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 closed the day at 31,083, having gained 2.47%. 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 Bank of America are featured this past week; Microsoft & 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 ambiguous earnings results Thursday, with revenue at $717.74 million, compared to a consensus of $738.97 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 yesterday.
9 months ago Signature Bank reached a significant high of $366 but has consequently lost 61.02% since then. So far in 2022, it has been under-performing the Nasdaq by 9.61%. The company's market cap is $9.56 billion with an average daily trading volume of 929,951 shares.
PPG Industries Inc: rises above expectations
PPG Industries Inc 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 yesterday, rising $4.18 and ultimately closing at $112.59. Daily trading volume (2.16 million shares) increased, making up 139% of the 21-day average (1.55 million).
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%.
The consumer pharmaceutical and medical devices company closed Thursday at $165.11. yesterday, it gained 2.18% and remained around $168.71. Daily trading volume (8.46 million shares) increased, making up 116% of the 21-day average (7.27 million).