In a noteworthy day for the stock market, several key companies drew significant attention from traders and analysts alike. Apple, the tech giant, announced earnings that surpassed expectations, leading to a nearly 3% increase in after-hours trading. CEO Tim Cook expressed optimism around upcoming sales, particularly due to strong demand for the iPhone 17, stating that sales could be “off the chart.” With this evening’s gain, Apple’s stock is now up about 12% year to date, and if the sluggish start to the year is excluded, the stock has surged nearly 30% in the past six months.
In the energy sector, ExxonMobil is set to report its earnings in the morning, with the results expected to be covered extensively on “Squawk Box.” CEO Darren Woods will be live for an interview during the 8 a.m. hour. The company’s stock has risen approximately 2% over the last three months and sits 7% below the high it reached on November 22. Similarly, Chevron will also present its earnings during “Squawk Box,” with CEO Mike Wirth appearing on “Squawk on the Street” later in the morning. Chevron’s shares have remained relatively flat since its last report but are 9% off the highs it achieved in late March.
In the oil market, Brent crude prices have fallen by 11% over the past three months, while West Texas Intermediate (WTI) crude has seen a nearly 14% decline during the same period.
Another standout was Huntington Ingalls, which reported record revenue of $3.2 billion for the third quarter, driven by favorable outcomes at its shipbuilding segments. The company noted that targeted investments have been aiding workforce strengthening and building a robust supply chain. Following the announcement, Huntington Ingalls’ stock jumped 7% on Thursday, achieving a new 52-week high, and continued its upward trend with an additional 2% rise in extended trading. Year to date, the stock has surged by an impressive 69%.
On the tariff front, Hershey has adjusted its projected tariff expenses to range between $160 million and $170 million, a marginal reduction reflecting lower Canadian retaliatory tariffs. Despite recent struggles, including a 10% drop over the past three months and a more than 8% decline in October alone, Hershey has remained resilient with a 1% uptick year to date. Competing candy company Mondelez has faced a similar fate, seeing an 11% drop in the last three months and a 3% dip year to date.
Looking ahead, pharmaceutical companies remain cautious about the potential for higher tariffs, although proposed tariffs on imported pharmaceutical products have been postponed. AbbVie will report its earnings before the market opens on Friday, with analysts expressing strong confidence in the stock. AbbVie has esteemed itself with nearly a 30% climb year to date and over 20% in the last three months, largely due to its strategy of investing in U.S. manufacturing. Of the 31 analysts monitoring AbbVie, a substantial 61% rate it as a buy or overweight.
Friday promises to be an eventful day in the markets as investors await the earnings reports and ongoing developments in the energy and pharmaceutical sectors.
