Stocks set to extend gains
U.S. stock futures were in the green territory on Friday morning, implying stocks will open the regular session higher as traders await more corporate earnings reports.
American Express (NYSE: AXP), First BanCorp (NYSE: FBP), Honeywell International (NASDAQ: HON), Kimberly-Clark (NYSE: KMB) are among the companies set to publish their reports today.
By 5:20 a.m. ET, futures tied to the blue-chip Dow were indicated 137 points, or 0.39% higher to 34,846. S&P 500 futures rallied 19.62 points, or 0.45% to 4,379.12 while the tech-heavy Nasdaq 100 futures advanced 77 points, or 0.52% to 15,005.50.
Intel issues tepid Q3 guidance amid supply chain constraints
Meanwhile, Intel (NASDAQ: INTC) stock struggled early Friday after the company guided for third-quarter revenue of about $18.2 billion, below the consensus of $18.3 billion.
The chipmaker said in its second-quarter earnings reports late Thursday that it is still facing supply chain issues. Earlier, CEO Pat Gelsinger told the Wall Street Journal that he expects the global chip shortage to potentially drag into 2023.
Intel posted Q2 adjusted earnings of $1.28 per share and ahead of Wall Street’s target for earnings of $1.06 per share. Revenue came in at $18.5 billion, topping estimates of $17.8 billion.
Intel stock tumbled 1.80% to $54.95 per share in premarket trading hours Friday.
Twitter revenue swells on ad growth
Shares of Twitter (NYSE: TWTR) were trading $3.68, or 5.29% higher to $73.25 per share before Friday’s opening bell after the company announced a second-quarter earnings beat.
The social network on Thursday said revenue jumped 74% in the April-June quarter to $1.19 billion from $683.4 million in the same period last year. Analysts had called for revenue of $1.07 billion.
Ad revenue grew 87% on a year-over-year basis to $1.05 billion. Adjusted earnings came in at 20 cents per share, beating forecasts of 7 cents per share.
Twitter’s active daily users grew to 206 million, matching Wall Street estimates.
Snap surges on strong upbeat Q2 earnings
Snap (NYSE: SNAP), the parent company of Snapchat, also soared in the premarket trading session after the company posted stronger-than-expected results for its fiscal second-quarter late Thursday.
Snap said earnings per share grew 211.11% on a year-over-year basis to 10 cents, well above analysts’ estimate for a loss of 1 cent. Revenue stood at $982 million, surpassing expectations of $846 million.
At the time of writing, the stock was up $10.31, or 16.37% to $73.28 per share.
