Investing

Earnings Previews: Block, DraftKings, Lucid, Tyson Foods

The Federal Reserve’s Open Market Committee announcement is due out Wednesday afternoon, and Fed watchers are expecting a one-half point rate hike and more details on how the Fed plans to run off its balance sheet. Stocks were trading slightly higher in Wednesday’s premarket session but the major indexes had inched down as of late morning.

After markets closed on Tuesday, lithium miner Livent beat the consensus profit estimate by 50% and revenue rose by more than 56% year over year. Full-year revenue guidance was raised to a range of $755 to $835 million, sharply above the consensus estimate of $585.5 million. The stock price soared by nearly 23% in morning trading Wednesday. Cowen upgraded the stock from Market Perform to Outperform and raised the $25 price target to $33 per share.

Advanced Micro Devices reported first-quarter results that beat the consensus earnings estimate by more than 21% and the revenue estimate by 5.6%. Shares traded up about 2% Wednesday morning.

Airbnb also topped consensus estimates for earnings and revenue and raised fiscal year revenue guidance. The stock traded about 3.5% higher Wednesday morning.

Ride-sharing firm Lyft also beat top-line and bottom-line estimates, but second-quarter revenue guidance was slightly below the consensus estimate. The company announced plans to invest more in the second quarter, and the effect will hit Lyft’s borrowing. Shares were hammered Wednesday morning, trading down about 33.6%. Three brokerages immediately lowered the company’s price target, and one cut its rating from Positive to Neutral.

Starbucks missed the consensus profit estimate by a penny and beat the consensus revenue estimate. The company expects more pressure on results for the rest of the year, but the resumption of share buybacks carried the day. The stock traded up more than 5.8% Wednesday morning.

Barrick Gold reported better-than-expected results on both the top and bottom lines Wednesday morning. The stock traded up about 0.1%.

Albermarle, APA and Cameco were covered in our preview that included Barrick, while previews for ConocoPhillips, Moderna and Uber were included separately.

Here is a look at four companies set to report results on Thursday or Friday.

Block

Block Inc. (NYSE: SQ) will report first-quarter results after markets close on Thursday. Over the past 12 months, the share price has declined by about 58%, with all the decline coming since early November. That was better than the 67% decline in rival PayPal’s shares before the company reported earnings last week and the share price gained around $10.

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