Earnings Previews: Canopy Growth, DraftKings, Western Digital

The three major U.S. equity indexes closed lower Tuesday. The Dow Jones industrials dropped 1.23%, the S&P 500 slipped by 0.67%, and the Nasdaq dipped by 0.16%. All 11 sectors ended the day lower, led down the slope by real estate (1.3%), financials and industrials (both down 1.1%).

An unknown attacker on Tuesday drained more than 8,000 Solana wallets of at least $5 million in a variety of cryptocoins. According to a report at CoinDesk, the attacker obtained the ability to sign transactions on behalf of users, “suggesting a trusted third-party service may have been compromised in a so-called supply chain attack.” In the first hour of Wednesday’s regular session, all three equity indexes traded higher.

After markets closed on Tuesday, Airbnb beat analysts’ consensus estimate for earnings per share (EPS) but missed the revenue estimate slightly. Shares traded down by about 4.9% Wednesday morning.

AMD beat estimates on both the top and bottom lines, but a warning on a declining PC market has given investors the jitters. Shares traded down about 1.6% in the morning.

Occidental Petroleum also beat top- and bottom-line estimates. The company also paid down $5 billion in debt, has repurchased $1.1 billion in stock so far this year, and the company has said it will focus on returning capital to shareholders. Investors did not seem too impressed. Shares traded down by about 1.9% Wednesday morning.

Livent also topped estimates, but shares were down 6.4% in morning trading.

PayPal beat both estimates and issued inline EPS guidance for the current quarter and raised full-year guidance. The $2 billion investment from Elliott Management has resulted in an information sharing agreement with the private equity giant, and investors have rewarded the stock by pushing it up 10.6% Wednesday morning.

Starbucks beat estimates on both the top and bottom lines. The stock traded up about 1.7%.

Before markets opened on Wednesday, Under Armour met the EPS estimate and beat on revenues, and it lowered EPS guidance for the fiscal year while guiding revenue up by 5% to 7% year over year. Shares traded up by more than 4%.

After markets close Wednesday afternoon, APA, Energy Transfer, Lucid and Robinhood are on deck to report quarterly results. Thursday morning brings reports from Alibaba, ConocoPhillips, Nikola and Paramount Global. And we also previewed four companies set to report earnings later on Thursday: AES, AMC, Block, Virgin Galactic and Warner Bros. Discovery.

Here are previews of three earnings reports due out first thing Friday morning.

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