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Top Midday Stories: Amazon Shares Rise on Earnings Beat; Union Endorses Boeing's Latest Contract Proposal
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Top Midday Stories: Amazon Shares Rise on Earnings Beat; Union Endorses Boeing's Latest Contract Proposal
Nov 4, 2024 12:15 PM

12:01 PM EDT, 11/01/2024 (MT Newswires) -- All three major US stock indexes were up in midday trading Friday, as investors gravitated toward earnings reports from technology giants and looked past surprisingly low nonfarm payroll numbers.

Apple ( AAPL ) reported fiscal Q4 adjusted earnings late Thursday of $1.64, up from $1.46 a year earlier and above the Capital IQ consensus analyst estimate of $1.60. Fiscal Q4 net sales were $94.9 billion, up from $89.5 billion in the year-ago period and above the Capital IQ consensus of $94.4 billion. The company said it incurred a one-time tax charge of $10.2 billion related to a decision by the European Union's Court of Justice in September. Apple ( AAPL ) shares were down 1.7% at noon.

Amazon.com ( AMZN ) reported Q3 earnings late Thursday of $1.43 per diluted share, up from $0.94 a year earlier and above the Capital IQ consensus estimate of $1.14. Third-quarter net sales were $158.88 billion, up from $143.08 billion a year earlier and above the Capital IQ consensus estimate of $157.28 billion. The company expects Q4 net sales of between $181.5 billion and $188.5 billion, compared to the Capital IQ consensus estimate of $186.26 billion. Amazon ( AMZN ) expects Q4 operating income to be between $16 billion and $20 billion, up from $13.2 billion a year earlier. Amazon ( AMZN ) shares were up 6.9%.

The union representing 33,000 striking Boeing ( BA ) workers has endorsed the company's latest contract proposal, the International Association of Machinists and Aerospace Workers Union District 751 said Thursday in a post on X. If approved, the latest proposal would increase wages by 38% over four years, up from the previous offer's 35%, and give workers a $12,000 ratification bonus, up from $7,000, the union said. Separately, Boeing ( BA ) has disbanded its diversity, equity and inclusion department, Bloomberg reported late Thursday, citing people familiar with the matter. Boeing ( BA ) shares were up 3.9%.

Exxon Mobil ( XOM ) reported Q3 earnings Friday of $1.92 per share, down from $2.25 a year earlier and in-line with the Capital IQ consensus analyst estimate. Third-quarter total revenue and other income was $90.02 billion, down from $90.76 billion a year ago but above the Capital IQ consensus estimate of $88.36 billion. The company said its board raised the quarterly dividend by 4% to $0.99 per share, payable Dec. 10 to shareholders of record as of Nov. 14. Exxon Mobil ( XOM ) shares were up 0.1%.

Chevron ( CVX ) reported Q3 adjusted earnings Friday of $2.51 per diluted share, down from $3.05 a year earlier and above the Capital IQ consensus analyst estimate of $2.43. Third-quarter revenue was $50.67 billion, down from $54.08 billion a year earlier but above the Capital IQ consensus of $49.04 billion. Chevron ( CVX ) shares were up 3.4%.

Price: 199.66, Change: +13.26, Percent Change: +7.11

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