All three major U.S. equity indexes were slammed Thursday, dropping by 3% to 5%. In the first hour of trading, all the previous day’s gains were wiped out. Every S&P stock sector closed lower, all 30 Dow stocks ended the day in the red and the Nasdaq Composite dropped 5%. The major indexes were trading down shortly after Friday’s opening bell.
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After markets closed on Tuesday, payment provider Block missed consensus estimates on both earnings per share (by two cents) and revenue (by 4.3%). Afterpay, the buy-now-pay-later firm Block acquired in a deal that closed in late January, contributed $130 million to total revenue of $3.96 billion and $92 million to a gross profit of $1.29 billion. Block shares traded down more than 4% early Friday.
Electric vehicle maker Lucid reported a smaller-than-expected loss and more-than-expected revenue. The company delivered just 360 vehicles in the quarter but said that it sticks by its full-year sales forecast of 12,000 to 14,000 units. Lucid also raised the prices for its cars by $10,000 to $15,000, moving the price range for its Lucid Air models from $77,400 to $139,000 to a new range of $87,400 to $154,000. Shares traded down about 5.6% Friday morning.
DraftKings met the consensus estimate for a loss per share of $1.20 and beat the revenue estimate by about 1.5%. Full-year revenue guidance was increased slightly, and the company also said its EBITDA loss would be smaller than previously forecast. Shares were trading 4.7% early Friday.
Athletic apparel and gear maker Under Armour missed on both the top and bottom lines. Shares traded down nearly 24% early Friday.
Before markets open on Monday, Tyson Foods will report quarterly results, as will Ballard Power, Coty, Lordstown Motors and Palantir Technologies.
Here is a look at five companies set to report results on Monday and Tuesday.
AMC Entertainment
Since its meme stock glory days in June of last year, shares of AMC Entertainment Holdings Inc. (NYSE: AMC) have dropped by 76.5%. Even so, the stock soared so high that for the entire 12-month period through Thursday’s close, the stock is up 56.4%. In March, AMC acquired a 22% stake in a struggling gold mining firm (Hycroft Mining) for $27.9 million. AMC also indicated that this could be the first of more investments in distressed assets. A theatre chain angling to become a private equity fund? AMC reports quarterly results after markets close Monday.
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