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US markets closed higher on July 31, with the S&P 500 gaining 3.1% and the Dow Jones rising 3.4%. Asian markets also showed positive trends, with Japan’s Nikkei 225 and Australia’s S&P/ASX 200 closing higher. However, the Shanghai Composite and Hang Seng index closed lower. In the Eurozone, the STOXX 600, DAX, and CAC 40 traded lower. Commodities saw mixed trends, with Crude Oil and Gold trading lower, while Natural Gas traded higher. US futures were down, and the US Dollar Index was up.

Portfolio Pulse from Akanksha Bakshi

August 01, 2023 | 10:56 am

AMD

ANET

CAT

JBLU

MRK

MSTR

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PFE

QQQ

SBUX

SIRI

SPY

UBER

VRTX

US stocks are expected to reverse course on Tuesday as traders prepare for a barrage of earnings reports and the JOLTS report. Energy stocks helped offset weakness in the consumer staple and healthcare spaces on Monday. Analysts at LPL Financial are positive about the near-term market outlook, with the S&P 500 within 4% of a new all-time high. In premarket trading, the SPDR S&P 500 ETF Trust (NYSE:SPY) fell 0.22% and the Invesco QQQ ETF (NASDAQ:QQQ) slipped 0.24%. Several companies including Artista Networks, Inc. (NYSE:ANET), Merck & Co., Inc. (NYSE:MRK), Pfizer, Inc. (NYSE:PFE), Sirius XM Holdings, Inc. (NASDAQ:SIRI), Uber Technologies, Inc. (NYSE:UBER), JetBlue Airways Corp. (NASDAQ:JBLU), Norwegian Cruise Line Holdings Ltd (NYSE:NCLH), Caterpillar, Inc. (NYSE:CAT), Advanced Micro Devices, Inc. (NASDAQ:AMD), Starbucks Corp. (NASDAQ:SBUX), Vertex Pharma, Inc. (NASDAQ:VRTX), Electronics Arts, Inc. (NASDAQ:EA), and MicroStrategy, Inc. (NASDAQ:MSTR) are set to release their quarterly results.

Portfolio Pulse from Shanthi Rexaline

August 01, 2023 | 10:52 am

LEA

Lear Corporation (NYSE:LEA) has projected its FY23 net sales to be between $22.35B and $23.05B, compared to the consensus of $22.81B. The company also expects its free cash flow to be between $480M and $580M. Core operating earnings are expected to be between $1.01B and $1.14B, with adjusted EBITDA between $1.61B and $1.74B.

Portfolio Pulse from Benzinga Newsdesk

August 01, 2023 | 10:50 am

MPC

Marathon Petroleum reported Q2 earnings of $5.32 per share, beating the analyst consensus estimate of $4.55 by 16.92%. However, this is a 49.86% decrease from the same period last year. The company also reported quarterly sales of $36.82 billion, beating the estimate of $31.02 billion by 18.70%, but this is a 32.11% decrease from last year.

Portfolio Pulse from Benzinga Newsdesk

August 01, 2023 | 10:48 am

JBLU

JetBlue Airways has revised its 3Q23 and FY23 outlook, with adjusted EPS for 3Q23 expected to be between $(0.20) and $0.00, compared to the previous estimate of $0.40. For FY23, the adjusted EPS is projected to be between $0.05 and $0.40, down from the prior estimate of $0.70 - $1.00. The company's CFO, Ursula Hurley, expressed confidence in managing near-term challenges and focusing on cost efficiencies.

Portfolio Pulse from Benzinga Newsdesk

August 01, 2023 | 10:47 am

AXR

BVFL

PFBX

Insiders at Peoples Financial Corporation (PFBX), AMREP Corporation (AXR), and BV Financial, Inc. (BVFL) have recently made notable purchases of their companies' stocks. This could indicate their confidence in the companies' prospects or that they view the stocks as a bargain. Peoples Financial has announced a new stock repurchase program, AMREP reported net income of $21,790,000 for its 2023 fiscal year, and BV Financial has completed a conversion and related stock offering.

Portfolio Pulse from Lisa Levin

August 01, 2023 | 10:46 am

ESAB

ESAB has raised its full year 2023 outlook, expecting total core sales growth of 6.0% to 7.5%, up from the previous guidance of 4.0% to 6.0%. The company also anticipates core adjusted EBITDA of $450 to $465 million and core adjusted EPS of $4.10 to $4.30, higher than the previous estimates.

Portfolio Pulse from Benzinga Newsdesk

August 01, 2023 | 10:43 am

ETRN

Equitrans Midstream has raised its FY23 net income outlook to $420M - $470M, up from the previous estimate of $330M - $410M. The company also expects Q3 net income to be between $115M - $135M.

Portfolio Pulse from Benzinga Newsdesk

August 01, 2023 | 10:43 am

IDXX

IDEXX Laboratories has increased its 2023 revenue guidance from $3.615B-$3.70B to $3.66B-$3.715B, which is in line with the consensus estimate of $3.67B.

Portfolio Pulse from Benzinga Newsdesk

August 01, 2023 | 10:42 am

MRK

Merck has revised its FY23 revenue guidance to $58.6B-$59.6B, up from the prior guidance of $57.7B-$58.9B and above the consensus of $53.18B. The company also forecasts an adjusted EPS of $2.95-$3.05, which is higher than the consensus of $2.60 but lower than the prior guidance of $6.88-$7.00.

Portfolio Pulse from Benzinga Newsdesk

August 01, 2023 | 10:40 am