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2Q Earnings Boosting Markets Thursday

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  • Description

    FBN’s Diane Macedo breaks down the stories moving the markets ahead of the trading day.

  • Duration 4:48
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This is -- primacy of the morning.

I'm on upon the.

Everyone shares of Morgan Stanley are trading lower in the premarket after the investment bank reported a profit of 28 cents from continuing operations.

For its second quarter analysts were looking for 43 cents.

Revenue of seven billion dollars also came in below the forecast for seven point seven billion.

CEO James Gorman says global economic uncertainty.

A continues to be a problem for the bank meanwhile Philip Morris reported a profit of -- dollar 36 a share for the second quarter.

-- two cents better than the street's forecast revenue of eight point one billion dollars beat the estimate for eight billion the cigarette maker reaffirmed its -- twelve earnings.

A five dollars ten cents to five dollars twenty cents a share the estimate there.

-- -- Shares of Verizon are trading lower in premarket after that company said it earned a net profit of one point 83 billion dollars for its second quarter.

Every cent to 64 cents a share -- matching the estimate dead on.

Revenue rose nearly 4% from year ago to 28 point six billion dollars at slightly higher than the forecast for 28 point 55 billion.

Verizon Wireless also -- 888000.

Retail customers in the second quarter but that's compared to one point three million a year ago.

Checking the markets here in the US we're awaiting the release of initial jobless claims at the bottom of the hour ahead of that.

Green hours across the board Dow futures are up by 5060 S and -- up by six the nasdaq's up by about sixteen.

Over in Europe.

Stocks got a boost after Dow Jones report that said the European Financial Stability Facility.

But be able to buy Spanish bonds on the primary and secondary markets -- -- Spain's borrowing costs rose this morning as the country sold almost three billion euros.

Worth -- 25 and seven year bonds.

We've got a markets they're up all across the board London's up by sixteen.

Paris is up by 25 and Frankfurt's up by 1610.

A big bought mourning for earnings we have more now from Union Pacific.

The railroad companies reporting a profit of two dollars ten cents a share beating the estimate.

For a dollar 97 revenue five point 22 billion dollars though -- just -- tiny bit short the estimate there was for five point 23 billion.

-- now let's head back over -- European markets take a closer look at what's moving them.

With markets dot com chief economist bill will -- Over London built the Bank of England Governor Mervyn King is proposing that the Central Bank it regulated discuss possible reforms to live -- At their meeting in September what changes do you think we could see -- the rate.

Diane I'm not even that touch this situation because either we've -- -- Pages and pages and pages but it really is the situation as we begin to realize it is -- they -- how they updated I don't know what does -- say let's go into another.

-- -- all right I can do that German lawmakers are set to ratify the government's participation in the Euro area bail out of Spanish banks.

We think helped bring them on board there's a good amount of opposition to this -- points to what he thinks -- them.

Well I think.

And they probably woke up to reality it was a situation as we mentioned earlier -- now they -- -- -- buying Spanish -- and Italian bonds and everybody's been telling them you know that stability this out of the other.

Talk about a half a big -- we talking about probably two and a half to three trillion euros that are needed and I think it really is a situation where.

All of a -- they started to look around and say wait a minute this is a very serious problem and -- as -- The market was somewhat disappointed about being probably middle of September but remember the Olympics -- next Friday even the Bank of England is not expecting.

Any liquidity for that July August period and remember traditionally August is that period.

It the Europe which is holiday tax are based in the market is looking at very positive and we can see that with a massive move in stocks a massive -- -- commodities.

And at small moved out in the -- -- aren't that still move -- live from London thanks bill is -- having on.

And are getting -- -- now from Freeport Mac brand that companies reporting a profit of 74 cents a share that with a penny shy.

Of the estimate for 75 cents revenue of four point 48 billion dollars didn't beat expectations.

The estimate there was four point 43 billion.

And -- Wayne Williams of the paying companies also reporting a profit of two dollars seventeen cents a share beating the estimate for two dollars thirteen cents.

Revenue came in at 2.5 seven billion dollars that was in this that analysts were looking for two point 67 billion.

Let's take a look at commodities now oil and gold.

Have entity upset all morning just like the markets were seeing oil now up by about a dollar -- -- around 91 dollars a barrel gold up by sixteen dollars at 1587.

Announced.

Imus in the morning continues right now on Fox Business as always giving -- of -- across.

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