Signature Bank, PPG Industries Inc, Johnson & Johnson and other 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 gained 2.47% and closed at 31,083. S&P 500 ended the session at 3,752.75 after a 2.37% gain.
Though earnings season has just begun, most of the companies in the S&P 500 reporting Q3 results passed Wall Street estimates. Johnson & Johnson and Lockheed Martin are featured this past week; Microsoft and Alphabet results are expected soon.
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 stocks have released their quarterly earnings reports. Have a look.
Signature Bank: mixed results
Signature Bank reported inconclusive earnings results Thursday, with EPS at 5.57 and revenues at $717.74 million. Since the release of its earnings report, Signature Bank lost 6.55%.
Signature Bank has almost recovered all its losses from a previous close of $142.66 after dipping down to $135.1 Friday.
Signature Bank reached a significant high of $366 around 9 months ago but has lost 61.02% since then. So far in 2022, it has been under-performing the Nasdaq by 9.61%. The company has a market cap of $8.96 billion with an average daily volume of 929,950 shares.
PPG Industries Inc | better than expected earnings Wednesday
The company released its quarterly earnings Wednesday, beating analysts estimates. The company reported earnings of 1.86 per share on revenue of $4.58 billion, topping estimates of 1.74 per share on revenue of $4.5 billion. Since the release of its earnings report, PPG Industries Inc lost 3.55%.
Pronounced bullish sentiment in the market helped PPG Industries Inc to make a notable 3.86% gain Friday, rising $4.18 and ultimately closing at $112.59.
PPG Industries Inc is now trading 37.37% below the significant high of $173.1 it set around 9 months ago. So far in 2022, it has been doing worse than the S&P 500 by 6.39%. PPG Industries Inc is currently trading with a market cap of $26.46 billion with an average daily trading volume of 1.55 million shares.
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%.
After finishing Thursday at $165.11, the consumer pharmaceutical and medical devices company went up by 2.18% Friday and remained at the $168.71 level.
Approximately 5 months ago, the medical devices and pharmaceutical manufacturer reached a significant high of $186 but has struggled to hold onto its gains and declined 11.24% since then. So far in 2022 it has been beating the Dow by 16.45%. Johnson & Johnson's market cap is currently $443.57 billion with an average daily trading volume of 7.29 million shares.