In the first half-hour of Friday trading, the Dow Jones industrials were up 1.16%, the S&P 500 up 1.09% and the Nasdaq 1.11% higher.
After U.S. markets closed on Thursday, Apple beat analysts’ estimates on both the top and bottom lines, even though revenue was 2.5% lower than in the year-ago quarter. Mac sales fell by about $3.2 billion, accounting for more than all of the year-over-year decline. iPhone and iPad sales both came in higher than estimates. To top it all off, Apple increased its dividend by 4% and added a $90 billion share buyback. Shares traded up 4.5% in the early going Friday.
Block also reported earnings per share (EPS) and revenue that beat consensus estimates. Yet, the stock traded down about 2.1%.
Before markets opened on Friday, AMC reported a smaller-than-expected loss per share on better-than-expected revenue. The stock traded down about 3%.
Enbridge beat the consensus EPS estimate by a penny but missed on revenue. Shares traded up 1.7%.
Warner Bros. Discovery posted a steeper loss than analysts were expecting and also fell short on revenue. Ad sales for the company’s cable networks were down 15% year over year. Shares traded down 3.5% early Friday.
There are no earnings reports scheduled for release Friday afternoon. Before markets open on Monday, BioNTech and Tyson Foods will report quarterly results.
Here is a look at three companies set to report results later on Monday.
Devon Energy
Devon Energy Inc. (NYSE: DVN) is among the country’s 10 largest independent producers of oil and natural gas. The company has seen its share price drop by nearly 29% over the past 12 months, including a drop of almost a third in the past six months. Falling commodity prices have certainly hurt, but a bigger threat is a possible lowering of Devon’s massive dividend yield.
Analysts remain bullish on the stock, with 17 of 31 having a Buy or Strong Buy rating. Another 13 have Hold ratings. At a recent price of around $48.00 a share, the upside potential based on a median price target of $65.45 is 36.4%. At the high target of $87.00, the upside potential is 81.3%.
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