Wall Street is heading higher after starting the day in the red. All three major averages (^DJI, ^GSPC, ^IXIC) are posting solid gains as investors look past the slide in oil prices (CLK16.NYM) after major oil exporters failed to reach an agreement over the weekend to freeze output.
Morgan Stanley (MS) reported earnings that beat estimates for the first quarter, but revenue missed forecasts. Sales fell 21.4% from a year ago, and profit dropped by more than half due to weakness in its trading and investment banking businesses.
PepsiCo (PEP) delivered better-than-expected earnings per share for the first quarter, but revenue was a tad shy of estimates as sales fell 3% from a year ago due to a strong dollar and sluggish demand for soda.
Hasbro (HAS) posted a beat on both its top and bottom lines for the first quarter. Profit soared 83% year-over-year thanks to strong demand for toys based on the Hollywood blockbuster “Star Wars: The Force Awakens” and Disney (DIS) Princess dolls.
Netflix (NFLX) is set to report first-quarter results after the close of trading today. Analysts expect the video streaming service to earn $0.03 a share, down from $0.38 cents a share a year ago. Netflix has been struggling to grow its subscriber base in the U.S. and has been looking to boost growth by expanding overseas.
Amazon challenges Netflix with new online-streaming offer
Amazon (AMZN) will offer its video-streaming service as a stand-alone option for the first time for $8.99 per month, a dollar less than rival Netflix’s most popular subscription. Does Amazon have the robust programming needed to go head-to-head with Netflix?
Who will buy Yahoo? Bids are due today
Yahoo (YHOO),parent company of Yahoo Finance, remains in focus. Potential buyers with an interest in all or part of the company are expected to have their bids in today. Some reports suggest as many as 40 companies were initially interested in Yahoo, including Verizon (VZ) and the Daily Mail. Yahoo is scheduled to release its first-quarter 2016 earnings after the bell tomorrow.
Target’s Marimekko launch fails to ignite frenzy
Target (TGT) held its annual designer sale this weekend, but this year’s collaboration with Marimekko did not spark the excitement that we’ve seen in past years.
- Investment & Company Information