The Space Economy

Morgan Stanley’s Space Team estimates that the roughly $350 billion global space industry could surge to over $1 trillion by 2040.

Explore Morgan Stanley’s 1-minute investment insights videos, in this on-going series, from the firm’s leading thinkers. Discover current investment trends and topics like green bonds, active investment, monetizing small businesses, cybercrime and more.

Noticeable Earnings Released on Wed, Jan 27 2021

4th Qtr 2020 Earnings

Noticeable earnings include Apple, Facebook, Tesla, Boeing and many more. See below for links to investor presentations.

SymbolCompanyEarnings Call TimeEPS Estimate
AMPAmeriprise Financial IncAfter Market Close4.52
PKGPackaging Corp of AmericaAfter Market Close1.42
ANTMAnthem IncTAS2.52
AAPLApple IncAfter Market Close1.41
ADPAutomatic Data Processing IncBefore Market Open1.29
ABTAbbott LaboratoriesBefore Market Open1.35
TAT&T IncBefore Market Open0.73
BXBlackstone Group IncBefore Market Open0.89
BABoeing CoBefore Market Open-1.8
LEVILevi Strauss & CoAfter Market Close0.15
WHRWhirlpool CorpTAS6.07
LVSLas Vegas Sands CorpAfter Market Close-0.32
SymbolCompanyEarnings Call TimeEPS Estimate
CATMCardtronics PLCAfter Market Close0.54
NSCNorfolk Southern CorpBefore Market Open2.48
SLMSLM CorpAfter Market Close0.35
GDGeneral Dynamics CorpBefore Market Open3.54
GLWCorning IncBefore Market Open0.48
CNSCohen & Steers IncAfter Market Close0.68
VFCVF CorpBefore Market Open0.9
HESHess CorpBefore Market Open-0.66
RJFRaymond James Financial IncAfter Market Close1.72
SymbolCompanyEarnings Call TimeEPS Estimate
FBFacebook IncAfter Market Close3.22
TSLATesla IncAfter Market Close1.01
NDAQNasdaq IncBefore Market Open1.45
ROLRollins IncBefore Market Open0.13
RESRPC IncBefore Market Open-0.08
URIUnited Rentals IncAfter Market Close4.23
TAROTaro Pharmaceutical Industries LtdAfter Market Close1.01
TERTeradyne IncAfter Market Close1.01

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AMD Reports Fourth Quarter and Full Year 2020 Financial Results

― Quarterly revenue of $3.24B up 53% year-over-year; Full year revenue of $9.76B up 45%; quarterly and full year net income more than doubled from prior year ―

SANTA CLARA, Calif., Jan. 26, 2021 (GLOBE NEWSWIRE) — AMD (NASDAQ:AMD) today announced revenue for the fourth quarter of 2020 of $3.24 billion, operating income of $570 million, net income of $1.78 billion and diluted earnings per share of $1.45. Fourth quarter net income included an income tax benefit of $1.30 billion associated with a valuation allowance release, which contributed $1.06 to EPS. On a non-GAAP(*) basis, operating income was $663 million, net income was $636 million and diluted earnings per share was $0.52.

For full year 2020, the company reported revenue of $9.76 billion, operating income of $1.37 billion, net income of $2.49 billion and diluted earnings per share of $2.06. Full year results included a fourth quarter income tax benefit of $1.30 billion associated with a valuation allowance release, which contributed $1.07 to annual EPS. On a non-GAAP(*) basis, operating income was $1.66 billion, net income was $1.58 billion and diluted earnings per share was $1.29.

Starbucks Reports Q1 Fiscal 2021 Results

Q1 Comparable Store Sales of -5% in the U.S. and 5% in China, Demonstrating Sustained Recovery Q1 GAAP EPS $0.53; Non-GAAP EPS $0.61 Reflecting Substantial Margin Improvement from Prior Quarter Active Starbucks® Rewards Membership in the U.S. Up 15% Year-Over-Year to 21.8 Million Fiscal 2021 Outlook Reaffirms Path to Full Recovery

SEATTLE–(BUSINESS WIRE)– Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal first quarter ended December 27, 2020. GAAP results in fiscal 2021 and fiscal 2020 include items that are excluded from non-GAAP results. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information.

