In the first half-hour of Thursday’s trading, the Dow Jones industrials were down 0.38%, the S&P 500 traded 0.35% and the Nasdaq 0.31% lower.
After U.S. markets closed on Wednesday, Qualcomm missed the consensus estimate for earnings per share (EPS) but beat the forecast for revenue. The company said demand will continue to deteriorate, especially for smartphones, and that it is not seeing any recovery in Chinese sales. Shares traded down 7.6% Thursday morning.
Albemarle beat the EPS estimate but missed on revenue. Guidance for fiscal year EPS came in below the consensus estimate, while revenue guidance was in line with expectations. Shares traded up 3.4%.
Before markets opened on Thursday, ConocoPhillips failed to meet the consensus revenue estimate but beat the EPS estimate by 15%. Shares traded up 1.0%.
Constellation Energy missed the consensus EPS estimate by nearly 70% on a year-over-year revenue increase of 35%. Shares traded up about 0.7%.
Paramount Global missed estimates on both the top and bottom lines. The worse news for investors was a cut to the quarterly dividend from $0.24 per share to $0.05. Shares traded down more than 22% early Thursday.
Apple and Block will report quarterly earnings after markets close Thursday, while AMC and Enbridge are on deck to report results first thing Friday morning.
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