Johnson & Johnson, Bank of America, UnitedHealth and other mega cap stocks published their quarterly earnings, check out this rundown of reports and how they turned out.
Leading equity indices in the US rose as Dow Jones closed the day at 31,500, having gained 1.34%. S&P 500 ended the session at 3,797.34 after a 1.19% gain.
With Q3 earnings season getting underway, around 77.78% of US companies have beaten market estimates so far. This past week, Lockheed Martin and PPG Industries Inc published their earnings reports while Microsoft & Alphabet are scheduled to release their results in the coming days.
What is an earnings report?
An earnings report is an official statement of a company's profitability over a certain period of time. Usually, these reports are released four times a year (quarterly reports) and have a significant impact on the market. These announcements are typically taken into consideration when making predictions.
Markets were up and mega cap stocks have released their quarterly earnings reports. Have a look.
Pronounced bullish sentiment in the market helped the consumer pharmaceutical and medical devices company to make a notable 1.35% gain yesterday, rising $2.27 and ultimately closing at $170.98.
6 months ago the consumer pharmaceutical and medical devices company reached a significant high of $186 but has consequently lost 9.3% since then. So far in 2022, it has been outperforming the Dow Jones by 16.03%. The company's market cap is $449.54 billion with an average daily volume of 7.16 million shares.
Bank of America closed at $35.07 yesterday after ranging between $34.7 and $35.26. The day's trading volume totalled 32.72 million shares — slightly below the 21-day average of 47.56 million.
Bullish sentiment helped the healthcare solutions and services company to hammer out a noteworthy $537.8 to $546.48 range yesterday, and finally closing at $541.6 to end the session.
Having set a significant high of $548.32 11 months ago, the healthcare solutions and services company is trading 22% lower. So far in 2022 it has been beating the Dow Jones by 24.31%. The company has a market cap of $506.60 billion with an average daily trading volume of 2.84 million shares.
A quiet day for JP Morgan Chase as it remained range-bound within a $121.33 – $123.1 range before closing at $122.38.
JP Morgan Chase hit a significant low of $101.96 around 14 days ago, but has since recovered 19.88%. So far in 2022, it has been under-performing the Dow Jones by 8%. The company's market cap is $358.96 billion with an average daily trading volume of 15.49 million shares.