Shortly after the opening bell Monday, the Dow Jones industrials traded down 0.13%, while the S&P 500 was down 0.53% and the Nasdaq down 1.01%. A cautious beginning to a week full of major economic reports.
Before markets opened on Monday, GE Healthcare reported better-than-expected earnings per share (EPS) and revenue for its fourth quarter. The newly public company also issued upside fiscal 2023 EPS guidance, ranging from $3.60 to $3.75, well above the current consensus of $3.28. Shares traded down about 0.5% Monday morning.
Alliance Resource Partners easily beat consensus estimates for both revenue and EPS. The coal producer also raised its quarterly distribution to shareholders by 40% to $0.70 per common unit. Shares were up more than 8%.
Li-Cycle missed estimates on both the top and bottom lines. In its press release, the lithium battery recycler did say that it had “progressed significantly towards meaningful debt financing” and expects to release further details during the current quarter. Shares traded down about 1% Monday morning.
SoFi Technologies posted a smaller-than-expected per-share loss and higher-than-expected revenue. SoFi also issued downside revenue guidance for the first quarter and in-line guidance for the full fiscal year. The stock traded up nearly 8%.
After markets close on Monday, NXP Semiconductors is set to report quarterly results. The following morning, look for reports from Caterpillar, Exxon Mobil, McDonald’s, Pfizer and UPS.
Here are previews of what to expect from two firms reporting quarterly results after Tuesday’s closing bell.
AMD
In the past 12 months, shares of chipmaker Advanced Micro Devices Inc. (NASDAQ: AMD) have slipped by about 26.5%, including a year-to-date gain of more than 16%. Since reaching a 52-week low in mid-October, the stock is up nearly 28%. Last week’s poor report from Intel gave AMD’s shares a small boost, but the company’s fate is its own. AMD’s PC business, like Intel’s, is faltering. AMD’s server business, unlike Intel’s, is strong. Guidance could be the difference between a rising or a falling stock price.
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