
Norway's Telenor beats 2nd quarter earnings expectations

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Reuters
4 hours ago
- Reuters
India's L&T beats profit estimates on robust overseas orders
July 29 (Reuters) - India's infrastructure giant Larsen & Toubro ( opens new tab beat quarterly profit estimates on Tuesday, and posted a quicker order growth. The company's consolidated profit after tax stood at 36.17 billion rupees ($416.7 million) for the quarter ended June 30, above analysts' average expectation of 33.68 billion rupees, per data compiled by LSEG. Total orders grew 33%, faster than the 8% growth a year ago and a 24% growth in the preceeding quarter. ($1 = 86.8100 Indian rupees)


Reuters
5 hours ago
- Reuters
S&P, Nasdaq futures edge up amid earnings, UnitedHealth pressures Dow
July 29 (Reuters) - S&P 500 and Nasdaq futures ticked higher on Tuesday as investors assessed earnings reports from some of the top U.S. companies, while Dow futures lost some steam following a gloomy outlook from heavyweight UnitedHealth. At 06:50 a.m. ET, S&P 500 E-minis were up 17.75 points, or 0.28%, and Nasdaq 100 E-minis were up 110.75 points, or 0.47%. Dow E-minis rose 0.04%, but the gains were capped as healthcare conglomerate UnitedHealth (UNH.N), opens new tab dropped 4.7% in premarket trading following a disappointing profit forecast. Meanwhile, out of 168 S&P 500 companies that have reported, nearly 80% have beaten earnings expectations, according to Friday's LSEG data. But caution lingers, as some of Wall Street's giants feel the sting of U.S. President Donald Trump's sweeping tariffs. United Parcel Service (UPS.N), opens new tab became the latest victim of the tariffs, falling 4% after the delivery company reported lower-than-expected second-quarter profit. On Monday, the S&P 500 and the Nasdaq scored fresh record closes amid volatile trading, buoyed by a U.S.-EU trade deal that halved tariffs to 15% and stoked hopes of further global agreements ahead of Trump's looming August 1 deadline. The President has also floated a potential "world tariff" of 15-20% for non-negotiating countries. U.S. and Chinese officials on Tuesday kicked off a second day of high-stakes talks in Stockholm, aiming to cool tensions and avert a deepening trade war between the world's two largest economies. Negotiators are eyeing a possible 90-day extension to the fragile tariff truce brokered in May. Earnings from tech heavyweights Meta (META.O), opens new tab, Microsoft (MSFT.O), opens new tab, Amazon (AMZN.O), opens new tab and Apple (AAPL.O), opens new tab are scheduled for later this week, which could test Wall Street's record run. "The easiest gains (on Wall St) have now happened, and any further rise is likely to happen much more slowly," said Thomas Mathews, head of Markets at Capital Economics. "The narrowness of the rally means it may depend especially heavily on "big tech" profit results continuing to paint a positive picture." Spotify (SPOT.N), opens new tab tumbled 6.5% after the company forecast third-quarter profit below estimates. The U.S. central bank is set to begin its two-day policy meeting later in the day. While the Fed is expected to leave rates unchanged on Wednesday, traders will closely analyze policymakers' remarks to gauge the timing of future moves. According to the CME FedWatch tool, markets are pricing in a 61.7% chance of a rate cut in September. The meetings come amid the White House's campaign on the central bank to lower borrowing costs, including Trump's persistent criticism of Fed Chair Jerome Powell and occasional suggestions to remove him from his position. Investors are now focused on the latest Job Openings and Labor Turnover Survey (JOLTS) and consumer confidence reports for more clues on the U.S. economy, which continues to show signs of labor market strength—even as some inflationary pressures from tariffs begin to surface. Analysts urge patience, as they await more data before sounding any alarms. Among other earnings-related moves, Cadence Design (CDNS.O), opens new tab jumped 7.7% in premarket trading after the chip design software provider raised its annual sales and profit forecast.


Reuters
5 hours ago
- Reuters
UnitedHealth's downbeat annual forecast, quarterly profit miss hit shares
July 29 (Reuters) - UnitedHealth (UNH.N), opens new tab on Tuesday restored its full-year profit forecast that it suspended months ago, with a new outlook that highlighted the challenges the U.S. insurer faced, including rising medical costs. The company projected full-year earnings per share of at least $16, well short of analysts' lowered estimates, while second-quarter profit fell short of expectations. Its shares were trading about 5% down premarket, set to add to the more than 40% slump this year. UnitedHealth and other insurers have been hit hard this year by elevated medical costs. The company's underperformance led to the abrupt departure of CEO Andrew Witty in May. New CEO Stephen Hemsley is under pressure to regain investor trust amid company's financial issues and reputational damage. The company posted its first earnings miss in over a decade in the first quarter and is facing criminal and civil investigation by the U.S. Department of Justice over its Medicare Advantage billing practices. Morningstar analyst Julie Utterback said given the new outlook is roughly half of UnitedHealth's initial guidance for 2025, investors will be looking at management to allay fears over the longer-term earnings power of the business. UnitedHealth in December had initially forecast adjusted profit for 2025 to be between $29.50 and $30.00 per share. In 2024, its adjusted profit stood at $27.66 per share. The company said its new forecast reflects expectations for higher realized and anticipated care trends. The company suspended its 2025 forecast in May, a historic first for the insurer, citing higher-than-anticipated medical expenditures, which have also rattled its peers. The company's quarterly medical loss ratio - the percentage of premiums spent on medical care - stood at 89.4%, higher than analysts' expectation of 88.58%. The rise was mainly due to medical cost trends that significantly exceeded pricing trends, and the ongoing effects of Medicare funding reductions, UnitedHealth said. Still, the company remained optimistic and reiterated that it expects to return to profit growth in 2026. "While we face challenges across our lines of business, we believe we can resolve these issues and recapture our earnings growth potential," said Tim Noel, chief executive officer of the health insurance unit UnitedHealthcare. The company's adjusted second-quarter profit of $4.08 per share missed analysts' average estimate of $4.48.