Futures jump as traders look to end the week on a positive note

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Amazon

Markets poised to open higher

U.S. stock futures edged higher early Friday morning, propelled by upbeat quarterly results from Amazon (AMZN) and Apple (AAPL).

At 5 a.m. ET, Dow futures gained 53 points, or 0.16% to 32,543. S&P 500 futures added 23.75 points, or 0.58% to 4,097.25 while the tech-heavy Nasdaq 100 futures surged 126 points, or 1% to 12,864.25.

On Thursday, the Dow Jones Industrial Average rose 332.04 points, or 1.0%, to finish at 32,529.63. The S&P 500 index advanced 48.82 points, or 1.2% to close at 4,072.43 while the Nasdaq Composite jumped 130.17 points, or 1.1% to end at 12,162.59.

Today’s earnings calendar includes Procter & Gamble (PG), Exxon Mobil (XOM), and Chevron (CVX).

Amazon Q2 revenue beats Wall Street estimates

Amazon reported revenue of $121.2 billion in the second quarter, up 7% from the same period a year ago.

Amazon had a net loss of 20 cents per share during the quarter, which it attributed to a $3.9 billion pre-tax valuation loss related to its stake in Rivian Automotive (RIVN).

For the current quarter, Amazon expects revenue to be in the range of $125 billion and $130 billion, compared to analysts’ forecast of $126.4 billion.

The stock, which closed higher Thursday, popped $14.86, or 12.15% to $137.14 in premarket trading on Friday.

Apple posts better-than-expected results

Apple said late Tuesday that revenue for its third-quarter that ended in June grew 2% year-over-year to $82.96 billion.

Earnings came in at $1.20 per share, down from $1.30 per share in prior-year quarter. Analysts expected the company to report earnings of $1.16 on revenue of $82.6 billion.

As usual, the results were boosted by the iPhone segment, which recorded a 3% jump in sales from the same period a year ago.

The iPhone maker said it expects its supply chain challenges to cool and revenue growth to accelerate in the current quarter.

Apple stock was marked 2.31% higher to $160.98 a share in the premarket trading session.

Bausch Health up 7% premarket a day after patent ruling

Meanwhile, Bausch Health (BHC) stock staged a slight rebound in premarket trade Friday, a day after suffering its worst drop since 1995 following a ruling that invalidated patents related to Xifaxan (rifaximin).

On Thursday, Judge Richard G. Andrews of the US District Court for the District of Delaware ruled that some patent claims involving the name-brand drug for irritable bowel syndrome with diarrhea (IBS-D) are not valid.

He, however, upheld other patents related to treating neurological symptoms of liver disease.

The ruling paves the way for Norwich Pharma Services to create a generic version of the drug, which could negatively hurt Bausch’s revenues. Bausch announced that it plans to appeal the ruling.

As of writing, Bausch shares were up 7.25% to $5.47 apiece. The stock plummeted 41.18% to close at $5.10 on Thursday.

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