Here are five things you must know for Tuesday, Oct. 30:
1. -- Stock Futures Rise After a Volatile Wall Street Session
U.S. stock futures were rising modestly on Tuesday, Oct. 30, following a volatile session on Wall Street that saw a 900-point swing for the Dow Jones Industrial Average and ahead of another day with corporate earnings in focus.
The Dow sank 245 points on Monday, Oct. 29, after trading higher for most of the session. Equities turned negative after Bloomberg reported the U.S. was preparing to announce by early December tariffs on all remaining Chinese imports if talks next month between Donald Trump and Chinese President Xi Jinping didn't result in a significant breakthrough in their ongoing trade war.
The report also hindered gains in Asia in the opening hours, although markets rebounded after China's securities regulator pledged to support market conditions, and encourage buybacks and mergers, in order to stabilize the nation's beaten-down equities. The Shanghai Composite finished trading Tuesday with a gain of more than 1%.
Contracts tied to the Dow Jones Industrial Average rose 75 points on Tuesday, futures for the S&P 500 gained 10.25 points, and Nasdaq futures were up 23.25 points.
The economic calendar in the U.S. on Tuesday includes the S&P Corelogic Case-Shiller Home Price Index for August at 9 a.m. ET, and Consumer Confidence for October at 10 a.m.
2. -- Facebook and GE Highlight Tuesday's Earnings Calendar
General Electric Co. (GE) - Get Report reported third-quarter adjusted profit of 14 cents a share, missing analysts' estimates of 20 cents. Revenue of $29.57 billion came in below forecasts of $29.77 billion. The industrial conglomerate also said it was cutting its quarterly dividend to 1 cent a share from 12 cents. Shares fell 0.5% in premarket trading.
Pfizer Inc. (PFE) - Get Report posted stronger-than-expected third-quarter earnings, the last under the leadership of outgoing CEO Ian Read, but narrowed its guidance range for full-year sales, sending shares lower by 3.5% in premarket trading.
Pfizer said adjusted earnings for the three months ended in September were 78 cents a share, topping the Wall Street consensus of 75 cents. Revenue was $13.3 billion, up 1% from the third quarter in 2017 but just shy of analysts' estimates of $13.55 billion. Pfizer also said full-year sales would come within a range of $53 billion to $55 billion, a figure that is around $2 billion lower at the top end.
Coca-Cola Co. (KO) - Get Report rose 1.2% in premarket trading after the soda giant reported third-quarter adjusted earnings of 58 cents a share, higher than estimates of 55 cents, and revenue of $8.25 billion that beat expectations.
Organic sales rose 6%, while volumes rose 2%, with Coca-Cola citing "double-digit volume growth of Coca-Cola Zero Sugar across all groups." Coke also said earnings were impacted by an 8% currency headwind owing to the strength of the U.S. dollar.
TheStreet will be live blogging Facebook's earnings after the close of trading on Tuesday. Please check our home page then for more details.
3. -- Apple Expected to Unveil a New iPad, MacBook Air
Apple Inc. (AAPL) - Get Report is expected at an event Tuesday in New York to reveal at least one new iPad, and potentially other new products such as a new MacBook Air or Mac Mini, wrote TheStreet's Annie Gaus.
Though Apple tends to keep a tight lid on its product announcements, much of the speculation came courtesy of the often-accurate analyst Ming-Chi Kuo of TF International Securities, who predicted in a recent note that Apple would release a new 11-inch iPad Pro this year. The basic iPad was updated in March, but the iPad Pros haven't had a more extensive overhaul since 2015.
Kuo in March also forecast that Apple would release a new and less expensive MacBook Air. In August, Bloomberg reported that Apple was planning to unveil a cheaper MacBook Air as well as an update to the Mac Mini desktop computer aimed at professional users.
4. -- BP Posts Strongest Quarterly Profit in Five Years
BP PLC (BP) - Get Report was rising 3.6% in premarket trading on Tuesday after the oil giant posted its strongest quarterly profit in five years following the "transformational" acquisition of BHP Billiton Ltd.'s (BHP) - Get Report U.S. shale assets earlier this year.
BP said underlying replacement cost profit, the group's equivalent to net income, was $3.8 billion for the three months ended in August, the highest in five years, and more than double the $1.86 billion booked a year earlier. BP's upstream business, which includes exploration, development and production activities, saw pretax profit more than double to $4 billion.
Because of the strength in oil prices, BP, a holding in Action Alerts PLUS, said Tuesday it could fully fund the $10.5 billion acquisition of BHP Billiton's nshore U.S. oil and gas assets entirely in cash instead of with its planned rights issue.
5. -- Shares of Pot Stock IGC to Be Delisted
IGC has "substantially discontinued the business that it conducted at the time it was listed or admitted to trading, and has become engaged in ventures or promotions which have not developed to a commercial stage or the success of which is problematical," said a statement from the exchange.
India Globalization Capital has changed its business strategy several times. Earlier this month, IGC announced it was targeting a March rollout in Canada - the country legalized recreational cannabis on Oct. 17 - for its low-dose THC-based formulation to treat Alzheimer's disease.
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