Stock futures pointed to a steady start for Wall Street on Tuesday ahead of bank earnings and data on U.S. retail sales.
These stocks were poised to make moves Tuesday:
Bank of America
(BAC) is scheduled to report earnings before the opening bell and Wall Street expects second-quarter profit to jump by 11% from a year earlier to $6.9 billion. On a per-share basis, earnings were forecast at 84 cents on revenue of $25 billion. An increase in net interest income to $14.2 billion is expected to be the driver of profit gains. The stock rose 0.5%.
Morgan Stanley
(MS) also is scheduled to post second-quarter earnings on Tuesday. A slowdown in deal making is expected to weigh on the investment bank’s profit. Analysts surveyed by FactSet estimate profit during the period of $1.20 a share, down from $1.44 a year earlier.
Morgan Stanley
shares were up 1.2% in premarket trading.
Other financial companies scheduled to release earnings Tuesday include
Charles Schwab
(SCHW),
PNC Financial
(PNC), and
Bank of New York Mellon
(BK).
American depositary receipts of
Novartis
(NVS) rose 4.4% in premarket trading after the Swiss pharmaceutical company raised its full-year outlook and announced a buyback of $15 billion.
Masimo
(MASI), the hospital-equipment maker, tumbled nearly 27% after saying it expects second-quarter sales of $453 million to $457 million, well below analysts’ forecasts of $553 million. Among other factors,
Masimo
pointed to large orders that were pushed back to the second half of the year. The company said it was “taking actions to reduce costs in the second half” of 2023.
FB Financial
(FBK) was rising 16% after the parent company of FirstBank posted second-quarter earnings late Monday of 77 cents a share, topping estimates of 65 cents.
When
Lockheed Martin
(LMT) reports quarterly earnings Tuesday, the focus will be on the F-35 jet fighter because deliveries have slowed and could affect the second half of 2023. Analysts expect
Lockheed
to earn $6.45 a share in the second quarter on sales of $15.92 billion. The stock gained 0.9% in premarket trading.
Pinterest
(PINS) was rising 3.5% to $30.18 after analysts at Evercore ISI upgraded the stock to Outperform from In Line with a price target of $41.
rite to Joe Woelfel at [email protected]
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