Earnings Data Deluge | Nasdaq

Pre-market indices are gamely climbing again this morning, after starting early-morning trading in the red. Currently, the Dow is +45 points, the S&P 500 +5, the market-leading Nasdaq +6 and even the small-cap Russell 2000 is in the green, +0.4 points. The Dow rides its longest winning streak since July of this year, while the S&P and Nasdaq are enjoying their strongest moves since 2021.

We’re a bit light on economic prints this morning and throughout this Hump Day, although we did see Wholesale Inventories for September out this morning, coming in an expected 0.0% on the headline, which is an improvement after six straight months of negative wholesale inventories. It’s only the third non-negative read in the past 10 months, and we haven’t seen a positive result on this metric since November of last week. Higher inventories will help put downward pressure on inflation.

Ahead of today’s open, Ralph Lauren (RL) posted fiscal Q2 results that were ahead of estimates on both top and bottom lines. Earnings of $2.10 per share easily toppled the $1.92 forecast in the Zacks consensus (though still below the $2.23 per share reported in the year-ago quarter. Quarterly sales of $1.63 billion came in ahead of the $1.61 billion projected, as the company boasted +1.3 million growth in new direct-to-consumer (DTC) subscribers in the quarter. Full-year guidance was held pat. Shares are up +2% on the news.

Warner Bros. Discovery (WBD), however, missed its bottom-line estimate, putting up -17 cents per share which was 5 cents lower than the Zacks consensus. Revenues did post higher than predicted, with $9.97 billion in the quarter coming ahead of the $9.89 billion anticipated. Even with the “Barbie boost” — its blockbuster film grossed $1.5 billion since its release — the company has struggled with the loss of -700K subscribers in the quarter. Shares are down -12% in early trading.

Biotech giant Biogen (BIIB) notched a strong Q3 this morning, putting up $4.36 per share versus $3.99 expected on revenues of $2.53 billion, ahead of the $2.39 billion projected. While the company continues to win FDA approval for treatments of ALS and Alzheimer’s disease, the lion’s share — $1.16 billion of its total $1.805 billion product revenue — comes from its Multiple Sclerosis (MS) line. Shares are up marginally ahead of the opening bell, but are still down single-digits year to date.

After the close today, we’ll see earnings results from The Walt Disney Co. (DIS), Arm Holdings (ARM) and MGM Resorts (MGM), among many others. It should be interesting to see Disney’s results in particular, if only to be able to compare streaming services: Disney+ versus HBO MAX, Discovery+, etc. We’ll also hear from Fed participants today, including Fed Chair Jerome Powell later this morning.

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