Stock futures surge
U.S. stock futures are poised to open higher on Thursday as traders await earnings reports from Apple (NASDAQ: AAPL) and Amazon (NASDAQ: AMZN) later on in the day.
Apple is expected to report second-quarter earnings of $1.43 per share on revenue of $93.89 billion after the market close.
Online retail giant Amazon is seen reporting earnings of $8.07 per share on revenue of $116.30 billion after the closing bell.
Twitter, which recently agreed to bought by Elon Musk, is expected to post earnings of 3 cents per share on revenue of $1.22 billion before the opening bell.
Other major companies reporting today include McDonald’s (NYSE: MCD), Caterpillar (NYSE: CAT), Western Digital (NASDAQ: WDC), Merck (NYSE: MRK), and Intel (NASDAQ: INTC).
As of 5:20 a.m. ET, futures tied to the blue-chip Dow were up 368 points, or 1.11% to 33,594. S&P 500 futures rose 72.75 points, or 1.74% to 4,235 while the tech-heavy Nasdaq 100 futures rallied 309.75 points, or 2.38% to 13, 138.75.
Meta shares skyrocket on strong Q1 results
Shares of Meta Platforms (NASDAQ: FB) rocketed higher in the premarket trading session on Thursday, after the social media giant announced better-than-expected Q1 earnings and outlook.
The Facebook parent company said late Wednesday that for its first quarter it earned $2.72 per share, excluding one-time items, on revenue of $27.9 billion.
Those results blew away analysts’ forecasts for earnings of $2.56 per share on $28.2 billion in revenue.
For its current quarter, Meta said it expects revenue of between $28 billion to $30 billion.
Meta shares were indicated $28.98, or 16.56% higher to $203.93 apiece in premarket hours.
Qualcomm pops as revenue jumps 41% in Q2
Qualcomm (NASDAQ: QCOM) also popped in the premarket trading session after chipmaker announced on Wednesday evening that it revenue of $11.16 billion in its fiscal second-quarter, up 41% from the prior-year quarter.
Analysts had called for revenue of 10.6 billion.
Excluding one-time items, earnings came in at $3.21 per share, surpassing expectations of $2.91 per share.
Qualcomm also provided an upbeat guidance for the current quarter. The company expects earnings of $2.75 and $2.95 per share on revenue of $10.9 billion.
Analysts forecast third-quarter revenue of $9.98 billion.
Qualcomm stock gained $10.35, or 7.66% to $145.45 a share in the premarket trading session.
