Election Day in the U.S.: Clarity Will Soon(?) Be Ours!
Trade Deficit for September In-Line; Services Reports After the Open
The September U.S. Trade Deficit came out this morning, generally in-line with estimates at -$84.4 billion. This sank from a slightly downwardly revised -$70.8 billion a month ago, and is the lowest tally since April of 2022.
After the open, S&P Services PMI and ISM Services reports, both for October, hit the tape later this morning. ISM Services are expected to tick down to 53.7%, while S&P PMI brought in a 55.3 a month ago — both over the growth threshold of 50.
Boeing Workers Vote to End Strike
Ending a painful workers strike after seven weeks, Boeing (BA – Free Report) is celebrating this morning. It is reported that 59% of union workers voted in favor of the new deal, which features +38% wage growth over the next four years. Shares of Boeing are up +1.6% in early trading, but still down -35% year to date.
Q3 Earnings: Zacks Rank Sells Make Good
A surprise in two companies that have earned low Zacks ranks recently both came up big in their respective Q3 earnings reports this morning:
Marathon Petroleum (MPC – Free Report) posted a huge +92.8% earnings beat this morning, on revenues of $35.37 billion which strafed expectations by +12% in the quarter. Not bad for a Zacks Rank #5 (Strong Sell) whose year-to-date stock growth had been -4.9%. Shares are up +3.4% at this hour. For more on MPC’s earnings, click here.
Check out the updated Zacks Earnings Calendar here.
Globalfoundries (GFS – Free Report) came into its Q3 report with a Zacks Rank #4 (Sell), but a +24% beat on its bottom line — earnings of 41 cents per share versus estimates of 33 cents — on $1.74 billion in revenues outpacing expectations by +0.78%. The New York-based chipmaker is up +18% on the news, after having tumbled -40% year to date. For more on GFS’ earnings, click here.
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