In Tuesday morning trading, the Dow Jones industrials were down 0.39%, the S&P 500 down 0.81% and the Nasdaq 0.99% lower.
After U.S. markets closed on Monday, First Republic Bank reported first-quarter results that wiped out a gain of more than 12% in the day’s regular trading session. Deposits dropped from $176.4 billion at the end of December to $104.5 billion at the end of March. Profits fell 33% year over year, and revenue fell by 13%. Shares traded down about 29% Tuesday morning.
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Cleveland-Cliffs beat estimates for both earnings per share (EPS) and revenue. The company said that its sales to automakers increased by 36% in the quarter, but revenue ended the period down 11.1% year over year. Even though the company expects “significant” EBITDA growth in the second quarter, investors were unconvinced. Shares traded down 2.9% early Tuesday.
Range Resources also beat estimates on both the top and bottom lines. Shares traded down 1.1%.
Before markets opened on Tuesday, General Electric beat both top-line and bottom-line consensus estimates. Revenue increased by 14.3% year over year, and the company issued in-line guidance for the full fiscal year. GE also raised the low end of its free cash flow estimate to $3.6 billion. Shares dropped about 2% in late-morning trading.
UPS missed consensus EPS and revenue estimates and issued downside guidance for fiscal 2023. The package delivery giant cut its revenue estimate from a range of $97.0 billion to $99.4 billion to $97.0 billion, well short of the consensus estimate of $98.25 billion. UPS said it expects to spend $3 billion on share buybacks this year. Shares traded down 9.2%.
GE HealthCare also beat top-line and bottom-line estimates and reaffirmed previous guidance. Shares traded down 9.4%.
General Motors beat expectations on the top and bottom lines and raised fiscal-year EPS guidance to a new range of $6.35 to $7.35. The automaker also said it expects 2025 revenue to rise to $225 billion, a compound annual growth rate of about 12%, while electric vehicle production will reach 1 million units in North America by 2025. Shares traded down 3%.
Raytheon beat top-line and bottom-line estimates and issued in-line EPS guidance for the full fiscal year. Shares traded down 1.6%.
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