Live Updates
Updates appear automatically as they are published.
Texas’s Star Rises
In happier analyst news, Seaport Global Securities analyst Jay Goldberg upgraded Texas Instruments (NYSE: TGT) today. Removing his sell rating on the stock, Goldberg upgraded to neutral. “We thought the analog inventory cycle was not going to improve and the macro economy was slowing,” aid the analyst. “We were wrong. While we see no strong catalysts, it now appears conditions will not deteriorate and inventories may start to improve.”
Texas Instruments is trading 0.8% higher in the market’s opening minutes. The Voo is now up 0.2%.
This article will be updated throughout the day, so check back often for more daily updates.
U.S. Commerce Secretary Howard Lutnick made the rounds of Sunday morning talk shows over the weekend, insisting that President Trump’s revised August 1 deadline for foreign nations wanting to make trade agreements with the U.S. (and avoid higher tariffs) was a “hard” deadline and wouldn’t shift again. In a move to mollify investors, Lutnick reassured that even countries that don’t sign agreements by August 1 can still reach agreements thereafter.
They’ll be hit with higher tariffs in the meantime, though.
As for the Vanguard S&P 500 ETF (NYSEMKT: VOO), the broad stock market ETF closed at 576.92 Friday, and is inching higher premarket on Monday, up 0.1%, as investors appear to be looking past the tariffs turmoil today, and focusing instead on earnings.
Earnings
Speaking of earnings, S&P 500 component company Verizon (NYSE: VZ) reported an earnings beat this morning. The telecom giant earned $1.22 per share in Q2, ahead of expectations. Revenue of $34.5 billion also exceeded analyst forecasts. In a surprise development, however, Verizon reported that its wireless customer count, which was expected to grow by 13,000 subscribers, instead shrank by 9,000.
Despite this setback, Verizon raised its earnings forecast modestly, saying adjusted profit will grow from 1% to 3% this year. Free cash flow will run between $19.5 billion and $20.5 billion, also more than previously forecast.
The news wasn’t so good for another S&P 500 component company, however. Domino’s Pizza (Nasdaq: DPZ) missed on Q2 earnings this morning, reporting $3.81 per share instead of the expected $3.94. Sales were as expected: $1.15 billion.
CEO Russell Weiner noted, however, that Domino’s gained market share in the quarter.
Analyst Calls
In retail news, Barclays Capital downgraded shares of retail giant Target (NYSE: TGT) to underweight with a $91 price target. “Our analysis suggests comps have improved from Q1,” wrote analyst Seth Sigman, but “we believe that there is a ceiling med-/longterm due to growing competitive issues.”
The post Stock Market Live July 21: S&P 500 (VOO) Inches Higher on More Good Earnings News appeared first on 24/7 Wall St..
Click this link for the original source of this article.
Author: Joel South
This content is courtesy of, and owned and copyrighted by, https://247wallst.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact USSANews.com using the email address in the Contact page found in the website menu.
