Investors and traders enter this week with one of the widest earnings slates of the Q2 season. Big tech is especially in focus, as we’ll get reports from Alphabet Inc (NASDAQ:GOOGL), Facebook Inc (NASDAQ:FB) and Amazon.com, Inc. (NASDAQ:AMZN), among others. The broader market will try to build upon last week’s marginal gains, and try to reset new highs after Friday’s pullback.
Heading into Monday’s trade, Halliburton Company (NYSE:HAL) and Hasbro, Inc. (NASDAQ:HAS) are already swinging into earnings action, while Apple Inc. (NASDAQ:AAPL) is stepping into the ring (so to speak).
Here’s what you need to know heading into Monday’s trade:
Halliburton Company (HAL)
HAL shares are enjoying a solid lift Monday morning on the back of a Street-beating second quarter.
For Q2, Halliburton recorded a $28 million net profit (3 cents per share), flipping from the year-ago period’s loss of $3.21 billion. On an adjusted basis, earnings of 23 cents beat consensus estimates for 18 cents.
Revenue, meanwhile, jumped 29% to $4.96 billion to get past expectations for $4.86 billion, powered by completion and production revenues that jumped 20% to $3.13 billion — also better than Street estimates. North America’s continued push to build more rigs powered an 83% spike in revenues in the region.
The report was a much-needed kick in the pants for HAL shares, which have dwindled some 18% lower so far in 2017. This morning, the stock is recovering by more than 3%.
Hasbro, Inc. (HAS)
HAS stock is tumbling this morning despite recording an earnings beat for its second quarter.
Hasbro’s profits jumped nearly 30% to 53 cents per share — a wide beat of estimates for 45 cents per share. However, Wall Street appears to be disappointed by revenues, which at $972.5 million were up 11% year-over-year, but just barely cleared Wall Street’s bar for a top line of $972.4 million.
The company was hobbled by a 14% revenue decline in its Emerging Brands division, while entertainment and licensing sales slipped marginally. That helped overcome a 5.9% improvement in games, a 1% improvement in partner brands and a 21% jump in franchise brands such as its Transformers line, bolstered by the June release of the latest film in the franchise.
This also could be a “sell the news” moment. HAS shares have rocked 50% higher year-to-date in fairly orderly fashion, so much of Monday’s good news likely was plenty baked in.
Apple Inc. (AAPL)
Lastly, Apple announced over the weekend that it has teamed up with Dwayne Johnson on a Siri movie, which will release today.
The actor surprised consumers by unveiling a poster via Twitter that is promoting his upcoming movie with the voice assistant, called The ROCKxSIRI Dominate the Day.
The poster features “The Rock” holding an iPhone, with plenty of action in the background, including a plane, a speeding car, a large robot spider and images of outer space. Johnson says it will be the “biggest, coolest, craziest, dopest, most over the top, funnest” movie ever … though it’s unclear what the movie is about, or how long it will be.
Expect the film to debut on Apple’s YouTube channel.
AAPL stock is up nearly 30% year-to-date.
