The three major U.S. equity indexes closed higher Monday, but not by as much as the first couple of hours might have suggested. The Nasdaq added 0.4%%, the S&P 500 rose by 0.3% and the Dow Jones industrials closed up less than a tick. Only the consumer cyclical sector finished the day with a gain of 1%. The tech sector closed flat, as did health care and consumer staples. The report on April’s trade balance showed a decline of about $20 billion below the March level, but still a deficit of $87.1 billion. The March deficit of $107.7 billion was the largest monthly deficit on record.
After markets closed Monday, Coupa Software beat consensus estimates on both the top and bottom lines. Fiscal year guidance for earnings per share (EPS) was slightly above expectations, and revenue guidance was in line. The stock traded up by about 1% in Tuesday’s premarket session.
GitLab posted a smaller than expected loss and better than expected revenue. The company’s guidance for its 2023 fiscal year was better than consensus estimates, and the shares traded up by more than 10% early Tuesday.
Before markets opened Tuesday, Hello Group also beat estimates on the top and bottom lines, but it issued downside guidance on second-quarter revenue. Shares traded down about 3.5% early Tuesday.
Academy Sports beat both earnings and revenue estimates, while the low end of fiscal year 2023 EPS guidance was reduced and guidance for revenue did not reach the consensus estimate. The company also raised its buyback program by $600 million to $700 million. That was enough to boost shares by 5% in Tuesday’s premarket trading.
First thing Wednesday morning, Campbell Soup and Thor Industries will report quarterly results.
Here is a look at four companies scheduled to release quarterly results late Wednesday or early Thursday.
Bilibili Inc. (NASDAQ: BILI) offers gaming, video and live broadcasting platforms for children and teens in the People’s Republic of China. Over the past year, Bilibili shares have dropped by nearly 77%. The company is expected to get a boost when the government winds up its investigation of DiDi Global, China’s ride-sharing giant, and the Chinese economy begins revving up again. Most analysts expect this boost to be limited to the short term. Bilibili reports its quarterly results before markets open on Thursday.
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