“I am very pleased with our start to fiscal 2021, with meaningful, sequential improvements in quarterly financial results despite ongoing business disruption from the pandemic. Investments in our partners, beverage innovation and digital customer relationships continued to fuel our recovery and position Starbucks for long-term, sustainable growth,” said Kevin Johnson, president and ceo.

“Our results demonstrate the continued strength and relevance of our brand, the effectiveness of the actions we’ve taken to adapt to changes in consumer behavior and the steadfast commitment of our green apron partners to serve our customers and communities. We remain optimistic about our robust operating outlook for fiscal 2021 as well as our ability to unlock the full potential of Starbucks to create value for our stakeholders,” concluded Johnson.

Q1 Fiscal 2021 Highlights

  • Global comparable store sales declined 5%, driven by a 19% decrease in comparable transactions, partially offset by a 17% increase in average ticket
    • Americas comparable store sales declined 6%, driven by a 21% decrease in comparable transactions, partially offset by a 20% increase in average ticket; U.S. comparable store sales declined 5%, driven by a 21% decrease in comparable transactions, partially offset by a 19% increase in average ticket
    • International comparable store sales were down 3%, driven by a 10% decline in comparable transactions, partially offset by an 8% increase in average ticket; China comparable store sales were up 5%, driven by a 9% increase in average ticket, partially offset by a 3% decline in transactions; International and China comparable store sales are inclusive of a benefit from value-added tax exemptions of approximately 3% and 5%, respectively
  • The company opened 278 net new stores in the first quarter of fiscal 2021, yielding 4% year-over-year unit growth, ending the period with 32,938 stores globally, of which 51% and 49% were company-operated and licensed, respectively
    • Stores in the U.S. and China comprised 61% of the company’s global portfolio at the end of the first quarter of fiscal 2021, with 15,340 and 4,863 stores, respectively
  • Consolidated net revenues of $6.7 billion declined 5% from the prior year primarily due to the impact of the COVID-19 pandemic
    • Impact included the effects of reduced customer traffic, modified operations, reduced store operating hours and temporary store closures
  • GAAP operating margin of 13.5%, down from 17.2% in the prior year primarily due to the COVID-19 pandemic, mainly sales deleverage, as well as growth in wages and benefits and Americas store portfolio optimization expenses, partially offset by labor efficiency and the impact of pricing in the Americas
    • Non-GAAP operating margin of 15.5%, down from 18.2% in the prior year
  • GAAP earnings per share of $0.53, down from $0.74 in the prior year primarily due to unfavorable impacts related to the COVID-19 pandemic
    • Non-GAAP earnings per share of $0.61, down from $0.79 in the prior year
  • Starbucks® Rewards loyalty program 90-day active members in the U.S. increased to 21.8 million, up 15% year-over-year

Microsoft Cloud Strength Drives Second Quarter Results

REDMOND, Wash. — January 26, 2021 — Microsoft Corp. today announced the following results for the quarter ended December 31, 2020, as compared to the corresponding period of last fiscal year:

· Revenue was $43.1 billion and increased 17%

· Operating income was $17.9 billion and increased 29%

· Net income was $15.5 billion and increased 33%

· Diluted earnings per share was $2.03 and increased 34%

“What we have witnessed over the past year is the dawn of a second wave of digital transformation sweeping every company and every industry,” said Satya Nadella, chief executive officer of Microsoft. “Building their own digital capability is the new currency driving every organization’s resilience and growth. Microsoft is powering this shift with the world’s largest and most comprehensive cloud platform.”

“Accelerating demand for our differentiated offerings drove commercial cloud revenue to $16.7 billion, up 34% year over year,” said Amy Hood, executive vice president and chief financial officer of Microsoft. “We continue to benefit from our investments in strategic, high-growth areas.”

