By Stock futures are indicating a positive start to the day on Friday, following the Dow Jones Industrial Average’s impressive nine-day winning streak – its longest since 2017. However, the Nasdaq Composite faces a decline of more than 2% due to a post-earnings selloff of Tesla shares.
Tesla Recovers Slightly after Earnings Report
After experiencing a notable 9.7% drop in its stock value on Thursday, Tesla (TSLA) is seeing a 2.2% increase in premarket trading. The electric-vehicle manufacturer’s second-quarter earnings report revealed a continued decline in profit margins attributed to significant price cuts.
Intuitive Surgical Misses Analyst Expectations
Ahead of the market opening, Intuitive Surgical (ISRG) is facing a 4.8% decline in its stock value. The company, best known for its robotic surgical systems, reported second-quarter adjusted earnings that fell short of analysts’ estimates.
CSX Reports Revenue Below Forecasts
Railroad operator CSX (CSX) released its second-quarter revenue, which stood at $3.69 billion – a 3% decrease from the previous year and below Wall Street’s expectations. The company cited lower fuel and coal prices as contributing factors to the revenue shortfall, resulting in a 3.8% drop in its stock value.
Truckload Carrier Knight-Swift Faces Weaker Demand
Knight-Swift Transportation (KNX), the largest truckload carrier in North America, reported a 21% decline in second-quarter revenue due to weaker demand for its truckload businesses.
PPG Industries Raises Full-Year Guidance
PPG Industries (PPG), a leading paint and coatings maker, has revised its full-year guidance, but is cautious about the current global industrial production climate. Additionally, the company anticipates incremental slowing in U.S. architectural residential repaint due to significantly lower existing home sales.
Notable Earnings Reports Expected Today
Several noteworthy earnings reports are scheduled for today. American Express (AXP), SLB (formerly Schlumberger) – an oil-field services company, regional banks Regions Financial (RF) and Comerica (CMA), and used-car retailer AutoNation (AN) are all expected to announce their second-quarter results.
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