At Tuesday’s opening bell, stocks were trading lower. In the first quarter hour of trading, the Nasdaq traded down by around 0.8%, the S&P 500 was down by 0.6% and the Dow Jones industrials had retreated about 0.3%. The European Commission accepted promises from Amazon that the e-commerce giant would not use marketplace seller data that the EC claimed distorted fair competition. The company also agreed to change the way it ranks offers in the Buy Box and make additional changes to eliminate EC concerns with Amazon Prime. Amazon shares traded down about 0.4% in the early going Tuesday.
After markets closed Monday, Heico, a parts supplier to the aerospace and defense industries, reported record revenues that beat estimates and adjusted earnings per share (EPS) that came in slightly above estimates. The company also raised its annual dividend by two cents to $0.20 per share. The stock was up about 0.2% after 15 minutes of the regular session.
Before markets opened on Tuesday, General Mills reported quarterly results that beat EPS and revenue estimates. The company raised fiscal 2023 guidance for adjusted operating profit from a range of 6% to 7% to a new range of 8% to 9% and adjusted EPS from a prior range of 2% to 5% to a new range of 4% to 6%. The less-good news about raising prices to cope with inflation wiped out the good news. Shares traded down about 4.9%.
FuelCell Energy missed the consensus EPS and revenue estimates. Shares traded down about 9.2% early Tuesday.
BlackBerry, FedEx and Nike will report results after U.S. markets close on Tuesday, while Carnival and Rite Aid are due to share their results first thing Wednesday morning.
Here is a preview of two companies set to report results late on Wednesday or early Thursday. These are the last reports due out ahead of the holiday weekend.
CarMax
Shares of used car retailer CarMax Inc. (NYSE: KMX) have dropped nearly 58% of their value over the course of the past 12 months. The used car dealership sells, services, and finances purchases at some 220 stores around the United States. The company is set to post quarterly results before markets open on Thursday.
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