In early trading on Monday, the Dow Jones industrials were down 0.08%, the S&P 500 down 0.33% and the Nasdaq 0.43% lower.
After U.S. markets closed on Monday, Devon Energy beat consensus estimates on both the top and bottom lines. Devon also boosted its share buyback program by 50% to $3 billion and declared a fixed-plus-variable dividend of $0.72, down from $0.89 in the prior quarter. Shares traded down 1.9%.
Lucid posted a wider-than-expected loss and fell short of the consensus revenue estimate by about 30%. At a cash burn rate of around $1 billion per quarter, the company has enough liquidity to last through the second quarter of 2024. Shares traded down 8.8%.
Palantir reported better-than-expected earnings per share (EPS) and revenue. The company added 52 new U.S. customers in the past year, up 50%. Palantir issued downside guidance for second-quarter revenue and in-line guidance for the 2023 fiscal year. Shares traded up 21.1%.
Before U.S. markets opened on Tuesday, Duke Energy missed the consensus EPS estimate but surpassed analysts’ expectations for revenue. The company said it expects a 25% sequential increase in revenue in the second quarter thanks to its acquisition of FlexSteel. Shares traded down 1.3%. Duke’s 4.05% dividend yield makes a difference here.
Fox beat top-line and bottom-line estimates despite a massive settlement in the Dominion lawsuit and the firing of top-rated program host Tucker Carlson. Fox also authorized a $7 billion share buyback program. Shares traded up 0.5%.
Fisker, another EV maker, reported a bigger loss than analysts expected and just $200,000 in revenue, compared to an estimate of $2.52 million. Shares traded down 6.8%.
Nikola reported a net loss of $0.26 per share, exactly on target, on sales that fell short of expectations. The company also announced more focus on fuel-cell trucks, hydrogen refueling stations and autonomous-driving technologies in the North American market. With just $154 million in cash and equivalents, the company’s burn rate of $232 million in the first quarter is an ominous sign. Shares traded down 9.9%.
After U.S. markets close on Tuesday, Affirm, Airbnb, Luminar, Occidental Petroleum and Rivian are set to report earnings. Hecla Mining, Li Auto and Roblox will report results first thing Wednesday morning.
The following two companies are scheduled to report quarterly earnings after U.S. markets close on Wednesday. Note that Disney also reports results late Wednesday.
Robinhood
In late July, Robinhood Markets Inc. (NASDAQ: HOOD) will celebrate the second anniversary of its initial public offering. It is unlikely to be much of a party, though. The stock is down about 75% since then.
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