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July 03, 2023
Constellation Brands Inc, McCormick & Company Inc, Acuity Brands, Inc. are the ones to read about today.
Markets closed higher Friday, as S&P 500 gained 1.23% and closed at 4,450.38. 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. 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.
Constellation Brands: mixed results
The company reported earnings results Friday; with EPS at 2.66 and revenues at $2.51 billion, these results are mixed compared to a consensus of 2.83 Earnings Per Share and $2.47 billion revenue. Since the release of its earnings report, Constellation Brands Inc lost 0.29%.
The beer, wine and spirits producer has recovered almost all of its session losses after dipping down to $238 Friday. Daily trading volume (2.90 million shares) increased, making up 261% of the 21-day average (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. Daily trading volume (2.37 million shares) was higher than the current multiday average of 1.77 million.
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 Thursday at $162.46, Acuity Brands closed at $163.08 Friday after climbing to $165.52 and dropping back down. Daily trading volume (543,713 shares) increased, making up 118% of the 21-day average (462,091).
MSC | better than expected earnings 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%.
An influx of buyers helped the industrial supplies specialist to end the session higher around $95.28, while establishing a $94.95 to $96.32 session range Friday. Daily trading volume (548,116 shares) was slightly above the current multiday average of 470,498.