Business Highlights

Revenue in Productivity and Business Processes was $13.4 billion and increased 13% (up 11% in constant currency), with the following business highlights:

· Office Commercial products and cloud services revenue increased 11% (up 9% in constant currency) driven by Office 365 Commercial revenue growth of 21% (up 20% in constant currency)

· Office Consumer products and cloud services revenue increased 7% (up 6% in constant currency) and Microsoft 365 Consumer subscribers increased to 47.5 million

· LinkedIn revenue increased 23% (up 22% in constant currency)

· Dynamics products and cloud services revenue increased 21% (up 18% in constant currency) driven by Dynamics 365 revenue growth of 39% (up 37% in constant currency)

Revenue in Intelligent Cloud was $14.6 billion and increased 23% (up 22% in constant currency), with the following business highlights:

· Server products and cloud services revenue increased 26% (up 24% in constant currency) driven by Azure revenue growth of 50% (up 48% in constant currency)

Revenue in More Personal Computing was $15.1 billion and increased 14% (up 13% in constant currency), with the following business highlights:

· Windows OEM revenue increased 1%

· Windows Commercial products and cloud services revenue increased 10% (up 8% in constant currency)

· Xbox content and services revenue increased 40% (up 38% in constant currency)

· Surface revenue increased 3% (up 1%in constant currency)

· Search advertising revenue excluding traffic acquisition costs increased 2% (up 1% in constant currency)

Microsoft returned $10 billion to shareholders in the form of share repurchases and dividends in the second quarter of fiscal year 2021, an increase of 18% compared to the second quarter of fiscal year 2020.

Business Outlook

Microsoft will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.

3M Reports Fourth-Quarter and Full-Year 2020 Results; Provides Full-Year 2021 Guidance

Fourth-Quarter Highlights:
– Sales of $8.6 billion, up 5.8 percent; organic local-currency sales increased 5.5 percent
– Both GAAP and adjusted EPS of $2.38
– Operating cash flow of $2.5 billion; adjusted free cash flow of $2.1 billion, up 16 percent

Full-Year Highlights:
– Sales of $32.2 billion, up 0.1 percent; organic local-currency sales declined 1.7 percent
– GAAP EPS of $9.25; adjusted EPS of $8.74
– Operating cash flow of $8.1 billion; adjusted free cash flow of $6.7 billion, up 18 percent
– Reduced both total debt by $1.5 billion, or 7 percent, and net debt by $4.1 billion, or 23 percent
– Returned $3.8 billion to shareholders via dividends and gross share repurchases

2021 Guidance:
– Sales growth in the range of 5 to 8 percent, organic local-currency growth of 3 to 6 percent
– Earnings per share of $9.20 to $9.70

ST. PAUL, Minn. – Jan. 26, 2021 − 3M (NYSE: MMM) today reported fourth-quarter and full-year 2020 results and provided its 2021 financial outlook.

“The 3M team delivered a strong fourth quarter with organic growth across all business groups, robust cashflow and a double-digit increase in earnings per share,” said Mike Roman, 3M chairman and chief executive officer. “In an uncertain economic environment, we stayed focused on innovating for our customers, improving
our operational execution and fighting the pandemic from every angle.”

“Throughout 2020 we distributed two billion respirators globally and supported the development and manufacturing of vaccines and therapeutics to help the world respond to COVID-19,” Roman continued. “We also took significant actions to transform and build 3M for the future, while advancing our core values. Moving forward we will continue to prioritize investments in growth, productivity and sustainability as we build on our progress and deliver strong results in 2021.

Fourth-Quarter Results
3M delivered year-on-year growth across all business segments and geographic areas even as the COVID-19pandemic continues to evolve and affect 3M’s businesses in a number of ways. During the fourth quarter, end market demand remained strong in personal safety, home improvement, general cleaning, semiconductor, data center and biopharma filtration. At the same time, several other end markets continued to experience year-on year declines primarily driven by COVID-19-related headwinds, including healthcare and oral care elective procedures, consumer electronics, hospitality, office supplies, and healthcare IT.

GE 4th Quarter 2020 Earnings

Today GE released its fourth-quarter and full-year results for 2020. You can read the full materials and listen to the earnings call on GE’s investor website.

