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General Motors, Kraft Heinz, Uber Earnings: 3 Things to Watch

Stock MarketsAug 03, 2021 21:02
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By Dhirendra Tripathi

Stocks surged Tuesday despite a similar wave of new Covid-19 cases bursting throughout the South and in California, forcing local and state governments to reinstate mask mandates and prompting calls on businesses to require vaccinations for employees and customers.

In New York City, where the tourism industry is just starting to bounce back from the pandemic, individuals will be required to show proof of vaccination starting later this month to engage in indoor activities in restaurants, gyms and other gathering places. 

Tyson Foods Inc (NYSE:TSN), the largest U.S. meat producer by sales, is requiring all its U.S. employees to be vaccinated by November.

U.S. companies continue to report solid earnings, helping to overcome the fear that rising cases linked to the highly contagious delta variant of the coronavirus would delay economic recovery.

China’s regulatory crackdown on businesses there is also sending nervous energy into the market, prompting a sharp sell-off in Tencent Holdings Ltd (HK:0700) ADR (OTC:TCEHY)this week. 

Another videogame company, Take-Two Interactive Software Inc (NASDAQ:TTWO), tumbled nearly 10$ after the maker of "Grand Theft Auto" issued a disappointing sales forecast.

On a light day for data, U.S. factory orders rose 1.5% in June after a 2.3% increase in the previous month. Reuters said the economists it polled expected a rise of 1% in June. All eyes continue to be on the jobs report on Friday, though the private payroll reading is due out Wednesday morning from ADP.

Here are three things that could affect markets tomorrow:

1. General Motors earnings

General Motors Company (NYSE:GM)reports second quarter earnings Wednesday. The automaker, which is aiming for a big push into electric vehicles over the next few years, is expected to announce earnings per share of $1.69 on revenue of $29.92 billion, according to analysts tracked by Investing.com.

2. Food earnings

Kraft Heinz Co (NASDAQ:KHC), the maker of ketchup, Oscar Mayer hot dogs, Jell-O,  and boxed macaroni and cheese, is seen posting a revenue of $6.55 billion and EPS of 72 cents for the second quarter.

3. More ride-hailing earnings

Uber Technologies Inc (NYSE:UBER) is expected to post a loss of 54 cents per share and revenue of $3.74 billion for the second quarter. Its report, due out after Wednesday’s closing bell, follows rival LYFT Inc (NASDAQ:LYFT), which reports later on Tuesday. The two ride-hailing companies have struggled to find drivers as ridership picks up.

 

General Motors, Kraft Heinz, Uber Earnings: 3 Things to Watch
 

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