBLU - Free Report) nevertheless outperformed expectations by a solid dime, for a +38.5% positive surprise. Revenues of $2.37 billion surpassed estimates by +0.72%. Pre-market shares are down, however, on lower guidance for full-year revenues. For more on JBLU’s earnings, click here.
 

CROX Shares Falling After Q3 Earnings Beats

Crocs (CROX Quick QuoteCROX - Free Report) shares have plummeted on this weak morning for trading, -14%, even as the company reported better-than-expected results for its Q3 this morning. Earnings of $3.60 per share outpaced the $3.15 anticipated, and ahead of the $3.25 per share reported in the year-ago quarter. Revenues of $1.06 billion was +1.03% higher than expected. Lower revenue guidance has sold off this stick, which had been +47% year to date going into this print. For more on CROX’s earnings, click here.

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