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May 26, 2023
Workday Inc, Ralph Lauren Corp, Medtronic are the ones to read about today.
Leading equity indices in the US rose as Nasdaq gained 2.19% and closed at 12,976. S&P 500 closed the day at 4,205.45, having gained 1.3%.
Five Below, Inc. and Asana, 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.
Workday: mixed results
Workday Inc reported earnings results yesterday, with EPS at -0.17 and revenues at $1.68 billion; these results are mixed when compared to a consensus of 1.12 Earnings Per Share and $1.67 billion revenue. Since the release of its earnings report, Workday Inc gained 10.13%.
Having closed yesterday at $196.41, bullish sentiment helped Workday to reach highs around $218.88 before paring gains and ending today at $216.07. Daily trading volume (6.62 million shares) was above the current multiday average of 1.84 million.
Ralph Lauren | Retains upward momentum since earnings report yesterday
Ralph Lauren was down, even though its quarterly earnings released on yesterday beat the analysts’ estimates. The reported earnings of 0.9 per share on revenue of $1.54 billion, topping estimates of 0.61 per share on revenue of $1.47 billion.
Pronounced bearish market sentiment ensured that the luxury fashion brand made a notable 1.09% loss today, declining $1.24 and ultimately closing at $112.76. Daily trading volume (1.31 million shares) increased, making up 142% of the 21-day average (923,227).
Medtronic: mixed results
Medtronic reported ambiguous earnings results yesterday, with revenue at $8.54 billion, compared to a consensus of $8.25 billion. Since the release of its earnings report, Medtronic lost 6.89%.
Early in today's session, Medtronic dropped to $81 from $83.54 at the end of yesterday, before closing at $81.46. During the session, it lost 2.49%.
Since its 52-week high of $105.54, the med-tech developer has lost 20.85% over the last twelve months. So far this year, it has been doing worse than the S&P 500 by 2.11%. Medtronic's market cap is currently $108.38 billion with an average daily trading volume of 5.13 million shares.
Marvell | Retains upward momentum since earnings report yesterday
Marvell released its quarterly earnings report yesterday, beating analysts estimates. The company reported earnings of 0.37 per share on revenue of $1.32 billion, topping estimates of 0.29 per share on revenue of $1.30 billion. Since the release of its earnings report, Marvell gained 42.47%.
After ending yesterday's session at $49.47, Marvell went up to $65.75 today only to fall back and close at $65.51. Daily trading volume (92 million shares) was higher than the current multiday average of 12.94 million.
