To The Moon

U.S. stock index futures jumped on Tuesday, with strong quarterly sales from Johnson & Johnson lifting hopes that upbeat corporate reports could soothe markets worries of a potential recession due to rising inflation and interest rates.

Market Snapshot

At 8:04 a.m. ET, Dow e-minis were up 502 points, or 1.66%, S&P 500 e-minis were up 69.75 points, or 1.89%, and Nasdaq 100 e-minis were up 233.5 points, or 2.1%.

Pre-Market Movers

Johnson & Johnson(JNJ) – Johnson & Johnson shares rose 1.4% in the premarket after beating top and bottom line estimates for the third quarter, helped by growth in pharmaceutical sales. J&J did narrow its earnings outlook, as it maintains caution due to the impact of a strong U.S. dollar.

Hasbro(HAS) – The toymaker reported adjusted quarterly profit of $1.42 per share, falling 10 cents shy of Street forecasts, with revenue matching estimates. Hasbro had cut its sales forecast earlier this month, noting increased consumer sensitivity to higher prices. Hasbro slid 3.5% in premarket trading.

Goldman Sachs(GS) – Goldman earned $8.25 per share for the third quarter, beating the $7.69 consensus estimate, while revenue topped Wall Street forecasts as well. Goldman rose 2.3% in the premarket.

Amazon.com(AMZN) – Amazon added 2.3% in premarket trading after Citi named it a top pick for both a hard and soft economic landing, saying it would perform well under either scenario.

fuboTV(FUBO) – fuboTV rallied 10.4% in the premarket after the sports-centered streaming service announced it would eliminate its sports betting business and also raised its sales outlook.

XPO Logistics(XPO) - XPO issued a preliminary third-quarter sales forecast that was slightly below analyst estimates and would be its smallest quarterly sales since 2015. However, the transportation company also raised its profit forecast, and the stock rose 1.5% in premarket trading.

Nordstrom(JWN) – Nordstrom Chief Financial Officer Anne Bramman will step down in December. The retailer has launched a search for a new CFO, with Chief Accounting Officer Michael Maher serving as interim CFO. Nordstrom rose 1.7% in the premarket.

Intel(INTC) – Intel’s Mobileye unit is targeting a value of about $16 billion in its initial public offering, according to an SEC filing. The Wall Street Journal had reported that Intel had initially expected a roughly $50 billion valuation for the self-driving car unit, but had scaled those expectations down substantially. Intel added 1.2% in premarket action.

Target(TGT) – The retailer’s stock jumped 3% in the premarket after Jefferies upgraded it to “buy” from “hold,” saying Target will benefit from an easing of supply chain issues and improved inventory positioning. Target shares had risen yesterday after CEO Brian Cornell made bullish comments at a Yahoo Finance conference.

Market News

Hasbro Quarterly Profit Slumps As Price Hikes Dent Demand

Toymaker Hasbro Inc reported a 28% fall in third-quarter earnings on Tuesday as inflation-hit consumers were further discouraged by price hikes.

Earlier in October, Hasbro cut its fiscal 2022 sales forecast, citing a stronger dollar and a slowdown in demand. The company also said it was trimming its product lines.

Lockheed Martin Q3 EPS $6.71 Beats $6.68 Estimate, Sales $16.60B Miss $16.64B Estimate

Lockheed Martin (NYSE:LMT) reported quarterly earnings of $6.71 per share which beat the analyst consensus estimate of $6.68 by 0.45 percent.

This is a 203.62 percent increase over earnings of $2.21 per share from the same period last year.

Goldman Sachs Group Q3 Sales $11.98B Beat $11.43B Estimate

Goldman Sachs Group (NYSE:GS) reported quarterly sales of $11.98 billion which beat the analyst consensus estimate of $11.43 billion by 4.81 percent.

This is a 11.96 percent decrease over sales of $13.61 billion the same period last year.

Johnson & Johnson Beats Sales Estimates on Pharma Strength

Johnson & Johnson on Tuesday beat analysts' estimates for third-quarter sales, helped by strong demand for its cancer drug Darzalex and Crohn's disease drug Stelara.

The U.S. healthcare conglomerate tightened its full-year adjusted profit forecast range.