Earning Season – Lockheed Martin and Snap Inc.

Lockheed Martin – Operates as a global security and aerospace company

Fundamental

Lockheed Martin (NYSE: LMT) is scheduled to announce Q2 results at 3 PM GMT today. The consensus EPS estimate is $5.72 (+14% year-on-year) and the consensus revenue estimate is $15.19 billion (+5.3% year-on-year).

In June, Lockheed Martin was awarded 27 contracts valued $3.2 billion, and the total stand at almost $30 billion since the beginning of 2020. The defense businesses are not tied as much as other sectors to the global economy, as they are more tied to the government budget cycles and global conflicts.

Technical

• Price is holding above the 50% Fibonacci retracement from the $442.53 - $265.44 range
• The 50-day simple moving average coincides with the 61.8% Fibonacci retracement

Snap Inc. – A camera application that helps people to communicate through short videos and images called Snaps

Fundamental

Snap Inc. (NYSE: SNAP) is scheduled to announce Q2 results at 9 PM GMT today. The consensus EPS estimate is -$0.10 (-66.7% year-on-year) and the consensus revenue estimate is $442.19 million (+14.0% year-on-year).

Software application and internet stocks are among the biggest winners this year amid the historic market volatility. Technology companies have been generally resilient to the economic disruptions caused by the COVID-19 pandemic, benefiting from excessive usage due to people being restricted at home and lack of human interaction.

Technical

• Price above the 50-day simple moving average
• The bullish channel still holding strong

Disclaimer

The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM.COM. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.