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Day Ahead: Top 3 Things to Watch

Published 10/23/2019, 04:39 PM
Updated 10/23/2019, 04:44 PM
© Reuters.

Investing.com - Here are three things that could rock markets tomorrow.

1. Amazon (NASDAQ:AMZN) Profit Report Leads the Parade

Amazon.com (NASDAQ:AMZN) is the earnings highlight tomorrow, with quarterly results coming after the bell.

On average, analysts expect that the company earned $4.59 per share in the latest quarter, according to forecasts compiled by Investing.com.

Sales are seen coming in at around $68.8 billion.

Investors will be especially interested in its content plans as the streaming competition heats up, with Walt Disney's (NYSE:DIS) Disney+ service and Apple's (NASDAQ:AAPL) Apple TV Plus launching next month. (HBO Max arrives next year.)

Two big brokerages weighed in on the stock last week ahead of the earnings report.

Credit Suisse (SIX:CSGN) raised its price target on the stock to $2,400 from $2,225 and said it can see a 35% rally ahead.

Goldman Sachs (NYSE:GS) lowered its target to $2,350 from $2,400, but maintained its buy rating on shares ahead of the results.

Amazon (NASDAQ:AMZN) was down 8.3% in the third quarter and is up 1.39% this month. It's up 17.2% on the year.

2. Twitter, 3M (NYSE:MMM), Comcast (NASDAQ:CMCSA) Also Reporting

Twitter (NYSE:TWTR) will report its third-quarter results before the bell.

The social media company is expected to post a profit of 20 cents per share on revenue of about $874 million.

As usual, other metrics will also move the stock, especially monetizable daily active users (mDAUs).

Analysts are looking for mDAUs to come in at $142 million, up from $139 million in the second quarter.

3M (NYSE:MMM) is also reporting earnings.

The Dow component is expected to report earnings of $2.49 per share on revenue of about $8.2 billion.

And cable and entertainment giant Comcast (NASDAQ:CMCSA) is seen posting a profit of 74 cents a share, with revenue coming in at about $27 billion.

3. Durable Goods, New Home Sales on the Cards

Along with earnings, the economic calendar is pretty busy tomorrow.

At 8:30 AM ET (12:30 GMT), the Commerce Department will issue its September measures of durable goods orders.

Orders for long-lasting goods are expected to have dropped 0.5% last month according to economists’ forecasts compiled by Investing.com.

Core durable goods orders, which exclude autos, are predicted to have fallen 0.2%.

At the same time, the Labor Department will report the latest weekly jobless claims numbers.

Claims for first-time unemployment benefits are expected to have ticked up to 216,000 from 214,000 the week before.

At 10:00 AM ET, new home sales figures arrive from the Commerce Department.New home sales are predicted to have fallen 0.7% in September to an annual rate of 710,000.

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