The three major U.S. equity indexes closed mixed on Friday. The Dow Jones industrials ended the day up by 0.10%, while the S&P 500 closed 0.12% lower and the Nasdaq down 0.18%. Six of 11 sectors closed lower, with energy (−0.60%) and technology (−0.55%) falling the most. Materials (1.1%) and industrials (0.62%) posted the largest gains.
The Bureau of Labor Statistics (BLS) employment situation report Friday morning sent U.S. markets lower at the opening bell, but as the day went on, traders refused to let equities fall much below the break-even line. After Monday’s opening bell, the Institute for Supply Management (ISM) reports its non-manufacturing index for November. Economists are expecting a reading of 53.5%, lower than October’s level of 54.4%. On Friday, the BLS will issue its report on the producer price index (PPI) for November. Economists are expecting the index to rise by 0.2%, as it did in October. Core PPI is expected to be flat compared to an increase of 0.2% month over month in October.
All three major indexes were showing losses in Monday’s premarket trading.
Before markets opened on Monday, SAIC reported results that beat analysts’ estimates on both the top and bottom lines. The company also raised fiscal year earnings and revenue guidance. Shares traded up about 2% in Monday’s premarket.
AutoZone and Signet Jewelers are on deck to report earnings before U.S. markets open on Tuesday.
Here is a preview of four companies set to report quarterly results later on Tuesday.
MongoDB
MongoDB Inc. (NASDAQ: MDB) offers a database platform for enterprise-level customers that runs in the cloud, on-site or in a hybrid setup. The shares are down by more than 64% over the past 12 months but have added 14% since the beginning of the December quarter.
Last week’s report on personal income and expenditures gave Federal Reserve Chair Jerome Powell a chance to soften his position on continued massive interest rate hikes. That was good news for MongoDB and its enterprise customers. The company’s revenue has been increasing steadily for five years, but it has only posted a profit in one of the quarters during those years. That needs to change.
Of 26 analysts covering the stock, 19 have a Buy or Strong Buy rating and the other seven have Hold ratings. At a recent share price of around $160.20, the upside potential based on a median price target of $300.00 is 87.3%. At the high target of $575.00, the upside potential is nearly 260%.
The revenue forecast for the company’s third quarter of fiscal 2023 is $3.04.73 million, which would be up 0.4% sequentially and by 34.3% year over year. Analysts are forecasting a per-share loss of $0.17, better than the prior quarter’s loss of $0.23 per share but worse than the $0.11 loss per share in the year-ago quarter. For the full fiscal year ending in January, analysts anticipate a loss per share of $0.31, down from last year’s loss of $0.59, on sales of $1.21 billion, up 39.2%.
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