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It was a trading day that flushed out some of the extreme positivity following Monday’s close with the Dow and S&P 500 at new all-time highs. An unwinding of Chinese stock valuations as questions remain about fiscal stimulus plans going forward — JD (JD - Free Report) sank -9% and Alibaba (BABA - Free Report) was down -5.5% — met up with a notable drop in spot oil prices — ExxonMobil (XOM - Free Report) -3%, Chevron (CVX - Free Report) -2.7%.
Overall, markets were down today: the Dow slipped -324 points, -0.75%, and the S&P was down -44, -0.76%. The Nasdaq was today’s biggest loser, -187 points or -1.01%, while the small-cap Russell 2000 gained +0.16% on the session.
Q3 Earnings After the Bell: UAL, IBKR, JBHT
United Airlines (UAL - Free Report) logged its ninth-straight positive earnings surprise this afternoon, posting earnings of $3.33 per share outpacing the $3.10 in the Zacks consensus. Revenues in the quarter of $14.84 billion took out the expected $14.76 billion, with RevPAR during the quarter turning toward the positive (closing the 3-month period at -1.6%) and next-quarter earnings estimates in-line with current expectations.
United will also be buying back $1.5 billion in UAL stock, helping shares higher in late trading and adding to its +70% growth since early August. Perhaps most amazingly, United still only trades at 7x forward earnings. Shares are +57% year to date.
Interactive Brokers (IBKR - Free Report) just met bottom-line expectations at $1.75 per share reported for its Q3 after the closing bell. Revenues of $1.37 billion outperformed the $1.32 billion in the Zacks consensus. Customer accounts grew +28% in the quarter while Net Interest Income (NII) was +9%, though at +80% gains year to date, shares are selling off -4% in after-market trading.
Trucking and logistics major J.B. Hunt (JBHT - Free Report) broke its seven-straight quarters of earnings misses today, posting a seven-cent beat on its bottom line to earnings of $1.49 per share, while revenues narrowly outpaced expectations to $3.07 billion in the quarter. Its largest segment, Intermodal, grew +5% in the quarter, and the company’s +6.6% growth in late trading takes a big bite out of its -10% sell-off year to date.
Aside from a new monthly Import/Export report due ahead of tomorrow’s open, we’ll also see earnings numbers from Abbott Labs (ABT - Free Report) and US Bancorp (USB - Free Report) in the morning and CSX (CSX - Free Report) and Las Vegas Sands (LVS - Free Report) Wednesday afternoon. The biggest remaining earnings report this week, Netflix (NFLX - Free Report) , comes out Thursday after the close.
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Markets Unwind China, Oil Prices; UAL, IBKR, JBHT Report Q3
Tuesday, October 15th, 2024
It was a trading day that flushed out some of the extreme positivity following Monday’s close with the Dow and S&P 500 at new all-time highs. An unwinding of Chinese stock valuations as questions remain about fiscal stimulus plans going forward — JD (JD - Free Report) sank -9% and Alibaba (BABA - Free Report) was down -5.5% — met up with a notable drop in spot oil prices — ExxonMobil (XOM - Free Report) -3%, Chevron (CVX - Free Report) -2.7%.
Overall, markets were down today: the Dow slipped -324 points, -0.75%, and the S&P was down -44, -0.76%. The Nasdaq was today’s biggest loser, -187 points or -1.01%, while the small-cap Russell 2000 gained +0.16% on the session.
Q3 Earnings After the Bell: UAL, IBKR, JBHT
United Airlines (UAL - Free Report) logged its ninth-straight positive earnings surprise this afternoon, posting earnings of $3.33 per share outpacing the $3.10 in the Zacks consensus. Revenues in the quarter of $14.84 billion took out the expected $14.76 billion, with RevPAR during the quarter turning toward the positive (closing the 3-month period at -1.6%) and next-quarter earnings estimates in-line with current expectations.
United will also be buying back $1.5 billion in UAL stock, helping shares higher in late trading and adding to its +70% growth since early August. Perhaps most amazingly, United still only trades at 7x forward earnings. Shares are +57% year to date.
Interactive Brokers (IBKR - Free Report) just met bottom-line expectations at $1.75 per share reported for its Q3 after the closing bell. Revenues of $1.37 billion outperformed the $1.32 billion in the Zacks consensus. Customer accounts grew +28% in the quarter while Net Interest Income (NII) was +9%, though at +80% gains year to date, shares are selling off -4% in after-market trading.
Trucking and logistics major J.B. Hunt (JBHT - Free Report) broke its seven-straight quarters of earnings misses today, posting a seven-cent beat on its bottom line to earnings of $1.49 per share, while revenues narrowly outpaced expectations to $3.07 billion in the quarter. Its largest segment, Intermodal, grew +5% in the quarter, and the company’s +6.6% growth in late trading takes a big bite out of its -10% sell-off year to date.
What to Expect Wednesday in the Stock Market
Check out the updated Zacks Earnings Calendar here.
Aside from a new monthly Import/Export report due ahead of tomorrow’s open, we’ll also see earnings numbers from Abbott Labs (ABT - Free Report) and US Bancorp (USB - Free Report) in the morning and CSX (CSX - Free Report) and Las Vegas Sands (LVS - Free Report) Wednesday afternoon. The biggest remaining earnings report this week, Netflix (NFLX - Free Report) , comes out Thursday after the close.
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