Investing

Earnings Previews: Coinbase, Roblox, Trade Desk, Unity Software

The three major U.S. equity indexes closed mixed on Friday. The Dow Jones industrials added 0.2%, while the S&P 500 slipped by 0.16% and the Nasdaq fell by 0.5%. Six of 11 sectors ended the day lower, led by consumer cyclicals (1.7%) and communications services (1.2%). The energy sector rose by 2%, and the financial sector was up 0.7%. All three indexes moved higher in Monday’s premarket trading.

This week’s big economic news comes first thing on Wednesday and Thursday, when the Bureau of Labor Statistics reports the consumer price index (CPI) and the producer price index (PPI), respectively. Economists currently expect CPI to rise by 0.2% month over month, far below June’s increase of 1.3%. The PPI is forecast to rise by 0.3% in July, much lower than June’s 1.1% rise.

Before markets opened on Monday, Barrick Gold beat estimates on both the top and bottom lines. The stock traded up by about 2.6% in Monday’s premarket.

Palantir missed both earnings and revenue estimates and issued downside guidance for the third quarter and for the full year. The stock traded down more than 14%.

Tyson Foods beat revenue estimates but missed on earnings. The shares traded down about 3.4% in Monday’s premarket.

Viatris reported adjusted EBITDA of $0.26 per share and sales of $4.1 billion. Both were lower than estimates, but the earnings estimate and actual may not be comparable. The company also issued downside guidance. The stock traded up more than 4% in the premarket session.

After markets close Monday, Upstart and Velodyne Lidar will be reporting quarterly results. Tuesday’s premarket reports include those from GlobalFoundaries and Norwegian Cruise Lines.

Here are previews of four earnings reports due out after markets close on Tuesday.

Coinbase

Following a disappointing few months after its April 2021 initial public offering, shares of Coinbase Global Inc. (NASDAQ: COIN) reached a post-IPO peak in early November. Since then, the stock is down about 74%. Over the past 12 months, shares are down about 64%. Since posting its 52-week low in mid-May, the shares are up 59%, and since a recent low on July 26, shares are up nearly 76%. It is no surprise that the cryptocurrency exchange’s fortunes have followed the misfortunes of Bitcoin and every other cryptocurrency.

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