Madison Square Garden Sports Corp., Linde, Vertex Pharmaceuticals and other stocks published their quarterly earnings. Here's what you need to know.
Leading equity indices in the US declined as Nasdaq closed at 11,900, a 1.68% change. S&P 500 slipped 1.11% and closed at 4,118.
Western Union Co and The Carlyle Group Inc. have released their earnings reports; Digital Realty Trust Inc and Watsco, Inc. will publish their respective reports in due course.
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 down, stocks have released their quarterly earnings reports. Have a look at this rundown.
Madison Square Garden Sports Corp.: mixed results
Madison Square Garden Sports Corp. reported earnings results Tuesday, with EPS at 0.84 and revenues at $353.69 million; these results are mixed when compared to a consensus of 1.33 Earnings Per Share and $314 million revenue. Since the release of its earnings report, Madison Square Garden Sports Corp. gained 4.6%.
Madison Square Garden Sports Corp. ended Tuesday's session at $181.08. yesterday started with an increase to $188.86, but dropped back and closed at $188. Daily trading volume (276,104 shares) was higher than the current multiday average of 155,601.
Linde: mixed results
Linde reported earnings results Tuesday, with EPS at 3.16 and revenues at $7.90 billion; these results are mixed when compared to a consensus of 2.91 Earnings Per Share and $8.38 billion revenue. Since the release of its earnings report, Linde gained 3.53%.
Grinding lower but with no clear-cut direction, the multinational chemical company closed the session at $334.25 after forming a distinct $333.44 – $346.67 range.
Linde hit a significant low of $264.25 around 4 months ago, but has since recovered 27.58%. So far this year, it has been under-performing the S&P by 1.15%. Linde has a market cap of $164.64 billion with an average daily volume of 2.23 million shares.
Vertex | Positive surprise Tuesday
Vertex was down, even though its quarterly earnings released on Tuesday beat the analysts’ estimates. The reported earnings of 3.33 per share on revenue of $2.30 billion, topping estimates of 3.11 per share on revenue of $2.30 billion.
After ending Tuesday at $308.54, Vertex declined to $293.12 yesterday before closing at $293.33, thereby losing 4.93% in total. Daily trading volume (2 million shares) increased, making up 138% of the 21-day average (1.52 million).