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April 21, 2023
Seagate Technology PLC, Fifth Third Bancorp, Genuine Parts Co are the ones to read about today.
Leading equity indices in the US declined as Nasdaq slipped 0.8% and closed at 12,060. S&P 500 lost 0.6% and ended the session at 4,129.79.
KB Financial Group Inc. & Cousins Properties Incorporated 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. 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 down, stocks have released their quarterly earnings reports. Have a look at this rundown.
After ending Wednesday at $62.86, Seagate Technology PLC dropped to $56.56 early in yesterday's session and closed at $57.08. In total, it lost 9.2%. Daily trading volume (7.87 million shares) was higher than the current multiday average of 2.41 million.
Fifth Third Bancorp | Retains downward momentum since earnings report yesterday
The company reported earnings of 0.69 per share yesterday, falling short of expectations of 0.79. Revenue was also lower than expected at $2.21 billion versus $2.23 billion. Fifth Third Bancorp lost 0.64% since the release of its earnings report.
The US bank holding company has recovered almost all of its session losses after dipping down to $27.5 yesterday. Daily trading volume (10 million shares) was slightly above the current multiday average of 7.85 million.
Genuine Parts: mixed results
Genuine Parts reported earnings results yesterday, with EPS at 1.86 and revenues at $5.77 billion; these results are mixed when compared to a consensus of 2.03 Earnings Per Share and $5.67 billion revenue. Since the release of its earnings report, Genuine Parts gained 1.27%.
The industrial supplies company went up to $168.62, gaining 1.27%. Daily trading volume (1.13 million shares) increased, making up 110% of the 21-day average (1 million).
Rexford Industrial | Retains upward momentum since earnings report yesterday
Rexford Industrial released its quarterly earnings report yesterday, beating analysts estimates. The company reported earnings of 0.48 per share on revenue of $186.24 million, topping estimates of 0.23 per share on revenue of $184 million. Since the release of its earnings report, Rexford Industrial gained 0.11%.
After dropping down to $55.23, the Californian REIT recovers some losses and is currently trading at $56.33. Daily trading volume (1.55 million shares) was slightly greater than the current multiday average of 1.51 million.
