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April 20, 2023
IBM, Lam Research Corp, Baker Hughes Co are the ones to read about today.
Markets did not have a clear cut direction — after dropping 0.23%, Dow Jones closed at 33,900. Nasdaq closed at 12,157 after a flat day.
Philip Morris International & ManpowerGroup Inc. have released their earnings reports; KB Financial Group Inc. & Carter's, Inc. will publish their respective reports in due course.
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.
IBM: mixed results
IBM reported earnings results yesterday; with EPS at 1.4 and revenues at $14.25 billion, these results are mixed compared to a consensus of 1.26 Earnings Per Share and $14.35 billion revenue. Since the release of its earnings report, IBM lost 1.14%.
Early in yesterday's session, IBM dropped to $125.3 from $127.78 at the end of Tuesday, before closing at $126.32. During the session, it lost 1.14%. Daily trading volume (6.18 million shares) was higher than the current multiday average of 3.96 million.
Lam Research | Positive surprise yesterday
Lam Research was down, even though its quarterly earnings released on yesterday beat the analysts’ estimates. The reported earnings of 7.4 per share on revenue of $3.87 billion, topping estimates of 6.54 per share on revenue of $3.83 billion.
Early in yesterday's session, Lam Research dropped to $482.74 from $495.37 at the end of Tuesday, before closing at $491. During the session, it lost 0.88%. Daily trading volume (1.69 million shares) increased, making up 130% of the 21-day average (1.30 million).
Baker Hughes: mixed results
Baker Hughes reported earnings results yesterday, with EPS at 0.15 and revenues at $5.72 billion; these results are mixed when compared to a consensus of 0.26 Earnings Per Share and $5.51 billion revenue. Since the release of its earnings report, Baker Hughes gained 3.59%.
The oil field service company went up to $30.56, gaining 3.59%.
Baker Hughes hit a significant low of $20.45 around 6 months ago, but has since recovered 44.25%. So far this year, it has been under-performing the S&P 500 by 1.41%. Baker Hughes's market cap is currently $30.90 billion with an average daily trading volume of 7 million shares.
Nasdaq Inc: EPS of 0.66, Revenue of $1.53 billion
Following the release of quarterly results, Nasdaq Inc trades at $57.36.
Nasdaq Inc ended Tuesday's session at $55.61. yesterday started with an increase to $57.48, but dropped back and closed at $57.36. Daily trading volume (5.75 million shares) increased, making up 193% of the 21-day average (2.98 million).
