In mid-morning trading on Tuesday, the Dow Jones industrials were down 1.34%, the S&P 500 down 1.37% and the Nasdaq 1.16% lower.
After U.S. markets closed on Monday, MGM Resorts beat estimates on both the top and bottom lines, due largely to a recovery of its Macau business. Gross gambling revenue (GGR) came in at 76% of the 2019 first quarter, above the industry average of 45%. Daily mass market GGR doubled. Shares traded down about 2.3%.
NXP Semiconductors also beat consensus estimates for earnings per share (EPS) and revenue. The Netherlands-based company issued upside second-quarter EPS and revenue guidance. The stock traded up 2.3%.
Transocean reported a wider loss per share than expected but a year-over-year increase of nearly 11% in revenue. Shares traded down 7.3%.
Before markets opened on Tuesday, BP beat the consensus EPS estimate but missed on revenue, despite a 14% year-over-year increase. In its second-quarter guidance, the British supermajor forecast lower production. The good news is that BP still expects annual share repurchases of about $4 billion and dividend increases of around 4%. The stock traded down 8.8%.
Enterprise Products Partners also beat the EPS estimate (by a penny) and missed on revenue. The dividend yield of nearly 7.5% likely encouraged some investors to buy the dip. Shares traded down 1.7%.
Pfizer beat estimates on both the top and bottom lines and affirmed prior fiscal 2023 EPS and revenue guidance. Shares traded down 0.2% Tuesday.
Uber posted a loss per share of $0.08, compared with a consensus estimate for EPS of $0.15. The company said that consumer spending is strong, trip growth accelerated in the first quarter, and the company expects to post a GAAP profit sometime this year. Shares traded up 7.6% Tuesday morning.
After U.S. markets close on Tuesday, AMD, Caesars, Energy Transfer and Ford are expected report quarterly earnings. Then look for results from Barrick Gold, CVS Health and Kraft Heinz the following morning. Later on Wednesday, Albemarle and Qualcomm will take their turns in the earnings spotlight.
Here is a look at three companies set to report results before U.S. markets open on Thursday.
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