Stock Market Today: Disney Shares Up Ahead of Earnings, Futures Flat
U.S. futures were broadly flat Tuesday after a solid start to the week for the major indexes and as investors awaited more earnings reports.
British multinational oil and gas firm BP opened more than 2.3 percent lower on Tuesday after announcing its first quarterly financial results of 2024.
The company reported underlying replacement cost profit at $2.7 billion, down from $3 billion last quarter, citing lower oil and gas realizations and weaker margins on fuel.
The energy giant also said it plans on executing a $1.75 billion share buyback scheme before now and the next quarter
When a company buys back its own shares, it reduces the total number of outstanding shares. As a result, the remaining shares represent a larger ownership stake in the company, which can boost the share price.
BP CEO Murray Auchincloss said: “We’ve delivered another resilient quarter financially and continued to make progress on our strategy. [We] plan to deliver at least $2 billion of cash cost savings by the end of 2026 through high grading our portfolio, digital transformation, supply chain efficiencies and global capability hubs.”
Shares in Trump Media & Technology Group were down slightly in pre-market trading, two days after the Truth Social parent, owned by former President Donald Trump, announced it had hired a new auditor following a tumultuous journey since shares went public in March.
The company selected Phoenix-based Semple, Marchal & Cooper after the Securities and Exchange Commission (SEC) charged the previous auditors, BF Borgers, with “massive fraud.”
SEC enforcement division director Gurbir Grewal labelled BF Borgers a “sham audit mill” in a press release earlier this month.
Electronic Arts, the publisher of FIFA’s successful series EA Sports FC, is scheduled to announce its earnings report on Tuesday. Shares in the video game company were slightly down in premarket trading.
The Walt Disney Company will also report earnings today, with all eyes on the entertainment giant’s streaming and theme park businesses. Shares in the company were up around one percent pre-market and are up more than 30 percent year-to-date.
The week ahead is shaping up to be a significant one for auto and entertainment related stock watchers, with reports from Uber, Toyota, Honda, and both Warner Bros. Discovery and Warner Music Group expected.
Earnings Highlights To Watch This Week
- Tuesday: Disney, Ferrari, Electronic Arts, Telefonica
- Wednesday: Toyota, Uber, Airbnb, Shopify
- Thursday: Honda, ING, Warner Bros. Discovery, Warner Music Group
- Friday: Canadian energy multinational Enbridge, Soho House
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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
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