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    Home » Stock Futures Mixed as Wall Street Braces for Corporate Earnings
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    Stock Futures Mixed as Wall Street Braces for Corporate Earnings

    October 16, 20233 Mins Read
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    Stock futures traded in a mixed pattern on Monday as Wall Street prepared for a busy week of corporate earnings. Among the highlights are reports from Tesla and Netflix. Traders are also closely monitoring the developments in the Israel-Hamas war.

    Pfizer Slashes Revenue Expectations

    Pfizer (PFE), one of the leading drug makers, has revised its revenue expectations for the year. The company now expects revenues between $58 billion and $61 billion, down from the previous outlook of $67 billion to $70 billion. This downward revision is mainly due to anticipated sales decline of $9 billion from its Covid-19 vaccine and anti-viral treatment, Paxlovid. Additionally, Pfizer forecasted adjusted earnings of $1.45 to $1.65 per share, compared to the earlier range of $3.25 to $3.45 per share. Following this news, Pfizer shares fell by 2.7%, while its Covid vaccine partner BioNTech (BNTX) dropped by 4.7%. Similarly, other Covid vaccine manufacturers Moderna (MRNA) and Novavax (NVAX) experienced declines of 4.5% and 3.6%, respectively.

    European Union Delays Decision on Novavax Vaccine

    In separate reports, it has been revealed that European Union regulators have postponed their decision to approve Novavax’s revised Covid-19 vaccine. The Financial Times and Reuters both shared this development.

    Stay tuned for more updates throughout this eventful week in the world of corporate earnings and global affairs.

    Starboard Value Pushes for Changes at News Corp

    According to sources familiar with the matter, activist shareholder Starboard Value has acquired a “sizeable” stake in News Corp (NWSA) and plans to advocate for strategic and governance changes at the company. News Corp, the owner of Dow Jones which publishes The Wall Street Journal, ‘s, and other media outlets, is expected to face significant shifts under Starboard’s influence.

    Rite Aid Files for Bankruptcy, Implements Restructuring Measures

    Late on Sunday, Rite Aid (RAD) announced its bankruptcy filing and outlined plans to close a number of stores as part of a comprehensive restructuring effort. With the stock closing at 68 cents on Friday, Rite Aid has experienced an alarming decline of 81% in value over the course of this year.

    Instacart Receives Positive Recommendation from Goldman Sachs

    Goldman Sachs has initiated coverage on Instacart (CART) with a Buy recommendation and set a price target of $48. This endorsement has propelled the shares of the popular grocery delivery service, also known as Maplebear, up 1% in premarket trading to $25.82.

    Major Earnings Reports Upcoming

    This week, investors can anticipate earnings reports from several major companies such as Charles Schwab (SCHW), Bank of America (BAC), Goldman Sachs (GS), Johnson & Johnson (JNJ), Lockheed Martin (LMT), United Airlines (UAL), Morgan Stanley (MS), Netflix (NFLX), Procter & Gamble (PG), Tesla (TSLA), American Airlines (AAL), AT&T (T), Taiwan Semiconductor Manufacturing (TSM), and American Express (AXP).

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