Investing

Earnings Previews: Kyndryl, Star Bulk Carriers, Target, TJX Companies

Paul Ausick

Published: May 15, 2023 11:03 am

In Monday morning trading, the Dow Jones industrials were down 0.22%, the S&P 500 down 0.15% and the Nasdaq was 0.07% lower.

Before U.S. markets opened on Monday, Bitfarms reported a GAAP loss per share of $0.01, far better than the expected GAAP loss of $0.05 per share, and it also beat the revenue estimate. The stock traded up more than 7% in morning trading.
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Workhorse reported a net loss of $25 million in its first quarter, worse than last year’s net loss of $22.1 million. Revenue came in far below estimates as deliveries have been delayed until at least late next month. The stock traded down more than 6%.

After U.S. markets close on Monday, Canoo and Nu Holdings are scheduled to report quarterly earnings. Home Depot, iQIYI, Sea Limited and Tencent Music are expected to share their results Tuesday morning.

Here is a look at four companies scheduled to report results later on Tuesday or first thing Wednesday morning.

Kyndryl

Since IBM spun off its managed infrastructure group into Kyndryl Holdings Inc. (NYSE: KD) in October 2021, the new company’s shares are down by about 65%. Over the same period, IBM stock has added 10%. Last month, Kyndryl confirmed that it is laying off staff in an effort to reduce costs, and last week, a former Kyndryl employee filed a lawsuit against the company alleging age discrimination. The lawsuit makes the claim that Kyndryl, like IBM, continues a policy of firing long-tenured and high-salaried employees. The company reports earnings after markets close Tuesday.

Of just four analysts covering the stock, one has a Strong Buy rating and the rest have Hold ratings. At a recent price of around $14.20 a share, the upside potential based on a median price target of $16.00 is about 12.7%. At the high price target of $22.00, the upside potential is 55%.

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