Three numbers to start your day:
Third-Quarter Earnings Season Kicks Off Today
Wall Street’s consensus estimate for S&P 500 earnings per share is $33.11 in the third quarter. It would be a more than 21% drop from a year earlier.
Third-quarter earnings season kicks off today. As usual, big banks are among the first companies to report.
(JPM) go first today, followed by
Bank of America
Goldman Sachs Group
(WFC) tomorrow. Morgan Stanley (MS) reports on Thursday.
Delta Air Lines
Johnson & Johnson
(JNJ) also release results today. Other nonbank companies reporting this week include
United Airlines Holdings
(UNH) tomorrow, and Walgreens Boots Alliance (WBA) and
(ISRG) on Thursday. Friday’s highlights will be
Kansas City Southern
An Estimated 40% of iPhones Are At Least 3.5 Years Old
It sets the stage for a potentially massive upgrade cycle, argues Wedbush’s Dan Ives.
(AAPL) is holding a product event today, and it’s widely expected to unveil a new lineup of 5G-capable iPhones. Wireless companies have been busy rolling out the faster and more reliable next-generation networks across the U.S.
Ives foresees iPhone demand surging thanks to the aging installed base and the new 5G capabilities. Those could outweigh a weak economic and employment backdrop.
He has an Outperform rating and $150 price target on Apple stock, suggesting about 22% upside.
The Apple event starts at 10 a.m. California time today.
Online Shopping Could Increase 35% This Holiday Season
According to Deloitte.
(AMZN) Prime Day event alone could bring in $10 billion. It’s on today and tomorrow, after being postponed because of the coronavirus pandemic.
It effectively marks an early start to the holiday-shopping season this year, which usually kicks off on Black Friday. Amazon competitors like
(TGT) are also holding sales this week.
Economists and analysts will be keeping an eye on the shopping events too—and not just for their discounts and savings.
Despite a deep recession and high unemployment, estimates are for an increase in holiday season spending driven by online sales. With fewer travel, dining, and other entertainment options this year, Americans may splurge more on their holiday shopping—but skip the trip to the mall.
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Write to Nicholas Jasinski at [email protected]