Key points on GE’s financial performance include:

Fourth quarter 2020:

  • Total orders $23.2B, (7)%; organic orders (3)%
  • Total revenues (GAAP) $21.9B, (16)%; Industrial organic revenues* $20.1B, (14)%
  • Industrial profit margin (GAAP) of 14.4%, +800 bps; adjusted Industrial profit margin* 6.4%, (460) bps
  • Continuing EPS (GAAP) $0.27, favorable year over year; adjusted EPS* $0.08, (60)%
    • *Note: In our materials today, we talk about some enhanced reporting and disclosure changes we’re making to better align our reporting to how we operate the company and to continue our focus on transparency and accountability. Excluding the impact of these changes, adjusted EPS* would have been $0.10. See page 2 of the press release with more detail in the presentation.
  • GE Industrial CFOA (GAAP) $1.9B; Industrial free cash flow* $4.4B

Full year 2020:

  • Total orders $72.0B, (20)%; organic orders (17)%; backlog $386.5B, (4)%
  • Total revenues (GAAP) $79.6B, (16)%; Industrial organic revenues* $73.2B, (13)%
  • Industrial profit margin (GAAP) of 10.0%, +790 bps; adjusted Industrial profit margin* 3.4%, (610) bps
  • Continuing EPS (GAAP) $0.59, favorable year over year; adjusted EPS* $0.01, (98)%
    • Excluding impact of the reporting changes noted above, adjusted EPS* would have been $0.06.
  • GE Industrial CFOA (GAAP) $(1.3)B; Industrial free cash flow* $0.6B
    • You can also find free cash flow* results by segment for the year on page 13 of the presentation.

CEO Larry Culp said, “As 2020 progressed, we significantly improved GE’s profitability and cash performance despite a still-difficult macro environment. The fourth quarter marked a strong free cash flow finish to a challenging year, reflecting the results of better operations as well as strong and improving orders in Power and Renewable Energy. Over the past year our team proved resilient, and momentum is growing across our businesses. We are in leading positions to capture opportunities in the energy transition, precision health, and the future of flight. As we continue our transformation, we remain focused on strengthening GE and delivering value for the long term.”

As Larry notes, we delivered a strong free cash flow* finish to a challenging year with $4.4B in in the fourth quarter, half a billion better than last year. This was driven largely by better working capital and improving Renewables and Power orders. Specifically, at Gas Power, our cost measures and operational improvements enabled us to deliver positive free cash flow* one year ahead of our commitment. For the full year, we delivered positive Industrial free cash flow* of $0.6B ($0.3B excluding BioPharma, which we sold in March) despite the weakness in the commercial Aviation market.

Momentum is growing across all of our businesses with further evidence this quarter. In 2020, we achieved our cost and cash targets, completing more than $2B of cost and $3B of cash actions. The biggest actions came at Aviation, where we executed more than $1B of cost and $2B of cash actions, in line with expectations. This led to steadily improving, positive margin and nearly breakeven Industrial free cash flow* at Aviation this year.

In Healthcare, we delivered another strong margin and cash quarter. While our team navigated shifts in pandemic-related demand, we acquired Prismatic Sensors and launched more than 40 NPIs. In Power, our team continues to make progress operationally, particularly in cash generation, with Gas Power reducing fixed costs* by 12% this quarter, on its way to achieving $2.5B fixed cost* base in 2021. We’re also encouraged by the progress at Renewables this year, highlighted by record volumes in Onshore Wind, full type certification for both the 12- and 13-megawatt Haliade-X in Offshore Wind, and turnaround progress at Grid and Hydro.

All of this sets us up well to deliver value for the long term. Larry points out in his quote above how we are leading in the energy transition, precision health, and the future of flight—some of the most important opportunities not just in our end markets, but in the world. Coupled with sustaining our lean efforts across the company to drive performance improvements and cultural change, we believe we can ultimately unlock high-single-digit free cash flow* margin over time and create more value for our investors, customers, communities, and team.

