- So far this quarter has been strong on the revenue front.
- Paramount Global’s board of directors is preparing to fire its CEO as early as Monday morning.
- Advertising expenses have boomeranged back.
Here are the most important news items investors need to start their trading day:
The S&P 500 and Nasdaq Composite rose 2.7% and 4.2%, respectively, ending their best week since November. Meanwhile, the Dow Jones Industrial Average ended the week with a more modest 0.7% gain. Last week’s gains came as several big tech companies surged after strong earnings results and traders looked at the latest U.S. inflation data. Looking ahead, this week brings more major corporate earnings, key labor data, and a Federal Reserve Board meeting. Follow live market updates.
Apple store in Shanghai, China.
Future Publishing | Future Publishing | Getty Images
Financial reports come in one after another and never stop. So far, it looks like it’s going to be a strong quarter. More than 45% of S&P 500 companies have reported results so far, and about 4 in 5 companies beat expectations, according to FactSet. This week is going to be a busy week. Roughly 160 S&P 500 companies are scheduled to report earnings, including technology giants Apple, Amazon and McDonald’s. Here are the earnings to watch this week:
- Monday: Domino’s Pizza, ON Semiconductor (in front of Bell). Paramount Global (After the Bell)
- Tuesday: McDonald’s, Coca-Cola, Eli Lilly, PayPal, Restaurant Brands International (in front of the Bell). Amazon, Advanced Micro Devices, Pinterest, Super Micro Computer, Starbucks (after the bell)
- Wednesday: CVS Health, Pfizer, Yum Brands (before the bell). Qualcomm, DoorDash, eBay, Etsy, Carvana (after Bell)
- Thursday: Moderna, Cigna, Peloton Interactive (Before the Bell). Apple, Block, Coinbase, Cloudflare,
DraftKings, Amgen (after the bell) - Saturday: berkshire hathaway
Paramount executive Bob Bakisch attends the 2022 MTV Europe Music Awards (EMA) held at the PSD Bank Dome in Dusseldorf, Germany on November 13, 2022.
Thilo Schmuelgen | Reuters
Paramount Global’s board is prepared to fire CEO Bob Bakish as early as Monday morning, a person familiar with the matter told CNBC’s Alex Sherman. He also said he would not take a call when Paramount releases its earnings Monday afternoon. Bakish has lost the trust of Shari Redstone, Paramount Global’s controlling shareholder, and wants to fire her before the company negotiates with cable company Charter Communications, according to people familiar with her thinking. He says he was thinking about it. These talks will be key in assessing Paramount’s valuation as it negotiates a potential merger with Skydance Media.
Morning traffic in front of Meta headquarters in Mountain View, California on November 9, 2022.
Peter DaSilva | Reuters
Ads are back in full force. Meta, Snap and Google released first-quarter financial results this week that beat analysts’ expectations, with all three companies showing improvement in their advertising businesses. This comes after a tough 2022, when companies cut back on marketing spending as inflation rose, and a 2023, marked by layoffs and cost cuts. Investors and analysts were cautious ahead of earnings, but Citi analysts said in a note Friday that the broader advertising environment is “clearly strengthening,” citing the success of Google Search and YouTube. Stated.
People shop at a Tesla store in Shanghai, China, February 17, 2024.
Cost Photo | Null Photo | Getty Images
Tesla has achieved a major milestone in rolling out its entire self-driving package in China, lifting restrictions on its vehicles as China meets data security requirements. Tesla cars are already on sale in China, but the move raises hopes that the company’s fully self-driving driver-assistance software will soon hit the market. So far, China has restricted the use of the technology. The breakthrough came as Tesla CEO Elon Musk arrived in Beijing over the weekend for an unexpected meeting with Chinese Premier Li Qiang. Tesla stock rose 9% in premarket trading Monday.
—CNBC’s Alex Harring, Fred Imbert, Alex Sherman, Ashley Capoot, Ryan Browne and Evelyn Cheng contributed to this report.
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