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After the markets got slammed yesterday (Thursday), falling 161 points on a number of fear-triggering global economic events, there are a handful of stocks to watch today in what could be another volatile performance.
While summertime Fridays are typically quiet for equities, today's schedule of market-moving events is jam-packed. It's also coming off a day that included a plane crash, the announcement of ground military offensive from Israel, and a 40% move in the Volatility Index (VIX).
Today's earnings calendar is full, and two key economic reports will provide a backdrop for benchmarks.
With earnings in focus, here are seven stocks to watch today.
Seven Stocks to Watch: GE, GOOG, MSFT, and More
General Electric Co. (NYSE: GE) posts Q2 numbers before the opening bell. Forecasts have the infrastructure and financial conglomerate reporting earnings per share (EPS) of $0.39, up $0.03 year over year (YOY). GE has been busy over the last several months. In June, GE agreed to buy Alstom SA for $17 billion, marking the largest acquisition in GE's history. Additionally, GE has ramped up efforts to sell its appliance business. In 2008, GE hired Goldman Sachs to run the sale, yet no buyer emerged. Then, plans to spin off the unit were stalled because of the recession. This time around, GE's appliance arm is anticipated to fetch $2 billion to $2.5 billion.
Google Inc. (Nasdaq: GOOG, GOOGL) were up more than 1% in after-hours trading yesterday on news that the company missed second-quarter earnings by $0.15 per share. Despite missing per-share expectations of $6.25, the company still reported quarterly revenue of $15.96 billion against Street estimates of $12.32 billion. Google stock is still a good investment considering its expansive reach in tech. Look for shares to move more today.
Microsoft Corp. (Nasdaq: MSFT) jumped nearly 1% yesterday after the company formally announced it would slash 18,000 jobs as it absorbs Nokia's handset business. The layoffs represent a cut of 14% of the company's workforce and have many industry analysts wondering if Microsoft Chief Executive Officer Satya Nadella is fully committed to the Nokia deal. But, the move says a lot about how far Nadella can take MSFT - here's the full story.
Bank of NY Mellon (NYSE: BK) reports second-quarter earnings before the open. Analysts expect the international banking behemoth to post EPS of $0.56, down from $0.62 in the same quarter a year ago. The New York City-based bank could surprise to the upside, with expectations running low and bank earnings coming in ahead of projections.
SanDisk Corp. (Nasdaq: SNDK) fell 13.56% yesterday to close at $93.21. The company's quarterly results disappointed Wall Street, and guidance was lowered. That triggered some analysts to lower price targets - but some still feel bullish, with Jefferies lifting its price target on SNDK to $125. Look for the stock to stabilize today as bullish investors buy in now that it has dipped below $100.
Honeywell International Inc. (NYSE: HON) delivers its Q2 report before Friday's open. Analysts are looking for the diversified aerospace company to report EPS of $1.36, up from $1.28 a year ago. Whisper numbers, however, have HON missing quarterly estimates for the first time in two years by a penny.
Johnson Controls Inc. (NYSE: JCI) reports Q3 earnings prior to the open. The Milwaukee-based maker of car parts is expected to post EPS of $0.83, up from $0.78 in the same quarter a year ago. Boding well for JCI heading into the release has been several reports of robust car sales from a number of automakers. Even General Motors Co. (NYSE: GM), plagued by recall after recall, has reported healthy car sales. GM sold a total of 2,505,889 vehicles around the world during the Q2 2014, a 0.5% increase on a YOY basis.
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