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June 30, 2023
Acuity Brands, Inc., MSC Industrial Direct Co., Inc., General Mills Inc are the ones to read about today.
Leading equity indices in the US rose as Dow Jones closed the day at 34,122, having gained 0.8%. S&P 500 closed the day at 4,396.44, having gained 0.45%.
The earnings season is coming to an end and Constellation Brands Inc and MSC Industrial Direct Co., Inc. have release their reports.
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.
Acuity Brands | Bounces $1.8 since downbeat earnings report yesterday
The company reported earnings of 3.3 per share yesterday, falling short of expectations of 3.71. Revenue was also lower than expected at $1 billion versus $1 billion. Although earnings did not match projections, Acuity Brands, Inc. gained 1.12% since the release of its earnings report.
After closing at $160.66 on Wednesday, Acuity Brands maintained a strong bullish bias that helped the stock close higher at $162.46 yesterday. However, market bears ensured the the lighting company topped out at $166.25 and that by the end of the session, the market had marked out a distinct $154.72 to $166.25 range. Daily trading volume (1 million shares) was higher than the current multiday average of 454,092.
MSC | better than expected earnings yesterday
MSC was down, even though its quarterly earnings released on yesterday beat the analysts’ estimates. The reported earnings of 1.82 per share on revenue of $1 billion, topping estimates of 1.75 per share on revenue of $1 billion.
After ending Wednesday at $95.95, MSC dropped to $92 early in yesterday's session and closed at $94.29. In total, it lost 1.73%.
The past 3 months have been positive for the industrial equipment distributor as it added 13.48% compared to its 3-month low of $72. MSC's market cap is currently $5.29 billion with an average daily trading volume of 468,625 shares.
General Mills: mixed results
General Mills reported earnings results Wednesday; with EPS at 1.12; these results are inconclusive when compared to a consensus of 1.06 Earnings Per Share. Since the release of its earnings report, General Mills lost 5.69%.
Grinding lower but with no clear-cut direction, the branded consumer foods manufacturer closed the session at $76.3 after forming a distinct $76.09 – $76.86 range.
The consumer foods giant has fallen back around 15.33% from the significant high of $90.61 set a month ago. So far this year, it has been under-performing the S&P by 21.35%. General Mills is currently trading with a market cap of $44.76 billion with an average daily volume of 4.47 million shares.
Micron: exceeds expectations
Micron was down, even though its quarterly earnings released on Wednesday beat the analysts’ estimates. The reported earnings of 2.5 per share on revenue of $3.75 billion, topping estimates of -1.56 per share on revenue of $3.65 billion.
After ending Wednesday at $67.07, Micron declined to $63.55 yesterday before closing at $64.33, thereby losing 4.09% in total.
Over the past a month, the memory and storage manufacturer has retreated 9.28% from a noteworthy peak of $73.93. So far this year, it has been beating the Nasdaq by 2.71%. Micron's market cap currently stands at $70.40 billion with an average daily volume of 18 million shares.
