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May 31, 2023
Autozone Inc, Costco, Workday Inc are the ones to read about today.
Markets completed a mixed session yesterday, as Nasdaq closed the day at 13,017, having gained 0.32%. After dropping 0.15%, Dow Jones closed at 33,043.
3Rd quarter earnings season is mostly over, with Advance Auto Parts Inc and Pure Storage, Inc. 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.
Autozone: falls short of estimations
Autozone Inc reported earnings of 31.73 per share and revenue at $3.87 billion.
Pronounced bearish sentiment in the market pushed the aftermarket automotive parts supplier into a notable 0.25% slide yesterday, falling $6.15 and ultimately closing at $2,454.64. Daily trading volume (208,886 shares) increased, making up 132% of the 21-day average (157,689).
Costco | Negative surprise today
Costco reported earnings of 2.93 per share and revenue at $53.65 billion.
Costco recovered back to $508.03 after dipping down to $501.74, in a session that followed Friday's $507.26 close value.
The wholesale giant has managed to gain 12.1% so far this year despite trading at lows around $446.69 previously. So far this year, it has been under-performing the Nasdaq by 8.17%. The wholesale giant's market cap currently stands at $225.17 billion with an average daily volume of 1.88 million shares.
Workday: mixed results
Workday reported earnings results Thursday, with EPS at -0.17 and revenues at $1.68 billion; these results are mixed when compared to a consensus of 1.12 Earnings Per Share and $1.67 billion revenue. Since the release of its earnings report, Workday gained 6.57%.
An influx of sellers pushed the provider of enterprise cloud applications for human resources to session lows around $208.96 while establishing a $208.96 to $218.73 session range yesterday. Daily trading volume (3.55 million shares) increased, making up 158% of the 21-day average (2.24 million).
Ralph Lauren | Extends $1.1 since strong earnings report Thursday
Ralph Lauren was down, even though its quarterly earnings released on Thursday beat the analysts’ estimates. The reported earnings of 0.9 per share on revenue of $1.54 billion, topping estimates of 0.61 per share on revenue of $1.47 billion.
Early in yesterday's session, Ralph Lauren dropped to $109.11 from $112.76 at the end of Friday, before closing at $109.32. During the session, it lost 3.05%. Daily trading volume (1.26 million shares) was slightly greater than the current multiday average of 989,132.
