In mid-morning trading Tuesday, the Dow Jones industrials were 0.58% lower, the S&P 500 down 0.31%, and the Nasdaq down 0.15%. The monthly consumer price index (CPI) came in as expected with an increase of 0.5% month over month, and core CPI also met an expected increase of 0.4%. Overall inflation dropped to 6.4% on a 12-month basis, an improvement over December’s 12-month inflation rate of 6.5%. All three indexes traded in the green about 45 minutes after the opening bell, before falling back.
After U.S. markets closed Monday, Palantir Technologies reported beating fourth-quarter estimates on both earnings per share (EPS) and revenue. The $0.04 per-share profit was the company’s first since coming public in September 2020. Guidance for the first quarter and the full 2023 fiscal year was a bit light, but shares traded up 10.5% shortly after Tuesday’s opening bell.
Vornado Realty Trust reported better-than-expected profits but missed on revenue. Shares traded down 0.2% early Tuesday.
Before markets opened on Tuesday morning, Dow component Coca-Cola met analysts’ EPS estimate and beat the revenue estimate. Warren Buffett’s favorite drink also issued upside guidance. Shares traded up a fraction in the morning.
Peabody Energy hammered the consensus EPS estimate and easily beat the revenue forecast. Shares traded up 4.2%.
Cleveland-Cliffs reported results that were more or less in line with expectations, but far below the iron ore miner and steelmaker’s fourth quarter of last year. Shares traded down about 1.5%.
After markets close on Tuesday, Airbnb, Devon Energy and Livent will report quarterly earnings. Barrick Gold, Kraft Heinz and Roblox are scheduled to post their quarterly results before Wednesday’s opening bell. Look for results from Albemarle, Antero Resources, Cisco Systems and Energy Transfer later on Wednesday.
Three companies expected to report quarterly numbers first thing Thursday morning include an oil company, a data analysis firm and a media giant.
Cenovus
Canada-based Cenovus Energy Inc. (NYSE: CVE) owns all or 50% of several refineries in the United States and Canada, in addition to production assets in the oil sands region and offshore. Cenovus’s share price has risen by more than 28% over the past 12 months. But since posting a 52-week high in early June, shares have dropped by about 16.5%, including a rise of 4% since 2023 began.
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