Investing

Earnings Previews: Lucid, Occidental Petroleum, Plug Power

The three major U.S. equity indexes closed higher Friday. The Dow Jones industrials ended the day up 1.26%, the S&P 500 closed 1.36% higher and the Nasdaq saw a gain of 1.28%. All 11 sectors closed higher, with materials (3.41%) and financials (1.87%) posting the biggest gains. Utilities and healthcare (both 0.57%) had the smallest gains.

This week’s economic calendar includes the monthly report on the consumer price index (CPI). Economists are expecting the Thursday morning release to show that the index increased month over month in October by 0.7%. Core CPI (excluding food and energy) is expected to tick down from 0.6% to 0.5%. The weekly report on new claims for unemployment insurance will be released Wednesday. New claims are expected to rise from last week’s 217,000 to 220,000.

The three major indexes traded higher in the first hour of trading on Monday.

Before markets opened, Palantir Technologies reported a one-penny miss on EPS and revenue in line with expectations. The company lowered fourth-quarter revenue guidance to a new range of $603 to $505 million. Analysts had a consensus estimate of $506.6 million. The stock traded down about 6.9% early Monday.

NiSource reported adjusted earnings per share (EPS) that met the consensus estimate, while revenue of $1.09 billion was better than expected. The company lowered full-year EPS guidance from a prior range of $1.50 to $1.57 to a new range of $144 to $1.46. NiSource also announced a growth plan that it expects to boost adjusted EPS by 6% to 8% annually through 2027. Shares traded down 2.8% Monday morning.

Ballard Power reported inline EPS and missed on revenue. Shares traded down by 3.9% Monday morning.

Activision Blizzard and Lyft take their turns in the earnings spotlight after U.S. markets close on Monday. Before U.S. markets open on Tuesday, Constellation Energy and GlobalFoundries are on deck to report quarterly earnings.

With so many interesting reports due out late Tuesday, we split our coverage into two stories. We already have previewed Affirm, AMC Entertainment and Disney. Here is a look at three more companies set to report quarterly results after U.S. markets close on Tuesday.

Lucid

Electric vehicle (EV) maker Lucid Group Inc. (NASDAQ: LCID) made its public market debut in a SPAC merger late in July of last year. The stock spiked to a 52-week high in mid-November but has dropped by about 74% since then. In mid-October, the company reported that year-over-year production tripled, and the stock has added 6%.

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