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March 04, 2023
Broadcom, Shinhan Financial Group Co., Ltd., Costco are the ones to read about today.
Leading equity indices in the US rose as S&P 500 gained 1.61% and closed at 4,045.64. Nasdaq ended the session at 11,700 after a 1.97% gain.
Futu Holdings Limited and Oracle 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.
Broadcom | Retains upward momentum since earnings report Thursday
Broadcom released its quarterly earnings report Thursday, beating analysts estimates. The company reported earnings of 9.83 per share on revenue of $8.91 billion, topping estimates of 9.38 per share on revenue of $8.90 billion. Since the release of its earnings report, Broadcom gained 6.6%.
Having closed Thursday at $598.65, bullish sentiment helped Broadcom to reach highs around $635.73 before paring gains and ending yesterday at $632.76. Daily trading volume (4.45 million shares) was higher than the current multiday average of 2 million.
Shinhan Financial | Retains downward momentum since earnings report Thursday
The company reported earnings of 0.68 per share and revenue at $4.92 trillion. Since the release of its earnings report Thursday, Shinhan Financial lost 3.3%.
An influx of buyers helped the Korean fintech company to end the session higher around $28.76, while establishing a $28.3 to $28.78 session range yesterday. Trading volume totalled 94,695 which equates to around 72% of the stock's 21-day average yesterday.
Costco: mixed results
Costco reported earnings results Thursday; with EPS at 3.3, these results are ambiguous when compared to a consensus of 3.2 Earnings Per Share. Since the release of its earnings report, Costco lost 0.71%.
After ending Thursday at $485.69, Costco declined to $465.36 yesterday before closing at $475.26, thereby losing 2.15% in total. Daily trading volume (5.21 million shares) was above the current multiday average of 1.85 million.
