The stock market is gearing up for another day of trading, with U.S. stock futures indicating a positive start on Wednesday. Investors will be closely watching several companies as they release their quarterly earnings reports, hoping to gain insights into the financial health of these key players.
CVS Health Corporation (CVS)
is expected to kick things off before the opening bell, with Wall Street analysts forecasting earnings of $1.53 per share on revenue of $92.75 billion. The company’s shares rose 0.7% in after-hours trading, suggesting a positive sentiment leading into the earnings announcement.Globus Medical, Inc. (GMED)
delivered a strong performance in the third quarter, exceeding analysts’ expectations. The company reported earnings of 83 cents per share, beating the consensus estimate of 65 cents per share. Sales also came in higher than anticipated at $625.71 million, surpassing the analyst consensus of $603.93 million. The positive results and optimistic FY24 guidance have sent Globus Medical shares surging by 10.3% in after-hours trading.Johnson Controls International plc (JCI)
is another company on investors’ radar. Analysts anticipate earnings of $1.2 per share on revenue of $7.17 billion when the company releases its earnings report before the market opens. The company’s shares saw a 2.3% increase in after-hours trading, hinting at a positive outlook.Super Micro Computer, Inc. (SMCI)
, however, is facing headwinds. The company revised its financial outlook downward, expecting first-quarter revenue to land between $5.9 billion and $6 billion, lower than the previous guidance range of $6 billion to $7 billion. Adjusted earnings are also projected to be lower, falling between 75 cents and 76 cents per share compared to the prior guidance of 67 cents to 83 cents per share. These revisions led to a sharp 16% drop in Super Micro Computer’s shares in after-hours trading.Finally,
Qualcomm Inc. (QCOM)
is expected to report quarterly earnings after the closing bell. Analysts anticipate earnings of $2.56 per share on revenue of $9.9 billion. QUALCOMM shares gained 0.2% in after-hours trading, indicating a cautiously optimistic sentiment.As the day unfolds, investors will be closely monitoring these companies and their earnings reports to glean valuable insights into the broader market trends. The performance of these key players will undoubtedly shape the direction of the stock market in the coming days.
