In morning trading on Thursday, the Dow Jones industrials were down 1.14%, the S&P 500 down 0.64% and the Nasdaq 0.19% lower.
After U.S. markets closed on Wednesday, Disney missed the consensus earnings per share (EPS) estimate but did beat revenue expectations. That was not good enough to overcome a decline in its cable networks business. Shares traded down nearly 9% in the first half-hour of trading on Thursday.
Robinhood beat estimates on both the top and bottom lines, and investors have responded warmly to the company’s plan to begin 24-hour trading in a selected bag of stocks, including Tesla, Amazon, and Apple. The stock is up 6.5%.
Unity Software missed analysts’ EPS estimate but beat on revenue and issued upside guidance for the second quarter. Shares traded up 10.5%.
Before U.S. markets opened on Thursday, Algonquin Power also beat on both the top and bottom lines. Algonquin said it will conduct a strategic review of its renewable energy business with the goal of “enhancing shareholder value.” Shares traded up about 0.3%.
JD.com hammered estimates, handily beating both EPS and revenue forecasts. Shares traded up more than 6%.
Faraday Future, News Corp and Petrobras are scheduled to report quarterly results after markets close on Thursday. No notable results are scheduled for release on Friday.
3 Goldman Sachs Analyst Favorite ‘Strong Buy’ Stocks That Have Up to 90% Upside Potential
Here is a look at two companies scheduled to report results first thing Monday morning.
Toronto-based cryptomining firm Bitfarms Ltd. (NASDAQ: BITF) came public in late June 2021, and the shares reached their all-time high of around $9.00 in early November. Since then, the stock has plunged by more than 87%. That is almost 20 percentage points worse than Bitcoin’s loss over the same period.
What may be more interesting about crypto mining than the crypto itself is the beginning of a move by some miners to repurpose their expensive mining machines to work on AI and other compute-intensive applications. Bitfarms competitor Hut 8 generated nearly $17 million in 2022 revenue from hiring out its mining machines for high-performance computing and AI clients.
Even though the stock trades about 5 million shares daily, only two analysts cover it, and both have Strong Buy ratings and a price target of $4.00. At a recent share price of $1.10, the stock’s upside potential is more than 350%.
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