Just before noon Tuesday, the Dow Jones industrials were down 0.12%, the S&P 500 down 0.37% and the Nasdaq 0.54% lower.
After U.S. markets closed on Monday, Devon Energy beat consensus estimates on both the top and bottom lines. Devon also boosted its share buyback program by 50% to $3 billion and declared a fixed-plus-variable dividend of $0.72, down from $0.89 in the prior quarter. Shares traded down 3.5%.
Lucid posted a wider-than-expected loss and fell short of the consensus revenue estimate by about 30%. At a cash burn rate of around $1 billion per quarter, the company has enough liquidity to last through the second quarter of 2024. Shares traded down 8.0%.
Palantir reported better-than-expected earnings per share (EPS) and revenue. The company added 52 new U.S. customers in the past year, up 50%. Palantir issued downside guidance for second-quarter revenue and in-line guidance for the 2023 fiscal year. Shares traded up 21.1%.
Before U.S. markets opened on Tuesday, Duke Energy missed the consensus EPS estimate but surpassed analysts’ expectations for revenue. The company said it expects a 25% sequential increase in revenue in the second quarter thanks to its acquisition of FlexSteel. Shares traded down 1%. Duke’s 4.05% dividend yield makes a difference here.
Fox beat top-line and bottom-line estimates despite a massive settlement in the Dominion lawsuit and the firing of top-rated program host Tucker Carlson. Fox also authorized a $7 billion share buyback program. Shares traded down 0.6%.
Fisker, another EV maker, reported a bigger loss than analysts expected and just $200,000 in revenue, compared to an estimate of $2.52 million. Shares traded down 7.2%.
Nikola reported a net loss of $0.26 per share, exactly on target, on sales that fell short of expectations. The company also announced more focus on fuel-cell trucks, hydrogen refueling stations and autonomous-driving technologies in the North American market. With just $154 million in cash and equivalents, the company’s burn rate of $232 million in the first quarter is an ominous sign. Shares traded down 11.1%.
After U.S. markets close on Tuesday, Affirm, Airbnb, Luminar, Occidental Petroleum and Rivian are set to report earnings. Hecla Mining, Li Auto and Roblox will report results first thing Wednesday morning. later on Wednesday, look for reports from Robinhood and Unity Software, as well as from Walt Disney.
Here are previews of two companies on deck to report quarterly results early Thursday.
Algonquin Power
Algonquin Power & Utilities Corp. (NYSE: AQN) is a Canada-based company that offers regulated and non-regulated utility services in North America, including electricity generated from renewables. Shares have added more than 36% for the year to date, mainly after ditching a plan to acquire Kentucky Power and attracting some friendly interest from activist investors Starboard Value and Ancora. Both support a company plan to divest some $1 billion in assets.
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