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Earnings

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The market mood is mixed with blue chips and small-caps maintaining upward momentum, but negative reactions to earnings could test the tech sector's resilience. The Nasdaq Composite Index closed marginally higher, while the Dow Industrials marked its eighth straight session of gains. Analysts predict the rally will continue until problems appear in earnings reports. In premarket trading, the SPDR S&P 500 ETF Trust and the Invesco QQQ ETF gained. Tesla and Netflix shares fell following their quarterly results release. Discover Financial Services shares plunged after the company paused buybacks and disclosed regulatory scrutiny.

Portfolio Pulse from Shanthi Rexaline

July 20, 2023 | 11:11 am

PM

Philip Morris International reported Q2 results with total cigarette and HTU shipment volume of 188.4B, up 3.3% Y/Y. HTU shipment volume was 31.4B, up 26.6%, and oral product shipment volume was 197.4M, up 100%. Net revenues were $9.0B, up 14.5%, and smoke-free product net revenues were $3.2B, up 34.1%. Operating income was $2.6B, down 16.0%, and diluted earnings per share were $1.01, down 29.4%.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 11:05 am

POOL

Pool Corporation reported Q2 earnings of $5.91 per share, missing the analyst consensus estimate of $6.20 by 4.68%. This is a 22.54% decrease from the same period last year. The company also reported quarterly sales of $1.86 billion, missing the analyst consensus estimate of $1.91 billion by 2.77%. This is a 9.68% decrease from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 11:05 am

HAL

Halliburton Company (NYSE:HAL) reported mixed Q2 results with a 14.3% YoY revenue growth to $5.798 billion, missing the consensus of $5.86 billion. Adjusted EPS was $0.77 (+57.1%), beating the consensus of $0.75. Following the earnings announcement, analysts from Raymond James, Barclays, and JP Morgan revised their price targets on Halliburton.

Portfolio Pulse from Lisa Levin

July 20, 2023 | 11:05 am

PM

Philip Morris International has updated its FY23 outlook. The company now expects adjusted diluted EPS to be between $6.13 and $6.22, up from the previous range of $6.10 to $6.22. However, the EPS is expected to be between $5.36 and $5.45, down from the previous range of $5.88 to $6.00. Organic revenue growth is expected to be between 7.5% and 8.5%, up from the previous range of 7% to 8.5%.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 11:03 am

NEM

Newmont (NYSE:NEM) reported Q2 earnings of $0.33 per share, missing the analyst consensus estimate of $0.58 by 43.1%. This is a 28.26% decrease from the same period last year. The company also reported quarterly sales of $2.68 billion, missing the analyst consensus estimate of $3.88 billion by 30.85%. This is a 12.26% decrease from the same period last year.

Portfolio Pulse from Bill Haddad

July 20, 2023 | 11:02 am

AAL

American Airlines has increased its FY23 adjusted EPS guidance to a range of $3.00-$3.75, up from the previous estimate of $3.08.

Portfolio Pulse from Bill Haddad

July 20, 2023 | 11:02 am

GPC

Genuine Parts Company has increased its FY23 adjusted EPS outlook from $8.95 - $9.10 to $9.15 - $9.30, which is higher than the estimated $9.08.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 11:01 am

AAL

American Airlines (NASDAQ:AAL) reported Q2 earnings of $1.92 per share, beating the analyst consensus estimate of $1.58 by 21.52%. This is a 152.63% increase from the same period last year. The company also reported quarterly sales of $14.10 billion, beating the analyst consensus estimate of $13.74 billion by 2.62%, a 5.05% increase from the same period last year.

Portfolio Pulse from Bill Haddad

July 20, 2023 | 11:01 am

MMC

Marsh & McLennan (NYSE:MMC) reported Q2 adjusted earnings of $2.20 per share, beating the analyst consensus estimate of $2.12 by 3.77%. This is a 16.4% increase from the same period last year. The company also reported quarterly sales of $5.88 billion, beating the analyst consensus estimate of $5.76 billion by 2.01%, a 9.24% increase from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 11:01 am