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April 22, 2023
ManpowerGroup Inc., Seagate Technology PLC, Fifth Third Bancorp and other stocks published their quarterly earnings. Here's what you need to know.
Markets did not have a clear cut direction — Nasdaq closed 12,072 after a stable day. Dow Jones closed at 33,800 after a flat day.
3Rd quarter earnings season is mostly over, with Bank OZK & Procter & Gamble releasing their earnings reports just this 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 are flat and stocks have released their quarterly earnings reports. Here is an update on what to look out for.
ManpowerGroup: mixed results
ManpowerGroup Inc. reported inconclusive earnings results Thursday, with revenue at $4.75 billion, compared to a consensus of $4.81 billion. Since the release of its earnings report, ManpowerGroup Inc. lost 6.18%.
Generally flat but with a slight bullish bias, ManpowerGroup ranged between $72.93 and $74.64 before closing higher at $74.59. Daily trading volume (366,109 shares) was slightly greater than the current multiday average of 310,171.
The data storage specialist has recovered almost all of its session losses after dipping down to $54.34 yesterday. Daily trading volume (5.68 million shares) increased, making up 220% of the 21-day average (2.58 million).
Fifth Third Bancorp | Retains downward momentum since earnings report Thursday
The company reported earnings of 0.69 per share Thursday, falling short of expectations of 0.79. Revenue was also lower than expected at $2.21 billion versus $2.23 billion. Since the release of its earnings report, Fifth Third Bancorp lost 1.93%
Pronounced bearish sentiment in the market pushed the US bank holding company into a notable 1.29% slide yesterday, falling 36 cents and ultimately closing at $27.48. Daily trading volume (8.43 million shares) increased, making up 109% of the 21-day average (7.74 million).
Genuine Parts: mixed results
Genuine Parts reported earnings results Thursday, 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 0.01%.
Early in yesterday's session, Genuine Parts dropped to $166.24 from $168.62 at the end of Thursday, before closing at $166.52. During the session, it lost 1.25%.
After hitting an important low of $127.22 approximately 10 months ago, the industrial supplies company has bounced back 32.54% since. So far this year, it has been doing worse than the S&P 500 by 9.4%. Genuine Parts has a market cap of $23.45 billion with an average daily trading volume of 1 million shares.
