Earnings Previews: ChargePoint, Marvell Technology, UiPath

The three major U.S. equity indexes closed mixed on Tuesday. The Dow Jones industrials ended the day up by a mere 0.01%, while the S&P 500 closed 0.16% lower and the Nasdaq down 0.59%. Six of 11 sectors closed lower, with technology (−0.98%) and utilities (−0.73%) falling the most. Real estate (1.71%) and energy (1.28%) posted the largest gains.

The U.S. Energy Information Administration releases its weekly report on the country’s petroleum inventories later in the morning. Last week, the U.S. commercial crude inventory declined by 3.69 million barrels. After U.S. markets closed Tuesday, the American Petroleum Institute (API) reported that U.S. inventories dropped by 4.2 million barrels, more than the 2.5 million barrels that analysts were expecting. Federal Reserve Chair Jerome Powell is giving a speech titled “Economic Outlook, Inflation, and the Labor Market” Wednesday afternoon that will be parsed for clues to future Fed rate hikes.

Before U.S. markets open on Thursday, the U.S. Department of Labor will issue its weekly report on claims for unemployment benefits and the Bureau of Economic Analysis will release its October report on personal consumption expenditures (PCE). To wrap up a busy week, the nonfarm payroll report for November is due Friday.

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

After U.S. markets closed Tuesday, CrowdStrike reported quarterly results that were better than expected. Then came the not-so-good news: subscription revenue grew by less than the company expected due to “macroeconomic headwinds.” CrowdStrike expects to report adjusted earnings per share (EPS) in a range of $0.42 to $0.45 in the current quarter, well above the consensus estimate of $0.34, but revenue guidance of $619.1 to $628.2 million for the quarter fell short of the consensus estimate. The stock was punished Wednesday morning, trading down more than 17% in the premarket session.

Hewlett Packard Enterprise also beat earnings per share (EPS) and revenue expectations. The company issued upside guidance for earnings and revenue for the current quarter. Shares traded up about 1.9% Wednesday morning.

Before markets opened on Wednesday, Chinese online real estate broker KE Holdings beat consensus estimates on both the top and bottom lines but issued downside guidance for current-quarter revenue. The stock traded up by about 6.8% in Wednesday’s premarket.

Shipping company Frontline reported a miss on earnings and better-than-forecast revenue. The company said it expects to pay a cash dividend of 80% of adjusted net income per share ($0.37) for the third quarter once its voluntary exchange offer related to the acquisition of Euronav is completed. That is about $0.30 per share. Shares traded up by 3.4%.

Nordic American Tankers also beat top-line and bottom-line estimates Wednesday morning. The stock traded up about 3.2%.

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