In late morning trading on Wednesday, Dow Jones industrials were down 0.45%, the S&P 500 down 0.76% and the Nasdaq down 0.9%.
After U.S. markets closed on Tuesday, AMC Entertainment reported mixed results, beating the consensus earnings per share (EPS) estimate but missing on revenue. The company’s coming vote related to increasing share count is considerably more important than AMC’s results. But isn’t everything? Shares traded down 8.6% shortly before noon.
Rivian Automotive also reported mixed results. It beat bottom-line expectations while missing on revenue. Another recall stings but does not change the company’s story. Shares traded down 17.7%.
HP met Wall Street’s EPS estimate but missed on revenue. The company does not expect 2023 to be a year of recovery for the personal computer industry. In fact, industry sales for the year may fall back to pre-pandemic levels. The stock traded down 2.2%.
Before U.S. markets opened on Wednesday, Kohl’s missed estimates on both the top and bottom lines. And the numbers were not even close. In its outlook, Kohl’s also came up short, issuing downside earnings and revenue guidance for the 2024 fiscal year that ends in January. Shares traded down 1.9%.
Lowe’s beat the EPS estimate but missed on revenue, although revenue was up 5% year over year. Fiscal 2024 EPS guidance was in line with analysts’ consensus estimate but revenue guidance was a bit short. Same-store sales are forecast to be flat to down 2%. Shares traded down more than 6%.
Nio missed estimates on both the top and bottom lines and issued downside guidance for the first quarter. The stock traded down about 5%.
After U.S. markets close on Wednesday, Plug Power, Salesforce and Snowflake are scheduled to report quarterly results. Then, Kroger and Macy’s are on deck to report first thing Thursday morning, with Broadcom, Dell, Hewlett Packard Enterprise and Marvell following later in the day.
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