By Jeremy C. Owens, MarketWatch
Last quarter, Boeing Co., Facebook Inc. and Tesla Inc. played “Hold my beer” amid controversies; three months later, it is time for an update as they work through their issues.
Boeing /zigman2/quotes/208579720/composite BA -0.17% still has its 737 Max fleet on hold after the planes were grounded in March following two crashes less than five months apart. The airplane manufacturer got out ahead of its second-quarter report by predicting a $5.6 billion hit from the problem, and saying that the planes would resume flying before the end of the year, before some had expected.
Full preview: Expect more on 737 Max fallout from Boeing
Facebook /zigman2/quotes/205064656/composite FB -0.14% ended up taking a $3 billion hit in its April earnings report in anticipation of a record fine from the Federal Trade Commission, but admitted that the total could be up to $5 billion. According to reports, the fine will end up on the high end of those projections, though neither Facebook nor the FTC has yet confirmed that number. It could be confirmed by the time Facebook reports its second-quarter results Wednesday afternoon , however, so Facebook may disclose when it expects to swallow the other $2 billion as Big Tech prepares to deal with more government scrutiny.
Full preview: Facebook seems immune to the Big Tech backlash — for now
After a disappointing first quarter, Tesla /zigman2/quotes/203558040/composite TSLA +6.88% has already shown off much stronger delivery and production numbers in the second quarter. Tesla is still expected to report a loss for the period, however, and the electric-car maker did not reconfirm its full-year guidance when reporting second-quarter deliveries, as it did in its prior deliveries report. Investors will be looking for more information on profitability and demand when Chief Executive Elon Musk takes the stage Wednesday afternoon.
Full preview: Another quarterly loss is likely for Tesla, but Wall Street is hoping demand remained intact
Boeing, Facebook and Tesla will not be alone Wednesday, as the busiest week of the earnings season kicks into high gear.
Also reporting Wednesday
• AT&T Inc. /zigman2/quotes/203165245/composite T +0.47% will be looking ahead to 5G, but investors may be looking at how many video subscribers the company is losing — the DirecTV business lost more than 600,000 subscribers in the first quarters, and analysts are saying that the second quarter could be even worse.
• PayPal Holdings Inc. /zigman2/quotes/208054269/composite PYPL +1.34% has already said that one company in its recent wave of acquisitions is expected to contribute more to its bottom line than it previously expected, and will detail the effects of other businesses it has swallowed while adapting to life without Chief Operating Officer Bill Ready.
• United Parcel Services Inc. /zigman2/quotes/201245396/composite UPS +0.32% announced a ton of new initiatives Tuesday afternoon ahead of its earnings report, including the establishment of a new drone subsidiary and matching rival FedEx Corp. /zigman2/quotes/203047719/composite FDX +1.62% with Sunday delivery, so expect execs to focus on those new moves instead of second-quarter results.
• S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.47% components expected to report: 37, including Ford Motor Co. /zigman2/quotes/208911460/composite F -0.74% and Xilinx Inc. /zigman2/quotes/209389378/composite XLNX +1.65% .