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Earnings Previews: AMC Entertainment, Cronos, Hecla Mining, Li Auto, Peloton
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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.
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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