Johnson & Johnson, Bank of America, UnitedHealth are the ones to read about today.
Leading equity indices in the US rose as Dow Jones ended the session at 31,083 after a 2.47% gain. S&P 500 gained 2.37% and closed at 3,752.75.
With Q3 earnings season getting underway, around 82.35% of US companies have beaten market estimates so far. This past week, Johnson & Johnson & Bank of America published their earnings reports while Microsoft and 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.
Johnson & Johnson | Extends $2.12 since strong earnings report Tuesday
Johnson & Johnson released its quarterly earnings report Tuesday, beating analysts estimates. The company reported earnings of 2.55 per share on revenue of $23.79 billion, topping estimates of 2.52 per share on revenue of $23.46 billion. Since the release of its earnings report, Johnson & Johnson gained 1.27%.
Ending Thursday at $165.11, the consumer pharmaceutical and medical devices company rallied 2.18% Friday and stayed at the $168.71 level.
The medical devices and pharmaceutical manufacturer is now trading 11.24% below the significant high of $186 it set around 5 months ago. The Dow has been doing worse in 2022, it has been passing it by 16.45%. The company has a market cap of $443.57 billion with an average daily volume of 7.29 million shares.
Bank of America | Extends $3.25 since strong earnings report Monday
Bank of America released its quarterly earnings report Monday, beating analysts estimates. The company reported earnings of 0.81 per share on revenue of $24.5 billion, topping estimates of 0.78 per share on revenue of $23.56 billion. Since the release of its earnings report, Bank of America gained 10.25%.
Bullish sentiment helped Bank of America to hammer out a noteworthy $33.56 to $35.04 range Friday, and finally closing at $34.95 to end the session.
Bank of America hit a significant low of $29.77 around 12 days ago, but has since recovered 13.2%. So far in 2022, it has been outperforming the S&P 500 by 3.48%. The company's market cap is $280.45 billion with an average daily trading volume of 48.78 million shares.
The healthcare solutions and services company went up to $533.73, gaining 2.47%. Daily trading volume (2.90 million shares) was slightly greater than the current multiday average of 2.84 million.
The financial services company went up to $122.23, gaining 5.25%.
JP Morgan Chase hit a significant low of $101.96 around 12 days ago, but has since recovered 13.9%. So far in 2022, it has been under-performing the Dow Jones by 7.23%. JP Morgan Chase is currently trading with a market cap of $358.53 billion with an average daily trading volume of 15.75 million shares.