Earnings Previews: Cleveland-Cliffs, Coca-Cola, First Republic Bank, Range Resources
In the first hour of trading Thursday, the Dow Jones industrials were down 0.54%, the S&P 500 down 0.62% and the Nasdaq 0.55% lower.
After U.S. markets closed on Wednesday, Tesla reported earnings per share (EPS) exactly on the consensus estimate and revenue that fell slightly short. Some 83.65 million shares of Tesla stock were shorted ahead of the earnings report, according to S3 Partners, and Wednesday’s options volume of 1.53 million contracts probably set up some investors to dump their options Thursday morning. The stock traded down about 7.4% in early action.
IBM beat the bottom-line estimate but missed on revenue. The stock traded up about 0.2%.
Kinder Morgan beat Wall Street’s estimated EPS and missed on revenue. The energy infrastructure company also increased its annual dividend. Shares traded down 2.6% Thursday morning.
Las Vegas Sands beat estimates on both the top and bottom lines. Traffic rose sharply in March, and the company said it remains “enthusiastic” about further visitor growth to its Macau and Singapore resorts. Shares traded up 5.2%.
Before markets opened on Thursday, American Express missed the consensus EPS estimate but beat on revenue. The company also issued fiscal 2023 guidance that was in line with the consensus EPS estimate and above the consensus revenue estimate. The stock traded down 3.4%.
AT&T beat the consensus EPS estimate by a penny and missed on revenue. Shares retreated due to a steep decline in postpaid (contract) subscriber growth. The stock traded down 8.1%.
Taiwan Semiconductor also delivered mixed results, beating Wall Street’s consensus EPS estimate but falling short on revenue. The semiconductor maker issued second-quarter revenue guidance that was lower than analysts’ consensus estimate. Shares traded up 4.4%.
CSX, Freeport-McMoRan, Procter & Gamble, Regions Financial and Schlumberger are on deck to report quarterly earnings late Thursday or first thing Friday morning.
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Here are previews of four companies set to report results on Monday.
Shares of iron ore miner and steelmaker Cleveland-Cliffs Inc. (NYSE: CLF) have dropped by about 46% over the past 12 months, including a boost of 14% over the past six months. The decline began just over a year ago, and the stock posted its 52-week low in early November. The company released preliminary results for the first quarter last week, forecasting a profit of around $200 million on sales of $5.2 billion. That sent the stock up about 10%, a gain that has since been given back. The company reports first-quarter results after markets close on Monday.
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