In the first half-hour of Wednesday’s regular trading, the Dow Jones industrials were down 0.1%, while the S&P 500 traded up 0.12% and the Nasdaq 0.28% higher.
After U.S. markets closed Tuesday, AMD reported better-than-expected earnings per share and revenue, but revenue fell by 9.1% year over year. Second-quarter revenue guidance was in line with the consensus range but about $1.35 billion below year-ago revenue of $6.55 billion. That AMD may clear a low bar was not impressing investors. Shares traded down about 5.7% in early action on Wednesday.
Caesars Entertainment missed the consensus earnings per share (EPS) estimate while topping forecast revenue. Shares traded up around 2.2% Wednesday morning.
Energy Transfer beat the consensus EPS estimate by a penny and missed on revenue. The company raised its full-year estimate of adjusted EBITDA due to an acquisition and increasing demand. Shares traded down 1.1%.
Ford beat estimates on the top and bottom lines. The company now reports internal combustion vehicles (Ford Blue) and electric vehicles (Ford Model e) separately. Ford Blue’s pretax profit of $2.62 billion was partially offset by a loss of $722 million in the EV division. In a regulatory filing Wednesday morning, the company said it would take restructuring charges of $1.5 billion to $2.0 billion this year as it departs unprofitable locations and cuts jobs. Shares traded up around 1.7%.
Before markets opened on Wednesday morning, Barrick Gold also beat top-line and bottom-line estimates. The company declared a first-quarter $0.10 dividend, equal to its payment for the fourth quarter. Barrick pays a variable dividend that was $0.20 for the year-ago first and second quarters. Shares traded up about 0.8%.
CVS Health also beat estimates on the top and bottom lines but issued downside EPS guidance for the 2023 fiscal year. The stock traded down about 3.2%.
Kraft Heinz beat both EPS and revenue estimates and raised EPS guidance for the full fiscal year. Shares traded up 2.5%.
Albemarle and Qualcomm are scheduled to report results after markets close Wednesday. The following morning, ConocoPhillips, Constellation Energy and Paramount Global will report quarterly results.
Here is a look at two companies set to report results after U.S. markets close on Thursday.
Apple
Apple Inc. (NASDAQ: AAPL) remains the world’s most valuable company, with a market cap of about $2.65 trillion, more than $400 billion above second-place Microsoft. Over the past 12 months, Apple shares have increased by about 6.7%, and since the beginning of the year, the stock has added 30%.
Last week, IDC reported that first-quarter smartphone shipments declined by 14.6% year over year. Apple’s market share rose from 18.0% to 20.5% over the period, and shipments declined by 2.3%, the smallest decline of any of the top five phone makers.
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