Pre-Markets Trade Down on Q3 Earnings from Boeing, Coke and More

Wednesday, October 23rd, 2024

Pre-market futures are on a downward tack ahead of today’s open, following a mostly flat session on Tuesday. At this hour, the Dow is -237 points, -0.55%, the S&P 500 is -0.32% and the Nasdaq is down -87 points, -0.42%.

Bond yields continue to creep northward, with the 10-year now around +4.23% and the 2-year +4.05%. It’s only been a couple weeks since both of these yields were hovering around the mid-3% levels. 

No major economic reports are hitting the tape this morning. After the open, we’ll take a look at September Existing Home Sales, which are expected to tick down to 3.86 million seasonally adjusted, annualized units. At 2pm ET today, a new Beige Book awaits us.

Q3 earnings season ramps up today. After the close, we’ll hear from Tesla (TSLA Quick QuoteTSLA - Free Report) , IBM (IBM Quick QuoteIBM - Free Report) and a host of others. This morning brings us a good amount of meaningful Q3 results, as well.
 

Boeing Meets on Sales, Misses on Earnings

The world’s biggest airplane maker, Boeing (BA Quick QuoteBA - Free Report) , is currently dealing with a machinists strike and still feeling the bruises to its safety record after a number of potentially catastrophic events on flying aircraft over the past several months. The company also changed CEOs during Q3, with Kelly Ortberg replacing David Calhoun (who had replaced Dennis Muilenberg five years ago).

With that recent baggage, it should be no big surprise that Boeing missed estimates by a dime, to a whopping -$10.44 per share. This is the seventh earnings miss for the company in the past 10 quarters. Revenues met the $17.84 billion in the Zacks consensus.

Several metrics at Boeing remain underwater: Gross Margins sank by more than double year over year to -19.7%. EBITDA was down -24.8% to -5.01 billion. Aerospace and Defense lost another -$2 billion in the quarter.

Shares of Boeing are down -1% this morning, further dragging the -36% year to date. By contrast, the S&P 500 is +22.7% year to date.

Check out the updated Zacks Earnings Calendar here.
 

Coca-Cola Beats on Top and Bottom Lines in Q3

Coca-Cola (KO Quick QuoteKO - Free Report) carried a Zacks Rank #3 (Hold) into this morning’s Q3 earnings report, and the worldwide refreshments provider beat estimates by 3 cents per share to 77 cents, for a +4% positive surprise. Revenues of $11.85 billion topped expectations by +2%. Coke has not missed on earnings in more than seven years. For more on KO’s earnings, click here.
 

Boston Scientific Outperforms in Q3

Zacks Rank #2 (Buy)-rated medical devices maker Boston Scientific (BSX Quick QuoteBSX - Free Report) sped past earnings estimates this morning, posting 63 cents per share which beat the Zacks consensus by a nickel. Revenues of $4.21 billion outpaced estimates by +4.35%, and has grown nicely from $3.53 billion reported in the year-ago quarter. For more on BSX’s earnings, click here.
 

NextEra Posts Mixed Q3 Results

NextEra Energy (NEE Quick QuoteNEE - Free Report) outperformed expectations on recently lowered earnings estimates, with $1.03 per share coming in ahead of the 98 cents on the Zacks consensus. However, top-line results lagged projections, with $7.57 billion in revenues coming in short of the $8.25 billion analysts were expecting. Yet the renewable energy still has legs: shares are up +1% after the report, adding to the company’s +37% gains year to date. For more on NEE’s earnings, click here.

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