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Markets finished essentially flat on the day. It was a bit of a topsy-turvy trading session, at least for three of the four major indices today, with the Dow just closing into the red at -0.11%, the S&P 500 squeaked by to the positive, +0.02%, and the Nasdaq was basically a mirror-image of the Dow: +0.10%. The small-cap Russell 2000 fell furthest during morning trading and never found its way above zero again; it closed -0.43% by the bell.
Zacks Rank #2 (Buy)-rated Meta Platforms META beat estimates in Q1 in the late session. Earnings of $4.71 outpaced the Zacks consensus $4.32 on quarterly revenues of $36.46 billion versus expectations of $36.28 billion, representing +27% year-over-year gains. Yet soft revenue guidance has helped sell the news, and the stock is down -12% in the late session. This is even with a slight raise to capex levels, though without daily and monthly active users reported, progress at the social media staple has gotten somewhat opaque.
Ford Motor CompanyF posted mixed results in its Q1 report today. Earnings of 49 cents per share outpaced expectations by 7 cents, while revenues of $39.89 billion was light the $40.55 billion. Its Ford Blue (traditional auto business) segment dropped off -66%, and its EV division is expected to lose $5-5.5 billion this year. Yet shares are up more than +2% on the news, as work truck sales continue to sell well.
ChipotleCMG crushed earnings after today’s close. Earnings of $13.37 per share easily surpassed the $11.63 in the Zacks consensus, as $2.7 billion in quarterly sales outperformed expectations by +14% in the quarter. Comps year over year were up +7%, while operating margins gained +16.3% (+15.5% previously). Shares have gained +3% on this report’s release, adding to the +30% tally year to date.
Enterprise software provider ServiceNowNOW is also out with Q1 results today. Revenues narrowly outpaced the Zacks consensus to $2.60 billion in the quarter, a gain of +24% year over year. The company also raised its midpoint of subscriber revenue guidance going forward, though shares are down -5.5% on the news, giving back a large portion of the +8.5% gains it had made year to date.
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AGNC Investment’s strategic portfolio repositioning moves cushion it from higher interest rates and prepayments. Adequate financial flexibility offers opportunities to enhance its portfolio.
eBay's focus on enhanced user experience, strength in marketplace business, opportunities in the fast-growing mobile commerce, and collectible market prospects remains a positive.
Systematic capital investments to strengthen infrastructure, strong liquidity and the expanding natural gas customer base are going to drive its performance.
Teradyne benefits from strong demand for its testing solutions in automotive, HBM, DDR5, LPDDR5, flash and aerospace and defense businesses. Strong demand for UR20 bodes well for the Robotics business.
Zillow Group’s growth can be attributed to its Premier Agent Business, new construction marketplaces and increasing traffic at its mobile apps as well as websites.
TE Connectivity’s harsh-environment application business and industrial solutions are positives. Secular trends in autonomous driving systems and infotainment areas are tailwinds.
Strong cash flows in storage and records management business, and focus on data center business are positives for Iron Mountain. Also, an aggressive acquisition strategy supplements organic growth.
Medifast is encountering difficulties in attracting customers, primarily because of a range of macroeconomic elements, such as a rapidly changing economy, inflation, shifts in social media algorithms and fierce competition.
Alibaba's business structure involves certain risks due to the strict laws in China, which along with lower mobile monetization, increasing competition and integration risks are concerns.
Huntsman is seeing pressure from lower selling prices. The company also faces headwinds from weak demand in Europe and China. Elevated input costs may also hurt margins.
Intensifying competition is likely to make Atlassian resort to competitive pricing in an effort to maintain and gain further market share. A decelerating customer growth rate, softened IT spending and integration risks are other concerns.
American Eagle remains well placed on the back of cost-reduction efforts, strength in Aerie and a solid online show. Also, its Real Power Real Growth value creation plan bodes well.
Netflix’s growing subscriber base, driven by content strength, focus on originals across various genres and languages, rapid international expansion and partnerships with telcos are key drivers.
Amgen expects strong sales growth of products like Tezspire, Evenity, Repatha, Prolia and Tavneos to offset lower revenues from oncology biosimilars and legacy established products such as Enbrel in the future quarters.
