Morning Brief: Alphabet earnings beat estimates, despite EU fines
Tuesday, July 24, 2018
What to watch today
On Tuesday, investors will face a busy earnings calendar when 24 members of the S&P 500 will report results including Harley-Davidson (HOG), Verizon (VZ), AT&T (T), Lockheed Martin (LMT), and 3M Co. (MMM), Biogen (BIIB), and United Technologies (UTX).
Harley-Davidson’s earnings will be closely watched for any additional commentary on the company’s decision last month to move some of its motorcycle manufacturing overseas as a result of tariffs imposed by the EU. Analysts are expecting the company’s earnings per share to come in at $1.34, according to estimates from Reuters, down from $1.48 in the same quarter last year.
Top news
Google parent Alphabet’s earnings beat expectations, shares rally: Google’s parent company Alphabet (GOOG, GOOGL) reported better-than-expected second-quarter earnings on Monday afternoon several days after EU regulators fined the tech giant for antitrust issues. Including the $5.1 billion fine from EU regulators, the Mountain View, California-based tech giant reported $4.54 earnings-per-share on revenues of the $32.7 billion. [Yahoo Finance]
Nike to raise wages for thousands of employees: Nike Inc (NKE) said it would raise wages for about 7,500 employees following a global pay review, two months after the sportswear maker concluded a probe into workplace behavior that resulted in the departure of a number of top executives. [Reuters]
Whirlpool falls more than 9% after earnings miss: In the year-ago quarter, Whirlpool reported adjusted earnings of $3.35 per share on net sales of $5.35 billion. Whirlpool CEO Marc Bitzer said that it saw weak performance in its Europe, Middle East and Africa business. For that region, Whirlpool said its sales decreased 12.3%, excluding currency impacts. The consumer appliance company said its business in the region was hit by “unit volume declines, raw material inflation and unfavorable foreign currency impacts.” [CNBC]
US to propose revoking Calif. authority to set auto emissions rules: The Trump administration is expected as early as Thursday to propose revoking California’s power to set state vehicle emissions rules and mandate the purchase of electric vehicles, a government official briefed on the matter said. The U.S. Transportation Department and Environmental Protection Agency are expected to unveil a proposed regulation that recommends freezing national emissions requirements at 2020 levels through 2026. [Reuters]
Tel Aviv, Dubai climbing list of world’s priciest Airbnb cities: Sunbathing in Tel Aviv or hitting Dubai’s fabulous malls will set you back a bit more lately. A combination of high hotel and apartment costs and strong tourism has Airbnb rates in some Middle Eastern cities among the world’s priciest. [Bloomberg]
For more of the latest news, go to Yahoo Finance
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