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March 02, 2023
Black Knight, Inc., Nektar Therapeutics, Grocery Outlet Holding Corp. and other stocks published their quarterly earnings, check out this rundown of reports and how they turned out.
Leading equity indices in the US declined as Nasdaq shed 0.66% and closed at 11,379. After dropping 0.47%, S&P 500 closed at 3,951.39.
Oracle and The Toro Company 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.
Black Knight | Retains downward momentum since earnings report Tuesday
The company reported earnings of 0.43 per share Tuesday, falling short of expectations of 0.49. Revenue was also lower than expected at $383.5 million versus $388.84 million. Black Knight, Inc. lost 4.08% since the release of its earnings report.
An influx of sellers pushed the financial services company to session lows around $58.09 while establishing a $58.09 to $59.73 session range yesterday.
The current year has not been the best for the integrated fintech provider as it lost 5.74% from its highest point of $72.84. So far this year, it has been doing worse than the Nasdaq by 14.4%. The financial services company's market cap currently stands at $9.11 billion with an average daily volume of 1.23 million shares.
Nektar Therapeutics: mixed results
Nektar Therapeutics reported earnings results Tuesday, with EPS at -0.32 and revenues at $22 million; these results are mixed when compared to a consensus of -0.45 Earnings Per Share and $22.61 million revenue. Since the release of its earnings report, Nektar Therapeutics gained 8.63%.
Pronounced bullish sentiment in the market helped the polymer conjugate technology developer to make a notable 9.42% gain yesterday, rising 13 cents and ultimately closing at $1.51.
Approximately 11 months ago, the polymer conjugate technology developer reached a significant high of $11.05 but has struggled to hold onto its gains and declined 87.51% since then. Currently, the polymer conjugate technology developer has a market capitalization of $283.81 million with an average daily trading volume of 2.81 million shares.
Grocery Outlet: better than estimations
Grocery Outlet was down, even though its quarterly earnings released on Tuesday beat the analysts’ estimates. The reported earnings of 0.19 per share on revenue of $930.83 million, topping estimates of 0.17 per share on revenue of $907.47 million.
After ending Tuesday at $27.05, Grocery Outlet dropped to $25.71 early in yesterday's session and closed at $26.44. In total, it lost 2.26%. Daily trading volume (3.25 million shares) increased, making up 316% of the 21-day average (1 million).
Hayward Holdings | Retains downward momentum since earnings report Tuesday
The company reported earnings of 0.1 per share Tuesday, falling short of expectations of 0.12. Revenue was also lower than expected at $258.97 million versus $260.53 million. Since the release of its earnings report, Hayward Holdings lost 4.18%
The pumps and pumping equipment company has recovered almost all of its session losses after dipping down to $12.08 yesterday. Daily trading volume (1.84 million shares) was slightly greater than the current multiday average of 1.57 million.
AMC Entertainment: mixed results
AMC Entertainment reported inconclusive earnings results Tuesday, with revenue at $990.9 million, compared to a consensus of $1.14 billion. Since the publication of its earnings report, AMC Entertainment has declined 13.67%.
Early in yesterday's session, AMC Entertainment dropped to $6.46 from $7.14 at the end of Tuesday, before closing at $6.57. During the session, it lost 8%. Yesterday's trading volume was 40.68 million shares which is slightly under the 21-day average of 48.45 million.
