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Live: Nvidia’s Q1 Earnings Tonight Could Send Shockwaves Across the Market

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Earnings Wrap for Tuesday, November 22

Photo of Paul Ausick
By Paul Ausick Published
Earnings Wrap for Tuesday, November 22

© Andrew Burton / Getty Images

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.

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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.

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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.

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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.

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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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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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