Skip to main content

US Markets | Futures Indications Update: Stock futures drop after Caterpillar falls on weak earnings

Fred Imbert, Sam Meredith



U.S. stock futures fell on Wednesday after global economic bellwether Caterpillar reported earnings that badly missed analyst expectations.
Dow Jones Industrial Average traded down 54 points, indicating a loss of about 34 points at the open. Futures on the S&P 500 and Nasdaq 100 also declined.
Caterpillar shares fell 1.9% after the company said it earned $2.66 per share in the third quarter, versus the Refinitiv consensus estimate of $2.88 per share. Revenue came in at $12.758 billion, while Wall Street expected revenue of $13.572 billion. The heavy machinery manufacturer lowered its full-year earnings per share forecast to a range of $10.59 and $11.09, lower than the expected $11.70.
Weak results from Texas Instruments also weighed on futures. Texas instruments — which is often seen as a proxy for the microchip industry — plunged more than 9% in the premarket after posting fourth-quarter guidance well below market estimates.
Those losses were offset slightly by a gain in Boeing shares. The aerospace giant rose 1% in volatile trading despite posting quarterly earnings that missed estimates by a wide margin. The company reported a profit of $1.45 per share. Analysts polled by Refinitiv expected a profit of $2.09.
Ford, Microsoft, and Tesla are among those scheduled to report their latest quarterly figures after market close.
Despite the weak results from Caterpillar and Texas Instruments, the third-quarter earnings season has largely topped analyst expectations. Of the 110 S&P 500 companies that have reported, 81% have posted better-than-expected results, according to FactSet.
In Europe, U.K. lawmakers voted in favor of Prime Minister Boris Johnson’s Brexit plan, but rejected his attempt to fast-track legislation to take the country out of the EU by the end of the month. The prime minister said the next step would be to wait for the EU to respond to a request to delay the current Brexit deadline of October 31.
On the data front, the Federal Housing Finance Agency will release its house price index for August at 9 a.m.

Comments

Popular posts from this blog

Analysis | The Cybersecurity 202: How the shutdown could make it harder for the government to retain cybersecurity talent

By Joseph Marks 13-17 minutes THE KEY President Trump delivers an address about border security amid a partial government shutdown on Jan. 8. (Carolyn Kaster/AP) The partial government shutdown that's now in its 18th day is putting key cyber policy priorities on hold and leaving vital operations to a bare bones staff. But the far greater long-term danger may be the blow to government cyber defenders' morale, former officials warn. With the prospect of better pay and greater job security in the private sector, more government cyber operators are likely to decamp to industry, those former officials tell me, and the smartest cybersecurity graduates will look to industry rather than government to hone their skills. That’s especially dangerous, they say, considering the government’s struggle to recruit and retain skilled workers amid a nationwide shortage of cybersecurity talent. About 20 percent of staffers are furloughed at the De

Democrats call for investigation into Trump’s iPhone use after a report that China is listening:Analysis | The Daily 202 I The Washington Post.

washingtonpost.com By James Hohmann _________________________________________________________________________________ President Trump and Chinese President Xi Jinping visit the Great Hall of the People in Beijing last November. (Andrew Harnik/AP) With Breanne Deppisch and Joanie Greve THE BIG IDEA: If Democrats win the House in two weeks, it’s a safe bet that one of the oversight hearings they schedule for early next year would focus on President Trump’s use of unsecured cellphones. The matter would not likely be pursued with anywhere near the gusto that congressional Republicans investigated Hillary Clinton’s use of a private email server during her time as secretary of state. Leaders of the minority party have higher priorities . But Democratic lawmakers made clear Thursday morning that they will not ignore a New York Times report that Trump has refused to stop using iPhones in the White House, despite repeated warnings from U.S. intelligence offici

RTTNews: Morning Market Briefing.-Weekly Jobless Claims Edge Down To 444,000. May 13th 2010

Morning Market Briefing Thu May 13 09:01 2010   Commentary May 13, 2010 Stocks Poised For Lackluster Open Amid Mixed Market Sentiment - U.S. Commentary Stocks are on pace for a mixed start to Thursday's session, as a mostly upbeat jobs report continued to relieve the markets while some consternation regarding the European debt crisis remained on traders' minds. The major index futures are little changed, with the Dow futures down by 4 points. Full Article Economic News May 13, 2010 Weekly Jobless Claims Edge Down To 444,000 First-time claims for unemployment benefits showed another modest decrease in the week ended May 8th, according to a report released by the Labor Department on Thursday, although the number of claims exceeded estimates due to an upward revision to the previous week's data. Full Article May 13, 2010 Malaysia's Decade High Growth Triggers Policy Tightening Malaysia's economy grew at the fastest pace in a decade in