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July 02, 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 closed the day at 4,450.38, having gained 1.23%. Nasdaq ended the session at 13,800 after a 1.45% gain.
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
Constellation Brands Inc reported earnings results Friday; with EPS at 2.66, these results are ambiguous when compared to a consensus of 2.83 Earnings Per Share. 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 Friday.
The past 3 months have been positive for the beer, wine and spirits producer as it added 8.93% compared to its 3-month low of $208.68. So far this year, it has been under-performing the S&P by 6.12%. Constellation Brands has a market cap of $45 billion with an average daily trading volume of 1.11 million shares.
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. Since the release of its earnings report, McCormick & Company lost 5.03%
Generally flat but with a slight bullish bias, McCormick & Company ranged between $86.5 and $88 before closing higher at $87.23.
The spice and extract company reached a significant high of $93.79 around 9 days ago but has lost 7.47% since then. So far this year, it has been doing worse than the S&P 500 by 9.71%. The company has a market cap 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.
After closing Friday at $163.08, the lighting and building management firm peaked at $165.52 before giving up early gains and closing at $163.08.
Acuity Brands hit a significant low of $150.69 around a month ago, but has since recovered 7.81%. The company's market cap currently stands at $5.19 billion with an average daily trading volume of 462,091 shares.
MSC | Positive surprise Thursday
The company 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%.
The industrial supplies specialist went up to $95.28, gaining 1.05%.
The industrial equipment distributor is now trading 3.45% below the significant high of $97.66 it set around 16 days ago. MSC's market cap is currently $5.34 billion with an average daily trading volume of 470,498 shares.
