Tech, energy and insurance will be key sectors to watch Thursday as the earnings parade continues to march along.
Watch for heavy trading in shares of Facebook Inc. and Tesla Inc. Facebook reported after the bell Wednesday that revenue climbed 49 per cent to $8.03-billion (U.S.), surpassing the $7.83-billion analysts surveyed by Bloomberg expected. Net income rose to $3.06-billion, or $1.04 a share, compared with the 87 cents analysts expected. Shares fell modestly in the post market, however, as investors appeared to fret over where future growth will come from other than its main social network.
Tesla reported a much wider-than-expected loss, but that didn't seem to bother investors, with shares holding steady in the post market.
Food giant Kraft Heinz Co. also reported results after the close, with both earnings and revenue coming in modestly below estimates as the company struggles to reignite sales after being rebuffed in its bid to buy Unilever PLC earlier this year. The shares fell as much as 4 per cent in the post market, suggesting it could be a rough day of trading on Thursday.
On this side of the border, Manulife Financial Corp. results were released after the bell, which CEO Donald Guloien termed as a "solid quarter." Adjusted earnings were 53 cents per share, a tad above the consensus of 52.4 cents.
The earnings roundup continues Thursday, with a heavy slate of names revealing first-quarter results on both sides of the border. Canadian Natural Resources Ltd. is among them, and it has an excellent track record of beating Street estimates on its bottom line, with adjusted earnings ahead of Street estimates seven out of the last eight quarters. This time around the Street is looking for earnings of 30 cents per share, which is about 10 per cent below expectations from a month ago. Revenue is forecast at $3.75-billion.
In contrast, another oily name reporting earnings on Thursday, Penn West Petroleum Ltd., has a habit of disappointing the Street, having missed expectations in six of its last eight quarters. This time, the Street is looking for a 2-cent loss on both a GAAP and adjusted basis.
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