Earnings Previews: Alibaba, Coeur Mining, Disney

Investing

Published: August 8, 2023 10:22 am

After U.S. markets closed on Monday, Lucid Group missed estimates on both the top and bottom lines but said it is on track to reach its production goal of more than 10,000 electric vehicles (EVs) for the year. Shares traded up more than 3% after the release but had dropped by nearly 2% shortly after Tuesday’s opening bell.

Palantir Technologies met the consensus earnings per share (EPS) estimate and barely missed the revenue estimate. The company issued upside guidance for fiscal year revenue and announced that it will repurchase $1 billion worth of its own stock. Despite the good showing, shares traded down nearly 10%. Bulls apparently believe the company’s AI product is solid; bears are saying, “Show us.” On Tuesday, the bears were winning.

Paramount Global beat Wall Street estimates on both the top and bottom lines. The company’s Paramount+ streaming service now has approximately 61 million subscribers, and ad revenue rose by 21% in Paramount’s direct-to-consumer business. The stock traded down by about 3.6%. It is likely that the beats were not big enough to satisfy traders.

Before markets opened on Tuesday, Barrick Gold reported EPS that beat the consensus estimate and revenue that was about 3.4% below the consensus. Shares traded down 1.7%.

Datadog easily surpassed revenue and EPS estimates but issued mixed guidance. EPS for the current quarter is forecast to come in higher than the consensus estimate, but full-year EPS is forecast to be lower. Revenue for the third quarter and the full fiscal year was set lower than analysts’ estimates. Shares traded down about 17%.

Li Auto absolutely hammered both EPS and revenue estimates. The China-based EV maker issued upside revenue guidance and third-quarter deliveries of 100,000 to 103,000 new cars, up between 277% and 288% year over year for the quarter. Shares traded down nearly 7%, likely because investors expected even more.

UPS beat the consensus EPS estimate by 2%, but earnings were 22.8% lower than in the same quarter last year. Revenue missed estimates and was nearly 11% lower year over year. Shares traded down about 2.3% Tuesday morning.