Earnings Wrap for Tuesday, November 22

The three major U.S. equity indexes closed lower Monday. The Dow ended the day down 0.13%, the S&P 500 closed 0.39% lower, and the Nasdaq Composite closed down 1.09%. Four of 11 sectors closed lower, with consumer cyclicals (down 1.41%) and energy (down 1.39%) weighing most heavily. Consumer staples (up 0.98%) and real estate (up 0.72%) led the sector gainers.

There are only a small number of economic reports due during this holiday-shortened week. The weekly report on claims for unemployment benefits, the report on new home sales in October, and the weekly report on oil inventories are all due out on Wednesday.

The three major indexes traded higher in Tuesday’s premarket session.

After U.S. markets closed Monday afternoon, Dell easily beat the consensus earnings per share (EPS) estimate but missed on revenue and issued a fiscal year revenue estimate that was short of expectations. Shares traded down 1.6% Tuesday morning.

Urban Outfitters missed the consensus EPS estimate but topped analysts’ expectations for revenue. The company noted that sales so far in the January quarter are encouraging. Shares traded up about 3.4%.

Zoom Video beat EPS expectations but missed slightly on revenue. Then the company issued downside guidance for both earnings and revenue for the current quarter. Shares are down 7% Tuesday morning.

Before markets opened Tuesday morning, Best Buy reported better-than-expected results for earnings and revenue. Shares traded up more than 9% in Tuesday’s premarket session.

American Eagle Outfitters also beat consensus estimates on both the top and bottom lines. Shares traded up about 8.4% Tuesday.

Medtronic missed the consensus revenue estimate but narrowly beat the EPS forecast. The company lowered guidance for the rest of the 2023 fiscal year ending in April. Shares traded down more than 5% in Tuesday’s premarket.

U.S. markets are closed for the Thanksgiving holiday on Thursday. They close early (1:00 p.m. ET) on Friday.

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