In the first half-hour of Wednesday morning trading, the Dow Jones industrials were up 0.1%, the S&P 500 up 0.13% and the Nasdaq 0.73% higher.
After U.S. markets closed on Tuesday, Microsoft reported earnings per share (EPS) and revenue that topped Wall Street estimates. The better news is that the company expects growth going forward. Shares traded up 6.3% Wednesday morning.
Alphabet also beat top-line and bottom-line estimates and announced an additional $70 billion for its share buyback program. Shares traded essentially flat.
Enphase Energy also beat estimates on the top and bottom lines but issued downside guidance for the current quarter. Shares were slammed Wednesday morning, trading down 23.8%.
PacWest Bancorp beat both EPS and revenue estimates, and even better, deposits are improving. The stock traded up 12.4%.
Visa topped estimates on the top and bottom lines, and it was rewarded with a share price boost of 0.3% Wednesday morning.
Before markets opened on Wednesday, Boeing missed Wall Street’s profit estimate but beat on revenue. The aerospace giant reaffirmed prior operating cash flow guidance and its delivery estimate of 400 to 450 737s for 2023. Shares traded up about 2.8%.
Norfolk Southern beat estimates on both the top and bottom lines, and the stock traded down about 0.05%.
Teck Resources missed consensus EPS and revenue estimates but shares were trading a bit higher, regardless. Investors may be thinking that the company may now look more favorably at a buyout offer from commodity trading giant Glencore. The company is looking for a simple way to split off its coal business. Shares traded up 4.8%.
After markets close on Wednesday, Antero Resources, EQT and Meta Platforms are scheduled to report results. The following morning, AbbVie, Altria, American Airlines and Merck share their results, as do Caterpillar, Newmont and Peabody Energy.
Here are previews of four companies set to report results later on Thursday.
Amazon
Since falling to a new 52-week in the first week of 2023, shares of Amazon.com Inc. (NASDAQ: AMZN) have added more than 22%. Over the past 12 months, however, shares are down nearly 30%. Like other big tech companies, Amazon is cutting jobs as it seeks to get costs under control and margins back up. But the e-commerce and cloud computing giant needs to show revenue growth and provide an outlook that sustains growth for the rest of the year.
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