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July 01, 2023
Constellation Brands Inc, McCormick & Company Inc, Acuity Brands, Inc. are the ones to read about today.
Leading equity indices in the US rose as S&P 500 ended the session at 4,450.38 after a 1.23% gain. Nasdaq closed the day at 13,800, having gained 1.45%.
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.
Constellation Brands: mixed results
The company reported mixed earnings results yesterday, with EPS at 2.66 and revenues at $2.51 billion. Since the release of its earnings report, Constellation Brands Inc lost 0.29%.
The beer, wine and spirit maker has recovered almost all of its session losses after dipping down to $238 yesterday. Daily trading volume (2.90 million shares) was higher than the current multiday average of 1.11 million.
McCormick & Company | Retains downward momentum since earnings report Thursday
The company reported earnings of 0.48 per share Thursday, falling short of expectations of 0.57. Revenue was also lower than expected at $1.66 billion versus $1.67 billion. McCormick & Company lost 5.03% since the release of its earnings report.
Generally flat but with a slight bullish bias, McCormick & Company ranged between $86.5 and $88 before closing higher at $87.23.
The food manufacturing company has fallen back around 7.47% from the significant high of $93.79 set 8 days ago. So far this year, it has been under-performing the S&P 500 by 8.49%. Currently, the spice and extract company has a market capitalization of $23.43 billion with an average daily volume of 1.77 million shares.
Acuity Brands | Bounces $2.42 since downbeat earnings report Thursday
The company reported earnings of 3.3 per share Thursday, 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 gained 1.51% since the release of its earnings report.
The lighting company rose as high as $165.52 before giving up its gains and dropping back to $163.08 before the close on yesterday. Daily trading volume (527,733 shares) was slightly greater than the current multiday average of 462,091.
MSC: beats estimations
MSC released its quarterly earnings Thursday, beating analysts estimates. The company reported earnings of 1.82 per share on revenue of $1 billion, topping estimates of 1.75 per share on revenue of $1 billion. Since the release of its earnings report, MSC lost 0.7%.
Bullish sentiment helped the industrial supplies specialist to hammer out a noteworthy $94.95 to $96.32 range yesterday, and finally closing at $95.28 to end the session. Daily trading volume (507,115 shares) was slightly greater than the current multiday average of 470,498.
