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Here are five things to know for Tuesday, April 30:
1. – Stock Mixed Futures on Weak Manufacturing in China, Google Miss
US equity futures were mixed on Tuesday and global equities declined as investors reacted to China's new manufacturing weakness and Alphabet's (GOOGL – Get Report) release of its weakest earnings gains since then. 2016.
The big flop of Google's parent company has been associated with a weaker-than-expected reading of activity in the Chinese manufacturing sector, which continues to grow but at a very modest pace, betting on new measures of relaunch in Beijing as officials meet with the United States. Trade Representative Robert Lighthizer and Treasury Secretary Steve Mnuchin at the latest round of trade talks between the United States and China.
The Dow Jones Industrial Average contracts rose 1 point, the S & P 500 futures lost 1.40 and the Nasdaq futures lost 10 points.
The US economic calendar contains Tuesday's employment cost index for the first quarter at 8:30, S & P's Case & Shiller Corelogic housing price index for February at 9 am, the PMI Chicago index for April at 9:45, consumer confidence. for April at 10 am and home sales index pending for March at 10 am
The Federal Reserve will begin a two-day meeting on Tuesday. The central bank is generally expected to maintain interest rates when it announces its decision on Wednesday afternoon.
2. – The numbers of the alphabet decrease after the publication of the first quarter business figure
Alphabet dropped 7.9% to $ 1,193.30 in pre-market transactions, after the online advertising giant announced a first-quarter sales figure lower than Wall Street's expectations.
Revenues for the period were $ 36.34 billion, below the $ 37.3 billion forecast. Excluding the acquisition costs of traffic, Alphabet recorded a turnover of 29.48 billion dollars, up 19% over the previous year, but below the estimates of 30.04 billion dollars. dollars. Earnings of $ 11.90 per share exceeded Wall Street's forecast of $ 10.60.
Earnings per share corrected the impact of a $ 1.7 billion fine imposed by the European Union, which Alphabet planned to set aside during the quarter.
Net profit in the first quarter amounted to $ 6.66 billion, which includes the fine imposed by Alphabet for ignoring antitrust practices and abusing its dominant position in online advertising to harm competitors.
"We recorded strong growth, driven by search engines for mobile, YouTube and Cloud, with revenues of $ 36.3 billion, up 17% from last year, or 19% at constant exchange rate, "said Ruth Porat, chief financial officer of Alphabet. "We remain focused on and stimulated by significant growth opportunities in our business. "
Porat suggested that recent changes to advertising products affected Alphabet's business revenue growth. She did not explain what those changes were, but she stated that such changes had been taken into account in the long-term interest of users and advertisers and that the company was not not interested in managing quarterly figures.
"Overall, the results look solid, but not much more," said Jim Cramer and the Action Alerts PLUS team, which holds Alphabet in its portfolio. There are advantages here, such as the moderate TAC rate and the progress in spending control – two areas that have been a source of weakness in the past quarters.
"However, the turnover was too low and we did not have enough information about the next wave of business growth initiatives (YouTube, Cloud, Waymo ) to compensate for this temporary slowness, "added the PAA team.
3. – Apple, Advanced Micro Devices, GE and GM lead Tuesday's earnings calendar
General Electric (GE – Get Report) reported higher than expected earnings in the first quarter and confirmed its guidance for the year, as new CEO Larry Culp tends to stabilize the financial position of the former Dow.
GE shares rose 7.6% to $ 10.47 in pre-market trading.
Revenue Reports are also expected Tuesday from Apple (AAPL – Get Report), Advanced Micro Devices (AMD – Get Report), McDonald's (MCD – Get Report), Pfizer (PFE – Get Report) , General Motors (GM – Get Report), Eli Lilly (LLY – Get a Report), ConocoPhillips (COP – Get a Report), Merck & Co (MRK – Get a Report), Phillips 66 (PSX – Get a Report) , Amgen (AMGN – Get a report), Sprint (S – Get a report), Charter Communications (CHTR – Get the report), Corning (GLW – Get the report), Kraft Heinz (KHC – Get the report), Mastercard ( MA – Get Report), Groupon (GRPN – Get Report), Twilio (TWLO – Get Report) and Seagate Technology (STX – Get Report).
Apple and Amgen are members of Jim Cramer's Action Alerts PLUS member club. Do you want to be alerted before Jim Cramer buys or sells the shares? Learn more now
4. – Estimated benefits at BP oil giant summit
The British oil giant BP (BP – Get Report) said the benefit of the underlying replacement cost in the first quarter had fallen to $ 2.6 billion, up from $ 2.6 billion a year ago, but was slightly higher than analysts' expectations.
Sales for the first quarter amounted to $ 67.4 billion, down 2.5% from the previous year.
"BP's performance this quarter demonstrates the strength of our strategy," said CEO Bob Dudley in a statement. "With strong upstream and downstream deliveries and strong commercial results, we generated resilient results and cash flows during a period of volatility beginning with poor market conditions."
BP's downstream earnings for the quarter were $ 1.73 billion, up from $ 1.83 billion a year ago.
Cash flow from operations, excluding payments of $ 600,000 for oil spills in the Gulf of Mexico, was $ 5.9 billion.
Oil and gas production during the quarter increased 2% over the same period in 2018.
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5. – Western Digital collapses after loss of profit expectations
Western Digital (WDC – Get Report) dropped Tuesday in pre-commercial trade, after the maker of data storage devices missed the third-quarter earnings forecast.
Adjusted earnings for the quarter were 17 cents per share, well below expectations of 46 cents. Revenues of $ 3.67 billion missed analysts' estimates of $ 3.68 billion.
The stock fell 4.3% in pre-sale trading to $ 48.30.
"Market conditions have generally been in line with our expectations and, while the economic environment remains sluggish, initial signs point to improving trends," said Steve Milligan, CEO of Western Digital. "We expect the demand environment to continue to improve for both flash disk products and hard drives for the remainder of the year 2019".
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