Check out the companies making headlines before the bell:
American Express (AXP) – American Express reported quarterly earnings of $2.03 per share, 2 cents a share above estimates. Revenue was slightly above consensus. The financial services giant said revenue growth during 2019 was driven by higher card fee income as well as increased spending by cardholders.
Intel (INTC) – Intel reported quarterly profit of $1.52 per share, beating the consensus estimate of $1.25. The chipmaker’s revenue also exceeded Wall Street forecasts, helped by an improvement in personal computer and data center demand. Intel also gave an upbeat current-quarter outlook, as well as announcing a 5% dividend increase.
Walt Disney (DIS) – The Shanghai Disney resort will close until further notice, as officials try to stop the spread of the coronavirus. The closure comes during China’s seven-day Lunar New Year holiday, normally an extremely busy time for the resort.
Ericsson (ERIC) – Ericsson posted a smaller-than-expected profit for the fourth quarter, with the Swedish telecom equipment maker hit by higher costs for 5G development as well as a weaker U.S. market.
Broadcom (AVGO) – Broadcom struck a deal to supply Apple (AAPL) with wireless components for Apple products through 2023, in a transaction worth an estimated $15 billion. Apple currently accounts for about 20% of Broadcom’s annual revenue.
Skyworks Solutions (SWKS) – Skyworks shares are under pressure following the news that competitor Broadcom signed an Apple supply deal. Skyworks reported better-than-expected quarterly profit of $1.68 per share, 3 cents a share above estimates. Revenue also came in above forecasts.
Intuitive Surgical (ISRG) – Intuitive Surgical beat estimates by 10 cents a share, with adjusted quarterly earnings of $3.48 per share. The surgical instruments maker’s revenue also came in above Wall Street projections. Procedures performed with the company’s Da Vinci robotic surgical devices increased by 19% during the quarter compared to a year earlier.
E*Trade Financial (ETFC) – E*Trade earned an adjusted 84 cents per share for the fourth quarter, a penny a share above estimates. Revenue also came in above consensus. The bottom line number excludes 8 cents a share of negative impact from restructuring and special charges. The online brokerage company saw a drop in net interest income and higher non-interest expenses but also reported record customer trading activity.
Discover Financial (DFS) – Discover came in a penny a share above estimates, with quarterly earnings of $2.25 per share. Revenue was essentially in line with forecasts. Evercore downgraded the credit card and financial services provider to “underperform” from “in line” following the report, saying it sees pressure on Discover’s bottom line this year from higher investments, increased credit costs, and fewer buybacks.
Generac (GNRC) – Oppenheimer upgraded the maker of power generators to “outperform” from “perform,” based on expectations of solid revenue growth. Oppenheimer points to the emergence of the California market for Generac, as well as sustained strength in core demand fundamentals.
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