After U.S. markets closed on Monday, Cadence Design beat consensus estimates on both the top and bottom lines. Fiscal year guidance was in line with expectations as well. Investors were clearly hoping for more, as the stock traded down 1.1% shortly before noon Tuesday.
Cleveland-Cliffs missed Wall Street’s earnings per share (EPS) estimate by a penny while beating the revenue forecast. Still, revenue was down about 5.6% year over year. Shares traded up 5.6%.
NXP Semiconductors beat top-line and bottom-line estimates. Guidance was in line with expectations, and the stock traded up about 4.5%.
Before markets opened on Tuesday, General Motors beat the consensus EPS and revenue estimates, with revenue up 25% year over year in the quarter. The automaker raised fiscal 2023 EPS guidance from a range of $6.45 to $7.35 to a new range of $7.15 to $8.15. The company also offered long-term guidance, including doubling annual revenue to a range of $275 billion to $315 billion by 2025 and targeting EV production of 1 million annually in North America by the same year. Shares traded down about 4.3%.
General Electric beat estimates on both the top and bottom lines and also issued upside guidance for the 2023 fiscal year. EPS guidance rose from a prior range of $1.70 to $2.00 to a new range of $2.10 to $2.30. Shares traded up 5.9%.
GE HealthCare topped EPS and revenue estimates and issued in-line guidance. The stock traded down about 2%.
Verizon beat the EPS consensus but missed on revenue. Broadband net additions topped 400,000 for the third consecutive quarter, and wireless revenue rose 3.8% year over year. Verizon also affirmed fiscal 2023 EPS guidance of $4.55 to $4.85. Shares traded up 0.4%.
After markets close on Tuesday, Alphabet, Microsoft and Visa are scheduled to release earnings reports. AT&T, Boeing and Coca-Cola are expected to share their results first thing Wednesday morning. Look for reports from Mattel, Meta Platforms and ServiceNow later on Wednesday.
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