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June 11, 2023
Campbell Soup Co, GameStop Corp., Smartsheet Inc. and other stocks published their quarterly earnings, check out this rundown of reports and how they turned out.
Leading equity indices in the US rose as Dow Jones closed the day at 33,877, having gained 0.13%. Nasdaq gained 0.16% and closed at 13,259.
3Rd quarter earnings season is mostly over, with NIO Inc. & 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%.
An influx of sellers pushed the defensive consumer stock to session lows around $46.04 while establishing a $46.04 to $46.97 session range Friday.
The defensive consumer stock has shed 12.14% over the past three months. So far this year, it has been under-performing the S&P by 28.89%. Campbell Soup's market cap is currently $13.79 billion with an average daily volume of 3.18 million shares.
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 ending Thursday at $21.44, GameStop spiked to $23.42 Friday, dropped back to starting point range, and rallied again to $22.68. Daily trading volume (10.30 million shares) was higher than the current multiday average of 5 million.
Smartsheet: mixed results
Smartsheet reported inconclusive earnings results Wednesday, with revenue at $219.89 million, compared to a consensus of $214 million. Since the release of its earnings report, Smartsheet lost 24.84%.
Pronounced bearish market sentiment ensured that the project management software company made a notable 3.98% loss Friday, declining $1.61 and ultimately closing at $38.83. Daily trading volume (3.49 million shares) increased, making up 171% of the 21-day average (2 million).
Ollie's Bargain Outlet: mixed results
Ollie's Bargain Outlet reported earnings results Wednesday; with EPS at 0.2 and revenues at $459.15 million, these results are mixed compared to a consensus of 0.48 Earnings Per Share and $451.35 million revenue. Since the release of its earnings report, Ollie's Bargain Outlet lost 0.08%.
The discount closeout retailer chain went up to $61.96, gaining 2.51%. Trading volume totalled 1 million which equates to around 80% of the stock's 21-day average Friday.
