The three major U.S. equity indexes closed mixed on Tuesday. The Dow Jones industrial blue-chippers added about 0.2%, while the S&P 500 closed down 0.8% and the Nasdaq retreated nearly 2.4%. The Federal Reserve releases the minutes of its April meeting Wednesday afternoon, an event that is watched closely for hints about what the U.S. central bank may do next. Equities traded higher in the late morning Wednesday.
After markets closed Tuesday afternoon, Intuit reported results, beating estimates for both the top and bottom lines. Shares traded up about 7.5% just before noon Wednesday.
Nordstrom missed earnings per share (EPS) expectations but beat the revenue estimate and issued upside guidance for the 2023 fiscal year. The stock was up more than 12% Wednesday morning.
Toll Brothers also beat top-line and bottom-line estimates but noted that, while demand is solid for now, it is not equal to the runup of the past two years because home buyers are reacting to higher interest rates and macroeconomic conditions. The stock traded up almost 8%.
Grindrod Shipping reported better than expected results on both the top and bottom lines. Shares traded down about 10% Wednesday morning.
Star Bulk Carriers also reported beats to earnings and revenue estimates. Shares traded lower by about 2.8% Wednesday morning.
Dick’s Sporting Goods beat top-line and bottom-line estimates but gave downside guidance well below analysts’ estimates for full-year EPS. Shares traded up more than 11%.
After Wednesday’s closing bell, results are due from Nvidia, Snowflake and Splunk. Thursday morning has earnings on tap from Alibaba, Baidu, Dollar Tree and Macy’s., while reports from Big Lots, Canopy Growth, Costco, Farfetch and Gap follow late on Thursday or first thing Friday.
Here is a look at five more firms set to report earnings late Thursday or early Friday.
Over the past 12 months, Dell Technologies Inc. (NYSE: DELL) has shed more than 17% from its share price. The hardware maker bounced back from an early January dip but could not withstand the sell-off of tech stocks that has been the hallmark of 2022 so far. The Nasdaq 100 index is down nearly 28% for the year to date. Dell, at least, is doing better than that. And it should be: cash flow from operations over the past four quarters is more than $10.3 billion and free cash flow totals $7.5 billion (or $9.92 per share). The company reports results late on Thursday.
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