Oil company Exxon Mobil Corp. on Friday reported a 63 percent fall in profit for the first quarter from last year, while Chevron Corp. reported a loss for the quarter, both on lower revenues. The results were impacted by the fall in crude oil prices and weaker refining margins. However, Exxon Mobil's earnings beat analysts' estimates, while Chevron's loss was wider than their expectations.
With personal income rising faster than personal spending, the Commerce Department released a report on Friday showing that the U.S. personal savings rate jumped to its highest level in over a year in the month of March.
Following the sell-off seen late in the previous session, stocks may see some further downside in early trading on Friday. The major index futures are currently pointing to a lower open for the markets, with the Dow futures down by 69 points.
Euro area economic growth doubled in the first quarter weathering fears of a global slowdown and the jobless rate declined for the first time in three months in March to its lowest level in four-and-a-half years. Nonetheless, Eurozone relapsed into deflation in April on negative contributions from oil prices. Gross domestic product climbed 0.6 percent from the prior quarter.
Here is a quick summary of the earnings reported after the bell on Apr. 28.
Second Sight Medical Products, Inc. (EYES)
Q1 net loss was $5.8 million, or $0.16 per share, compared with a net loss of $5.0 million, or $0.14 per share, in the prior year quarter.
Adjusted net loss was $4.8 million,...
British drug maker AstraZeneca Plc reported Friday higher profit in its first quarter, reflecting lower charges and higher revenues. US and emerging markets performed well. Looking ahead, for fiscal 2016, the company continues to expect both revenue and earnings per share to decline a low to mid single-digit percentage at constant exchange rates.
Wall Street stocks could open Friday's session on a watchful note, as uncertainties abound. The tech space is under pressure amid disappointing earnings reports rolled out by some big tech stocks. Oil companies are in focus, as Exxon Mobil (XOM) and Chevron (CVX) are due to release their quarterly scorecards. Commodities continue to flourish as the dollar remains subdued.
International Consolidated Airlines Group S.A. Friday reported profit for the first quarter, compared to loss in the prior year, mainly reflecting higher passenger revenues and increased capacity. For fiscal 2016, IAG still expects to generate an absolute operating profit increase similar to 2015 as it expects to reduce underlying ex-fuel unit costs by around one percent.
French drug maker Sanofi reported Friday a higher profit in its first quarter, while net sales were hurt mainly by weak results in Diabetes unit and Venezuela. Excluding Venezuela. Aggregate Group sales increased 3 percent at constant exchange rates. Looking ahead, the company continues to expect 2016 business earnings per share to be broadly stable at CER.
European stocks may open lower on Friday after U.S. shares fell the most in three weeks overnight on the back of disappointing data and weak corporate earnings.
Asian shares extended Thursday's losses even as Japanese markets remained closed for a public holiday after steep losses in the previous...
Quarterly national accounts, unemployment and consumer prices are due from Eurozone on Friday, headlining a busy day for the European economic news.
Struggling sporting goods retailer Sports Authority has decided to cease operations and close all of its 464 stores, just a month after filing for Chapter 11 bankruptcy with more than $1 billion in debt. The Englewood, Colorado-based company said it is no longer pursuing the standalone plan of reorganization as it could not get lenders to agree on terms of such a plan.
LinkedIn Corp. (LNKD) on Thursday posted a loss for the first-quarter that widened from a year ago, hurt largely by higher operating costs. On an adjusted basis, earnings for the quarter improved and trumped Wall Street estimates, as revenues jumped 35 percent led by growth across all segments.
Daily deals site Groupon Inc. (GRPN) on Thursday reported a loss for the first quarter that widened from a year ago, hurt largely by lower revenues. Nevertheless, loss for the quarter were lower than what Wall Street expected, revenues also trumped estimates.
Chicago, Illinois-based Groupon's first-quarter...
Shares of Amazon.com Inc. (AMZN) jumped 12 percent in after-hours on Thursday after the online retailer reported a first-quarter profit and revenues that trumped Wall Street estimates.
Seattle, Washington-based Amazon reported first-quarter profit of $513 million or $1.07 per share, compared with...