Looking to 2021, despite a still difficult macro environment, our full-year outlook includes:

  • Industrial organic revenue* growth: low-single digits
  • Adjusted Industrial organic margin* expansion: 250+ basis points
  • Adjusted earnings per share*: $0.15 to $0.25
  • Industrial free cash flow*: $2.5 to $4.5 billion

Earnings on Tue, Jan 26

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SymbolCompanyEarnings Call TimeEPS Estimate
MMM3M CoBefore Market Open2.15
AROWArrow Financial CorpBefore Market Open0.75
AUBAtlantic Union Bankshares CorpBefore Market Open0.67
ADMArcher-Daniels-Midland CoBefore Market Open1.1
ALKAlaska Air Group IncBefore Market Open-2.87
AXPAmerican Express CoBefore Market Open1.31
AGYSAgilysys IncAfter Market Close0.21
ALVAutoliv IncTAS1.93
ACNBACNB CorpTime Not Supplied
AMDAdvanced Micro Devices IncAfter Market Close0.47
ROKRockwell Automation IncBefore Market Open1.89
AUDCAudioCodes LtdBefore Market Open0.37
SFSTSouthern First Bancshares IncBefore Market Open0.63
PPBIPacific Premier Bancorp IncBefore Market Open0.49
EBTCEnterprise Bancorp IncTime Not Supplied
EBSBMeridian Bancorp Inc (MARYLAND)Time Not Supplied0.32
PWODPenns Woods Bancorp IncTime Not Supplied
TCBKTrico BancsharesTime Not Supplied0.69
WRBW. R. Berkley CorpAfter Market Close0.79
CATCCambridge BancorpBefore Market Open1.95
BXPBoston Properties IncAfter Market Close0.59
HONEHarborOne Bancorp IncTAS0.22
BHLBBerkshire Hills Bancorp IncTAS0.16
HBCPHome Bancorp IncBefore Market Open0.78
LBCLuther Burbank CorpAfter Market Close0.27
HOPEHope Bancorp IncAfter Market Close0.25
FCNCAFirst Citizens BancShares Inc (Delaware)After Market Close
SMBCSouthern Missouri Bancorp IncTAS0.89
FNWBFirst Northwest BancorpTime Not Supplied
EQBKEquity Bancshares IncTAS0.54
WNEBWestern New England Bancorp IncTime Not Supplied0.09
DCOMDime Community Bancshares IncTAS0.42
BUSEFirst Busey CorpTAS0.54
RBCAARepublic Bancorp IncBefore Market Open0.74
SALTScorpio Bulkers IncBefore Market Open-0.35
FBNCFirst Bancorp (North Carolina)Time Not Supplied0.76
FBIZFirst Business Financial Services IncTime Not Supplied0.59
STXBSpirit of Texas Bancshares IncTAS0.41
FMBIFirst Midwest Bancorp IncAfter Market Close0.27
PEBOPeoples Bancorp IncBefore Market Open0.69
UBFOUnited Security BancsharesTime Not Supplied
NRIMNorthrim BanCorp IncTime Not Supplied1.45
RBBRBB BancorpTAS0.48
GSBCGreat Southern Bancorp IncTAS0.98
GEGeneral Electric CoBefore Market Open0.09
CACCamden National CorpBefore Market Open0.93
RNSTRenasant CorpAfter Market Close0.59
UMBFUMB Financial CorpAfter Market Close2.3
LMTLockheed Martin CorpBefore Market Open6.41
PCSBPCSB Financial CorpTAS0.13
TYTri-Continental CorpTime Not Supplied
CVLGCovenant Logistics Group IncTAS0.61
CMRECostamare IncTime Not Supplied0.25
KTCCKey Tronic CorpAfter Market Close
NWFLNorwood Financial CorpBefore Market Open
CCMConcord Medical Services Holdings LtdAfter Market Close
RTXRaytheon Technologies CorpBefore Market Open0.7
SFNCSimmons First National CorpBefore Market Open0.39
SNVSynovus Financial CorpBefore Market Open0.8
RXNRexnord CorpTime Not Supplied0.38
CITCIT Group IncTAS0.57
SBUXStarbucks CorpAfter Market Close0.55
VZVerizon Communications IncTAS1.17
PFISPeoples Financial Services CorpTime Not Supplied
EHCEncompass Health CorpAfter Market Close0.85
NAVINavient CorpAfter Market Close0.83
PFCPremier Financial Corp (OHIO)After Market Close0.69
TRMKTrustmark CorpAfter Market Close0.67
FCFFirst Commonwealth Financial CorpAfter Market Close0.23
MSFTMicrosoft CorpAfter Market Close1.64
RQICohen & Steers Quality Income Realty Fund IncAfter Market Close
UTFCohen & Steers Infrastructure Fund IncAfter Market Close
CHRWCH Robinson Worldwide IncAfter Market Close0.97
HAFCHanmi Financial CorpAfter Market Close0.35
CCNECNB Financial CorpTime Not Supplied0.55
XRXXerox Holdings CorpBefore Market Open0.6
COFCapital One Financial CorpAfter Market Close2.86
SANMSanmina CorpAfter Market Close0.81
SINASINA CorpBefore Market Open
COHRCoherent IncAfter Market Close0.85
FBKFB Financial CorpTAS0.81
DHID.R. Horton IncBefore Market Open1.69
GEENQGlobal Eagle Entertainment IncAfter Market Close
NEPNextera Energy Partners LPBefore Market Open0.3
NEENextera Energy IncBefore Market Open0.37
FCXFreeport-McMoRan IncBefore Market Open0.38
FFWMFirst Foundation IncBefore Market Open0.44
FFIVF5 Networks IncAfter Market Close2.46
RNRRenaissancere Holdings LtdAfter Market Close-1.27
SLGNSilgan Holdings IncAfter Market Close0.53
HAHawaiian Holdings IncAfter Market Close-3.53
VBTXVeritex Holdings IncAfter Market Close0.45
VARVarian Medical Systems IncAfter Market Close1.1
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SymbolCompanyEarnings Call TimeEPS Estimate
IVZInvesco LtdTAS0.57
WSBCWesBanco IncAfter Market Close0.61
MXIMMaxim Integrated Products IncAfter Market Close0.68
PLDPrologis IncBefore Market Open0.36
PIIPolaris IncBefore Market Open2.9
TXNTexas Instruments IncAfter Market Close1.34
PCARPaccar IncBefore Market Open1.22
SMRTQStein Mart IncTime Not Supplied
LIQTLiqTech International IncBefore Market Open-0.06
NVRNVR IncTime Not Supplied79.82
LRNStride IncAfter Market Close0.49
JNJJohnson & JohnsonBefore Market Open1.82
MRTNMarten Transport LtdTime Not Supplied0.22

