Schlumberger, Honeywell, American Express: 3 Things to Watch

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Schlumberger, Honeywell, American Express: 3 Things to Watch
Credit: © Reuters.

By Dhirendra Tripathi

Investing.com -- Stocks wavered after a disappointing quarter for International Business Machines put pressure on the technology sector. Still, the S&P 500 touched an all-time high intraday and was positive heading into the last few minutes of the trading session.

The Dow Jones Industrial Average and the S&P 500 have stood up as investors absorb comments from corporate executives about supply chain disruptions, rising costs, and labor shortages. 

International Business Machines (NYSE: IBM ) shares fell 7% after missing estimates because of a decline in orders in its infrastructure business. 

It has been a mostly positive earnings season so far, however. And analysts expect the profit of S&P 500 companies to rise 33.7% from a year earlier, Reuters reported, citing Refinitiv data.

Two splashy debuts hit the market on Thursday: WeWork Inc (NYSE: WE ), the flexible office space operator, began trading with a valuation of $9 billion, its stock rising about 10%. It’s been about two years since the company’s ill-fated attempt at an earlier IPO.

And, in the most actively traded stock of the day, Digital World Acquisition Corp (NASDAQ: DWAC ) shares jumped nearly 400% after announcing a plan to merge with Trump Media & Technology Group, a social media firm backed by former President Donald Trump, who says he’s starting a new platform. 

Trump has been kicked off Twitter Inc (NYSE: TWTR )and Facebook Inc (NASDAQ: FB ) and has been trying to find a new social media platform since leaving office. 

On the jobs front, weekly data showed the number of people filing new jobless claims last week dropped to another 19-month low.

Travel and leisure stocks have been particularly hard hit by the pandemic, and airlines have been trying to bounce back amid a surge in coronavirus cases, labor shortages, and a sluggish rebound in business travel. That said, American Airlines Group (NASDAQ: AAL ) reported a smaller-than-expected quarterly loss, and Southwest Airlines Company (NYSE: LUV ) posted a smaller loss.

Here are three things that could affect markets tomorrow:

1. Schlumberger earnings

Schlumberger NV (NYSE: SLB )will report its third-quarter earnings Friday. The company is expected to report profit per share of 35 cents on revenue of $5.94 billion, according to analysts tracked by Investing.com.

2. Honeywell earnings

Honeywell International Inc (NASDAQ: HON )’s third-quarter earnings per share are seen coming in at $1.99 and revenue at $8.65 billion.

3. Amex earnings

American Express Company (NYSE: AXP )’ third-quarter revenue is expected to touch $10.54 billion with profit per share coming in at $1.77.

 

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