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June 10, 2023
Campbell Soup Co, GameStop Corp., Smartsheet Inc. are the ones to read about today.
Leading equity indices in the US rose as Dow Jones gained 0.13% and closed at 33,877. Nasdaq closed the day at 13,259, having gained 0.16%.
3Rd quarter earnings season is mostly over, with NIO Inc. and Canopy Growth Corporation releasing their earnings reports just this week.
What is an earnings report?
An earnings report is an official statement of a company's profitability over a certain period of time. These reports are typically announced once a quarter, and their timing is considered when making predictions about the market due to the large impact they have on it.
Markets were up and stocks have released their quarterly earnings reports. Have a look.
Campbell Soup: mixed results
The company reported mixed earnings results Wednesday, with EPS at 0.7 and revenues at $2.23 billion. Since the release of its earnings report, Campbell Soup Co lost 8.97%.
Pronounced bearish market sentiment ensured that the food and beverage manufacturer made a notable 1.54% loss yesterday, declining 72 cents and ultimately closing at $46.05. Daily trading volume (3.35 million shares) was slightly greater than the current multiday average of 3.18 million.
GameStop | Retains downward momentum since earnings report Wednesday
The company reported earnings of -0.52 per share Wednesday, falling short of expectations of -0.12. Revenue was also lower than expected at $1.24 billion versus $1.36 billion. Since the release of its earnings report, GameStop lost 8.14%
After closing at $21.44 on Thursday, GameStop rallied as high as $23.42 but ended the day at $22.68. Daily trading volume (10.30 million shares) increased, making up 203% of the 21-day average (5 million).
Smartsheet: mixed results
Smartsheet reported inconclusive earnings results Wednesday, with EPS at -0.53 and revenues at $219.89 million. Since the release of its earnings report, Smartsheet lost 24.84%.
Pronounced bearish sentiment in the market pushed the US software company into a notable 3.98% slide yesterday, falling $1.61 and ultimately closing at $38.83.
The US software company has fallen back around 21.72% over the past 4 days, from a notable high of $51.66. So far this year, it has been under-performing the Nasdaq by 21.8%. Smartsheet is currently trading with a market cap of $6.59 billion with an average daily trading volume of 2 million shares.
Ollie's Bargain Outlet: mixed results
Ollie's Bargain Outlet reported ambiguous earnings results Wednesday, with revenue at $459.15 million, compared to a consensus of $451.35 million. Since the release of its earnings report, Ollie's Bargain Outlet lost 0.08%.
Pronounced bullish sentiment in the market helped the discount store company to make a notable 2.51% gain yesterday, rising $1.52 and ultimately closing at $61.96.
This year has been a bright one for the discount closeout retailer chain after trading as low as $45.53 and going on to appreciate by 33.54% year to date. Currently, the discount closeout retailer chain has a market capitalization of $3.83 billion with an average daily volume of 1.31 million shares.
