Stock futures pointed to a lower start for Wall Street Tuesday with President Joe Biden scheduled to visit Israel Wednesday amid rising concerns of an escalation of the Israel-Hamas war. The third-quarter earnings season, meanwhile, picks up steam.
These stocks were poised to make moves Tuesday:
Wall Street expects
Johnson & Johnson
(JNJ) to report third-quarter earnings of $2.52 a share on sales of $21 billion when the healthcare giant issues its numbers before the opening bell. The report will mark the company’s first that doesn’t include the results of its consumer health division that separated from J&J over the summer. The stock was up 0.2% in premarket trading.
Bank of America
(BAC) is forecast by analysts to report third-quarter earnings of 83 cents a share, up from 81 cents a year earlier. Net interest income is expected to climb 2% to $14.1 billion.
Bank of America
‘s balance sheet, however, will be the focus for analysts and investors.
Third-quarter profit at investment bank
Goldman Sachs
(GS) is expected to fall 32% to $2 billion, or $5.42 a share, on revenue of $11.2 billion. With deal-making and trading off sharply, Wall Street will instead be focused on more strategic issues, such as Goldman’s retreat from its costly foray into consumer banking. Shares declined 0.4% ahead of the report.
Lockheed Martin
(LMT), the defense contractor, is forecast by Wall Street to post third-quarter earnings of $6.67 a share on sales of $16.7 billion. A year earlier,
Lockheed
reported earnings of $6.87 a share on sales of $16.5 billion. Lockheed was rising 0.6%.
Other companies scheduled to report quarterly earnings Tuesday include
Prologis
(PLD),
Bank of New York Mellon
(BK),
Albertsons
(
ACI
),
United Airlines
(UAL), and
J.B. Hunt Transport Services
(JBHT).
U.S.-listed shares of
Ericsson
(ERIC) fell 6.3% after the Sweden-based maker of telecommunications equipment withdrew margin guidance for 2024, saying it expects current macroeconomic uncertainty to “prevail” into next year.
NetScout Systems
(NTCT) was falling 22% in premarket trading after the cybersecurity company said it was reducing guidance for fiscal 2024 “to reflect a recent slowing in order conversion.”
SunPower
(SPWR) declined 5.5% in premarket trading to $5.47 after shares of the residential solar technology company were downgraded to Underweight from Equal Weight at
Morgan Stanley
and the price target was reduced to $5 from $8, the Fly reported.
Write to Joe Woelfel at [email protected]
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