Earnings on Tue, Jan 19th, 2021

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SymbolCompanyEarnings Call TimeEPS EstimateReported EPSSurprise(%)
BACBank of America CorpBefore Market Open0.55
CNBKACentury Bancorp IncTime Not Supplied
UNTYUnity Bancorp IncBefore Market Open0.58
IBKRInteractive Brokers Group IncBefore Market Open0.59
UCBIUnited Community Banks IncAfter Market Close0.6
ONBOld National BancorpBefore Market Open0.38
GNTYGuaranty Bancshares IncBefore Market Open0.76
BANFBancFirst CorpTime Not Supplied0.74
NCBSNicolet Bankshares IncTime Not Supplied1.49
MBWMMercantile Bank CorpBefore Market Open0.55
SBNYSignature BankBefore Market Open2.89
WTFCPWintrust Financial CorpTime Not Supplied
HALHalliburton CoBefore Market Open0.15
CMAComerica IncBefore Market Open1.19
STTState Street CorpTAS1.56
FULTFulton Financial CorpAfter Market Close0.31
FNBF.N.B. CorpTAS0.24
PETSPetmed Express IncTAS0.38
ORRFOrrstown Financial Services IncTime Not Supplied0.59
PNFPPinnacle Financial Partners IncAfter Market Close1.35
GSGoldman Sachs Group IncTBD7.47
NFLXNetflix IncAfter Market Close1.39
SMBKSmartFinancial IncAfter Market Close0.43

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Tesla 2020 Annual Shareholder Meeting and Battery Day

Tesla’s 2020 Annual Meeting of Stockholders was held on Tuesday, September 22, 2020, at 1:30 PM Pacific Time. Immediately following the conclusion of the 2020 Annual Meeting, they held their separate Battery Day event. 

Event Chapters: 0:00 – Annual Shareholder Meeting 25:23 – Company Update and Year-In-Review 58:38 – Battery Day Keynote 1:57:06 – Plaid Model S 1:58:24 – Q&A