Major market indexes registered fresh all-time closing highs Monday, only a couple trading days removed from when investors though a falling 10-year rate meant there was a hole in our boat. Doesn’t look like that’s the case, even if some economic data hasn’t come in as hot as expected during the Great Reopening. The Dow was a smidge below 35K, +0.36%, while the S&P 500 rose 0.35% and the Nasdaq +0.21% — all good enough for record highs.
We’re just outside the upshift in reportage for calendar Q2 earnings season, as Goldman Sachs GS is bidding higher 3% just ahead of tomorrow morning’s earnings release. The investment bank major is expecting 53% earnings growth (off a low base effect year over year), but a 14% drop in quarterly revenues. Shares are just off all-time highs last seen early June. Somebody expecting something big?
Walt Disney Co. DIS was the other big Dow component performing well on the day, +4%. It’s not reporting earnings yet, but JPMorgan (NYSE:JPM) just wrote it up kindly, looking for +24% growth, on growing strength in Parks and Studio output making it to the big screen again. Disney produced “Black Widow,” the most successful post-pandemic blockbuster, bringing in $215 million worldwide in its opening weekend.
However, Virgin Galactic SPCE fell more than 17% today — and its founder just survived a trip to outer space yesterday! It turns out the company has quietly filed with the SEC to sell up to $500 million in shares, or 10.2 million. During pre-market trading, Branson’s historic journey earned a 7% gain before the SEC filing. Aside from beating billionaire rival Jeff Bezos into outer space, is Virgin Galactic actually close to offering “extra-world” travel?
And Broadcom (NASDAQ:AVGO) AVGO is expected to buy analytics software company SAS Institute from between $15-20 billion. Shares popped for Broadcom on the news, as analysts see clear synergies on the Enterprise side of chip-making, but have since cooled to a 1% gain. Broadcom’s shares have been a bit choppy since reaching all-time highs this spring, and the company does not report earnings until almost Labor Day.
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The Goldman Sachs Group, Inc. (NYSE:GS): Free Stock Analysis Report
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