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Pre-market indexes are bouncing back a bit this Hump Day, after big losses prompted by a crisis in oil market spot prices and coronavirus cases and fatalities continuing to rise. The Dow looks to open up around 400 points, with the Nasdaq +175 and the S&P 500 +50. The Dow had lost over 1100 points total in the first two trading sessions this week.
This morning, LabCorp (LH - Free Report) was the latest medical company to bring forward new products to help fight the COVID-19 coronavirus pandemic. There are reportedly two at-home tests — the first of which tells you if you have COVID-19, and the second which can tell you if you’ve already had it and are recovered. Both are administered by nasal swab (they are not serology tests, which test blood antibodies) and expect to bring results within one or two days.
It may be a big boost for medical professionals in the field, treating COVID-19 patients in hospitals, to meat plant employees and “essential workers” putting themselves in direct contact with the public at large. These are among the Americans most likely to contract the coronavirus (other than those in senior living facilities or prisons with COVID-19 presence). LabCorp CEO Adam Schechter has assured that “both tests are extremely accurate.” Shares of LH are up 4% in today’s pre-market.
Spot WTI crude oil prices are currently trading up around 15% for contracts expiring in June, and more than 10% for July, August and September. That’s the good news. The less-than-good news is that futures trading for the price of oil are still well below those rates that would turn a profit for most drillers. The September price of around $26 per barrel (bbl) — the highest levels trading currently — is roughly half of where these companies would like to see them to ensure decent company profits. The June quote still lags around $13/bbl.
Paper products supplier (think toilet paper sales) Kimberly-Clark (KMB - Free Report) topped estimates on both earnings and revenues in its Q1 report released this morning, with $2.13 per share outpacing the $2.01 expected and quarterly sales of $5.01 billion ahead of the Zacks consensus by 2.34%. Even though the Irving, TX-based company is well off its all-time highs posted in early March, it is outperforming the S&P 500 year to date, and up another 1.8% after the earnings release. For more on KMB’s earnings, click here.
Atlanta-based Delta Air Lines (DAL - Free Report) posted a better-than-expected loss per share in its Q1 earnings report before today’s open, with -51 cents well ahead of the -72 cents analysts were looking for. Yet revenues of $8.59 billion missed expectations by more than 10%, and off the year-ago pace of $10.47 billion. Shares of the airline major have been hit hard by the pandemic, with shares tumbling more than 60% year to date. Delta is back up 3.5% on its Q1 report. For more on DAL’s earnings, click here.
AT&T (T - Free Report) met earnings expectations at 84 cents per share in its Q1 release this morning, on $42.78 billion in revenues which was 3.24% shy of Zacks consensus. The Zacks Rank #3 (Hold) company with a Value-Growth-Momentum grade of “A” is up 3.8% in today’s pre-market, though down 23.6% from the start of the year. For more on T’s earnings, click here.
Zacks' research breakthrough now predicts with near 80% precision which stocks will beat earnings expectations before their reports are released. This has led to double-digit gains in less than 1 week.
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Crude Oil Rebounds, New COVID Tests & Q1 Earnings
Wednesday, April 22, 2020
Pre-market indexes are bouncing back a bit this Hump Day, after big losses prompted by a crisis in oil market spot prices and coronavirus cases and fatalities continuing to rise. The Dow looks to open up around 400 points, with the Nasdaq +175 and the S&P 500 +50. The Dow had lost over 1100 points total in the first two trading sessions this week.
This morning, LabCorp (LH - Free Report) was the latest medical company to bring forward new products to help fight the COVID-19 coronavirus pandemic. There are reportedly two at-home tests — the first of which tells you if you have COVID-19, and the second which can tell you if you’ve already had it and are recovered. Both are administered by nasal swab (they are not serology tests, which test blood antibodies) and expect to bring results within one or two days.
It may be a big boost for medical professionals in the field, treating COVID-19 patients in hospitals, to meat plant employees and “essential workers” putting themselves in direct contact with the public at large. These are among the Americans most likely to contract the coronavirus (other than those in senior living facilities or prisons with COVID-19 presence). LabCorp CEO Adam Schechter has assured that “both tests are extremely accurate.” Shares of LH are up 4% in today’s pre-market.
Spot WTI crude oil prices are currently trading up around 15% for contracts expiring in June, and more than 10% for July, August and September. That’s the good news. The less-than-good news is that futures trading for the price of oil are still well below those rates that would turn a profit for most drillers. The September price of around $26 per barrel (bbl) — the highest levels trading currently — is roughly half of where these companies would like to see them to ensure decent company profits. The June quote still lags around $13/bbl.
Paper products supplier (think toilet paper sales) Kimberly-Clark (KMB - Free Report) topped estimates on both earnings and revenues in its Q1 report released this morning, with $2.13 per share outpacing the $2.01 expected and quarterly sales of $5.01 billion ahead of the Zacks consensus by 2.34%. Even though the Irving, TX-based company is well off its all-time highs posted in early March, it is outperforming the S&P 500 year to date, and up another 1.8% after the earnings release. For more on KMB’s earnings, click here.
Atlanta-based Delta Air Lines (DAL - Free Report) posted a better-than-expected loss per share in its Q1 earnings report before today’s open, with -51 cents well ahead of the -72 cents analysts were looking for. Yet revenues of $8.59 billion missed expectations by more than 10%, and off the year-ago pace of $10.47 billion. Shares of the airline major have been hit hard by the pandemic, with shares tumbling more than 60% year to date. Delta is back up 3.5% on its Q1 report. For more on DAL’s earnings, click here.
AT&T (T - Free Report) met earnings expectations at 84 cents per share in its Q1 release this morning, on $42.78 billion in revenues which was 3.24% shy of Zacks consensus. The Zacks Rank #3 (Hold) company with a Value-Growth-Momentum grade of “A” is up 3.8% in today’s pre-market, though down 23.6% from the start of the year. For more on T’s earnings, click here.
Mark Vickery
Senior Editor
Questions or comments about this article and/or its author? Click here>>
Advance Notice of Positive Earnings Surprises
Zacks' research breakthrough now predicts with near 80% precision which stocks will beat earnings expectations before their reports are released. This has led to double-digit gains in less than 1 week.
See the Stocks It's Picking Now >>