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May 05, 2023
Globus Medical, Inc., IDACORP, Inc., Albemarle Corp are the ones to read about today.
Leading equity indices in the US rose as Dow Jones closed the day at 33,674, having gained 1.65%. S&P 500 gained 1.85% and closed at 4,136.25.
Nova Ltd. and Charles River Laboratories International, Inc. due to release their earnings reports within the following week.
What is an earnings report?
An earnings report is an official statement of a company's profitability over a certain period of time. Usually, these reports are released four times a year (quarterly reports) and have a significant impact on the market. These announcements are typically taken into consideration when making predictions.
Markets were up and stocks have released their quarterly earnings reports. Have a look.
Globus Medical | Extends $1.65 since strong earnings report yesterday
Globus Medical, Inc. released its quarterly earnings report yesterday, beating analysts estimates. The company reported earnings of 0.53 per share on revenue of $276.69 million, topping estimates of 0.51 per share on revenue of $254.9 million. Since the release of its earnings report, Globus Medical, Inc. gained 2.9%.
After closing yesterday at $56.59, Globus closed at $58.46 today after climbing to $58.62 and dropping back down. Daily trading volume (3 million shares) increased, making up 226% of the 21-day average (1.34 million).
IDACORP: better than estimations
IDACORP was down, even though its quarterly earnings released on yesterday beat the analysts’ estimates. The reported earnings of 1.11 per share on revenue of $429.66 million, topping estimates of 0.92 per share on revenue of $320.76 million.
Early in today's session, IDACORP dropped to $110.43 from $111.53 at the end of yesterday, before closing at $110.8. During the session, it lost 0.65%.
The electric power generation company is now trading 17.77% above the significant low ($94.7) it slumped to 6 months ago. IDACORP is currently trading with a market cap of $5.60 billion with an average daily volume of 163,013 shares.
Albemarle: EPS of 10.32, Revenue of $2.58 billion
Following the release of quarterly results, Albemarle trades at $179.69.
After closing at $175.65 on yesterday, Albemarle maintained a strong bullish bias that helped the stock close higher at $179.69 today. However, market bears ensured the the EV industry enabler topped out at $185 and that by the end of the session, the market had marked out a distinct $179.03 to $185 range. Today's trading volume was 2.22 million shares which is slightly under the 21-day average of 2.97 million.
Open Text Corporation: mixed results
Open Text Corporation reported earnings results yesterday, with EPS at 0.62 and revenues at $1.24 billion; these results are mixed when compared to a consensus of 0.65 Earnings Per Share and $1.18 billion revenue. Since the release of its earnings report, Open Text Corporation gained 10.19%.
The enterprise management software company topped out at $42.35 having ended today at $41.41. However, despite early momentum, the stock gave up its gains to now trade at $41.41. Daily trading volume (1.93 million shares) was higher than the current multiday average of 459,583.
Royal Caribbean Group | Retains upward momentum since earnings report yesterday
Royal Caribbean Group released its quarterly earnings report yesterday, beating analysts estimates. The company reported earnings of -0.23 per share on revenue of $2.89 billion, topping estimates of -0.7 per share on revenue of $2.82 billion. Since the release of its earnings report, Royal Caribbean Group gained 12.78%.
The global cruise holding company went up to $75.65, gaining 5.24%.
The shipping line company has gained 47.57% since its lowest print of $31.28 earlier this year. So far this year, it has been beating the S&P 500 by 41.73%. The company has a market cap of $19.35 billion with an average daily trading volume of 3.41 million shares.
