Earnings Previews: Halliburton, IBM, Johnson & Johnson, Lockheed Martin, Truist

The three major U.S. equity indexes closed mixed on Thursday. The Dow Jones industrials lost 0.5%, the S&P 500 dropped 0.3% and the Nasdaq added 0.03%. Eight of 11 S&P sectors closed lower. Tech (up 0.9%) and consumer staples (up 0.1%) were the only sectors to close higher, while the utilities sector closed flat. All three indexes traded higher early Friday’s premarket, with the Dow up over 1%.

The U.S. Census Bureau releases its monthly report on retail sales Friday morning, and economists are expecting an increase of 0.8%, compared to a decrease of 0.3% in May. Excluding automobiles, core sales are expected to rise 0.6% month over month, after rising 0.5% in May.

Before markets opened on Friday, UnitedHealth reported results that were better than expected and issued earnings guidance in line with expectations. Shares traded up more than 3% in early trading.

Citigroup also beat analysts’ expectations for earnings and revenue. The stock was up about 5%.

Bank of New York Mellon missed the consensus earnings estimate but reported revenue that was higher than expected. Shares traded up about 4%.

U.S. Bancorp also fell short of earnings expectations and beat revenue estimates. The stock traded up less than 2%.

Wells Fargo missed consensus estimates for both earnings and revenue. CEO Charlie Scharf said the bank expects to raise its quarterly dividend by 20% to $0.30 a share. Shares were up almost 4%.

Progressive missed both earnings and revenue estimates. Earnings were slammed by a $225 million writedown of goodwill on Progressive’s 2015 acquisition of ARX Holding. Shares traded up more than 2%.

We have previewed these four companies set to report quarterly results first thing Monday morning: Bank of America, Charles Schwab, Goldman Sachs and Synchrony Financial.

Here is a look at five firms on deck to report results late Monday or early Tuesday.


Oilfield services firm Halliburton Co. (NYSE: HAL) has seen its share price rise by about 25% over the past 12 months. The less-good news is that since the company posted a 52-week high on June 8, shares have plunged by more than 36%. Halliburton reports results before Tuesday’s opening bell.

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