U.S. equities took an unexpected hit on Wednesday despite the unveiling of a tax plan from President Donald Trump that would seem to benefit corporations and individuals alike. The S&P 500 dipped 0.1%, the Dow Jones Industrial Average fell 0.1% and the Nasdaq Composite lost a fraction of a percentage.
This morning, a couple of stocks are pushing higher on their most Thursday earnings announcements, including Nokia Oyj (ADR) (NYSE:NOK) and PayPal Holdings Inc (NASDAQ:PYPL). Amgen, Inc. (NASDAQ:AMGN), however, is having a rough go of things in early morning trade.
Here’s what you need to know heading into Thursday’s action.
Nokia Oyj (ADR) (NOK)
NOK shares jumped amid a clear sign of an improving business and a revenue beat for its latest quarter.
The company earned 3 cents per share for the quarter, matching estimates. That came on a 3.8% decrease in revenues that topped estimates of $5.33 billion — and while the figure was lower year-over-year, it was a much slower decline than the year-ago period’s 14% dip.
Said CEO Rajeev Suri: “We slowed the rate of topline decline and generated healthy orders in what is typically a seasonally weak quarter for us.”
The acquisition of Alcatel-Lucent did ding the company’s pre-tax loss, which expanded in Q1.
Nokia reiterated its full-year outlook of 1.2 billion euros in cost savings, as well as 250 million euros in non-IFRS financial income and expenses.
NOK stock was shooting 7% higher ahead of Thursday’s bell.
Amgen, Inc. (AMGN)
AMGN stock is on its way down after the company’s first-quarter earnings report, which included big disappointments from some of its key drugs.
The biotechnology firm did score an earnings beat, bringing in $3.15 per share versus expectations for $3.01 per share.
However, sales slipped by 1% to $5.5 billion, coming short of the mark for $5.6 billion. That was thanks in large part to a steep decline in sales of its arthritis drug, Enbrel, off 15% year-over-year and shy of analyst estimates.
The company also underwhelmed with its newest treatment, the cholesterol drug Repatha. Repatha garnered just $49 million in sales for Q1, against analyst estimates of $71.6 million.