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February Closes a Down Month; HPQ, AMC, FSLR & More Report
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Market indices sank in today’s pre-market to open flat — basically right where they closed yesterday — and, after fighting their way into the green (except for the Dow) for most of the session, came sinking back down to close narrowly lower overall. The Dow was the day’s loser — -232 points, or -0.71%; while the S&P 500 reached -0.30% and the Nasdaq closed nearer to break-even, -0.10%. Only the small-cap Russell 2000 closed in the green, +0.72% on the day.
February was a fairly volatile month overall, but has been in negative territory for the past week and a half or so. Except for the Dow, which has been negative for the year so far as of the same timeframe, an otherwise buoyant January still has the other three indices in the positive from the start of 2023.
Considering many analysts were earmarking this earnings season as a possible shakeout in the market as recession possibilities come into view, we’ve thankfully staved those off for the moment. Perhaps we’re just kicking the can down the calendar, but at least we’re showing some economic resilience.
A big afternoon in notable earnings reports, as Q4 earnings season rounds the turn toward the finish line, Hewlett-Packard (HPQ - Free Report) narrowly beat estimates on its bottom line — as per usual: the company has never missed on earnings since its split from Hewlett-Packard Enterprise (HPE - Free Report) in late 2015, but but a 4-quarter trailing average of +2% per — on $13.83 billion in revenues, which fell short of the $14.13 billion in the Zacks consensus. The company has reaffirmed full-year earnings guidance, however, which has helped the stock stay up +1% in the late session.
AMC Entertainment (AMC - Free Report) missed expectations on both top and bottom lines in its Q4 earnings release after today’s closing bell, reporting a loss of -26 cents per share versus the -20 cents anticipated, on $991 billion in quarterly revenues which were shy of the Zacks consensus estimate of $1.03 billion. That said, shares are flat on the news, having gained +81% year to date but -61% over the past year. AMC looks toward an increase in major movies released in theaters in 2023.
First Solar (FSLR - Free Report) is popping nicely in after-hours trading after reporting a record-high contract backlog. Its bottom-line loss per share was -$0.07, much better than the -$0.18 estimate, on quarterly sales of $1.00 billion, which outperformed the $997.4 million analysts were expecting. The company is expected to be a major beneficiary of the Energy Infrastructure Act passed by Congress in 2021, and full-year revenue guidance has been ratcheted up in the earnings report.
Electric car maker Rivian (RIVN - Free Report) beat expectations on its Q4 bottom line, reporting a loss of -$1.73 per share compared to -$1.89 projected, but sales in the quarter were notably beneath where analysts had forecast: $663 million versus $713.8 million expected. This is still a big jump in revenues year over year, but shares are down -7% on the news due to full-dar production guidance of 50K vehicles, short of the 60K analysts had been expecting.
Urban Outfitters (URBN - Free Report) posted mixed results for its Q4 report, missing on earnings estimates by 5 cents to 34 cents per share on $1.38 billion in quarterly sales, compared to $1.36 billion expected. It’s the fifth-straight earnings miss for the Philadelphia-based lifestyle retailer, and shares, while +11% year to date, are -1.3% following the earnings news.
Image: Bigstock
February Closes a Down Month; HPQ, AMC, FSLR & More Report
Market indices sank in today’s pre-market to open flat — basically right where they closed yesterday — and, after fighting their way into the green (except for the Dow) for most of the session, came sinking back down to close narrowly lower overall. The Dow was the day’s loser — -232 points, or -0.71%; while the S&P 500 reached -0.30% and the Nasdaq closed nearer to break-even, -0.10%. Only the small-cap Russell 2000 closed in the green, +0.72% on the day.
February was a fairly volatile month overall, but has been in negative territory for the past week and a half or so. Except for the Dow, which has been negative for the year so far as of the same timeframe, an otherwise buoyant January still has the other three indices in the positive from the start of 2023.
Considering many analysts were earmarking this earnings season as a possible shakeout in the market as recession possibilities come into view, we’ve thankfully staved those off for the moment. Perhaps we’re just kicking the can down the calendar, but at least we’re showing some economic resilience.
A big afternoon in notable earnings reports, as Q4 earnings season rounds the turn toward the finish line, Hewlett-Packard (HPQ - Free Report) narrowly beat estimates on its bottom line — as per usual: the company has never missed on earnings since its split from Hewlett-Packard Enterprise (HPE - Free Report) in late 2015, but but a 4-quarter trailing average of +2% per — on $13.83 billion in revenues, which fell short of the $14.13 billion in the Zacks consensus. The company has reaffirmed full-year earnings guidance, however, which has helped the stock stay up +1% in the late session.
AMC Entertainment (AMC - Free Report) missed expectations on both top and bottom lines in its Q4 earnings release after today’s closing bell, reporting a loss of -26 cents per share versus the -20 cents anticipated, on $991 billion in quarterly revenues which were shy of the Zacks consensus estimate of $1.03 billion. That said, shares are flat on the news, having gained +81% year to date but -61% over the past year. AMC looks toward an increase in major movies released in theaters in 2023.
First Solar (FSLR - Free Report) is popping nicely in after-hours trading after reporting a record-high contract backlog. Its bottom-line loss per share was -$0.07, much better than the -$0.18 estimate, on quarterly sales of $1.00 billion, which outperformed the $997.4 million analysts were expecting. The company is expected to be a major beneficiary of the Energy Infrastructure Act passed by Congress in 2021, and full-year revenue guidance has been ratcheted up in the earnings report.
Electric car maker Rivian (RIVN - Free Report) beat expectations on its Q4 bottom line, reporting a loss of -$1.73 per share compared to -$1.89 projected, but sales in the quarter were notably beneath where analysts had forecast: $663 million versus $713.8 million expected. This is still a big jump in revenues year over year, but shares are down -7% on the news due to full-dar production guidance of 50K vehicles, short of the 60K analysts had been expecting.
Urban Outfitters (URBN - Free Report) posted mixed results for its Q4 report, missing on earnings estimates by 5 cents to 34 cents per share on $1.38 billion in quarterly sales, compared to $1.36 billion expected. It’s the fifth-straight earnings miss for the Philadelphia-based lifestyle retailer, and shares, while +11% year to date, are -1.3% following the earnings news.
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