Waste Management's (WM) net profit rose to $228M from $168M
Increases guidance for free net cash flow, saying it expects $1.4-1.5B vs prior guidance of above $1.3B.
However, Waste Management says that regarding other elements of its guidance, "it's difficult to predict underlying business trends in the first quarter due to winter seasonality." Still, "early April volumes indicate a normal seasonal upturn." Waste Management expects to "refine" its guidance after Q2.
Stock futures point to a higher open, with Nasdaq soaring in the wake of strong earnings results from tech titans Apple and Facebook; S&P +0.4%, Dow +0.1%, Nasdaq +1.6%.
Markets are firm across Europe, while Asian markets ended mixed; Japan's Nikkei -1% after a trade deal with the U.S. was not completed.
Apple +8.6% premarket after earnings and revenue beat estimates on stronger than expected iPhone shipments, it increased its share buyback program to $90B and announced a 7:1 share split; a $43 gain during regular trade would add 4.3 points to the S&P 500.
Nasdaq also enjoyed better than expected results from Facebook, Citrix Systems and F5 Networks, among others.
Also beating forecasts were economic bellwether Caterpillar (+2.8%), GM (+3.4%) and Aetna (+5.6%).
Among today's data, a jump in durable goods orders outweighed a bigger than expected rise in weekly jobless claims.
Treasurys trimmed earlier losses amid heightening tensions between Russia and Ukraine; the 10-year yield has narrowed its increase to one basis point to ~2.71%.
NXP (NXPI) expects Q2 revenue of $1.30B-$1.35B and EPS of $1.00-$1.10, largely favorable to a consensus of $1.30B and $1.02. Shares +2.5% premarket. (Q1 results, PR)
Yandex (YNDX) expects 25%-30% 2014 ruble-based revenue growth vs. a consensus for 29% growth. Shares -0.9% premarket. (Q1 results, PR)
Sonus (SONS) expects Q2 revenue of $73M-$75M ($33M-$35M from SBCs and diameter signaling) and EPS of $0.01 vs. a consensus of $74M and $0.01. Full-year guidance is for revenue of $300M ($168M from SBCs and diameter signaling) and EPS of $0.05 vs. a consensus of $301.8M and $0.05. Shares +2.9% premarket. (Q1 results, PR)
Logitech (LOGI) is reiterating FY15 (ends March '15) guidance for revenue of $2.16B and op. income of $145M. The revenue forecast is below a $2.17B consensus. Shares -2.9% premarket. (FQ4 results, PR)
Freeport McMoRan (FCX) +2% premarket after Q1 earnings fell 21% Y/Y, hurt by lower copper prices and higher costs, but results topped analyst expectations.
FCX previously had raised its copper production despite weaker demand and lower prices, but output fell 3.3% during Q1 to 948M lbs., with average realized price/lb. falling to $3.14 from $3.51 a year earlier, partly due to the conflict with Indonesia's government that has halted its copper concentrate exports from the country.
Total gold production also declined, falling 1.7% to 231K oz., with average realized price/oz. falling to $1,300 from $1,606.
Gross margin narrowed to 25.7% from 33.5% as input costs rose 21% to $3.7B; capital spending totaled $1.61B, double the year-ago period, and FCX continues to expect $7B in capital spending for the year, up from $5.3B last year.
FCX's oil and gas unit sold 16.1M boe, beating its forecast of 15.3M, primarily reflecting higher Eagle Ford production volumes.
Investment advisory revenue of $826.4M gained $123.5M from a year ago, with average AUM up 17% to $100.2B to $711.4B. Market appreciation and income helped, but there were also net cash inflows of $8.8B.
78% of mutual funds outperformed comparable Lipper averages on a total return basis for the 3-year period ending on March 31. 85% outperformed over a 10-year period, 71% over one year.
Operating expenses of $505.5M gained $62.4M from a year ago, with compensation and related costs up $39.8M. Headcount of 5,692 up about 5%.