PepsiCo, Royal Gold, Inc., PPG Industries Inc are the ones to read about today.
Markets did not have a clear cut direction — S&P 500 slipped 0.33% and closed at 3,577. Dow Jones closed at 29,200 after a flat day.
What is an earnings report?
An earnings report is an official statement of a company's profitability over a certain period of time. These reports are typically announced once a quarter, and their timing is considered when making predictions about the market due to the large impact they have on it.
Markets are flat and mid cap and over stocks have released their quarterly earnings reports. Here is an update on what to look out for.
PepsiCo: better than expectations
PepsiCo released its quarterly earnings report yesterday, beating analysts estimates. The company reported earnings of 1.97 per share on revenue of $21.97 billion, topping estimates of 1.84 per share on revenue of $20.78 billion. Since the release of its earnings report, PepsiCo gained 4.18%.
The multinational food, snack, and beverage corporation topped out at $170.7 having ended yesterday at $169.39. However, despite early momentum, the stock gave up its gains to now trade at $169.39.
A month ago the multinational food, snack, and beverage corporation reached a significant high of $180.4 but has consequently lost 9.87% since then. So far in 2022 it has been beating the Nasdaq by 49.78%. The company's market cap is $233.77 billion with an average daily trading volume of 5.43 million shares.
Royal Gold: mixed results
Royal Gold reported earnings results Tuesday, with EPS at 0.8 and revenues at $142 million; these results are mixed when compared to a consensus of 0.7818 Earnings Per Share and $152.86 million revenue. Since the release of its earnings report, Royal Gold gained 0.57%.
Grinding lower but with no clear-cut direction, Royal Gold closed the session at $94.32 after forming a distinct $93.42 – $96 range. The day's trading volume totalled 316,485 shares — lower than the 21-day average of 483,573.
PPG Industries Inc: exceeds expectations
PPG Industries Inc was down, even though its quarterly earnings released on Wednesday beat the analysts’ estimates. The reported earnings of 1.86 per share on revenue of $4.58 billion, topping estimates of 1.83 per share on revenue of $4.57 billion.
Pronounced bearish market sentiment ensured that PPG Industries Inc made a notable 0.97% loss yesterday, declining $1.07 and ultimately closing at $109.69. The day's trading volume totalled 1.31 million shares — slightly below the 21-day average of 1.42 million.
After closing at $223.31 yesterday, Constellation Brands maintained a strong bullish bias that helped the stock close higher at $223.31. However, market bears ensured the Constellation Brands topped out at $224.89 and that by the end of the session, the market had marked out a distinct $221.57 to $224.89 range.
Constellation Brands is now trading 14.45% below the significant high of $258.78 it set around 5 months ago. So far in 2022, it has performed better than the S&P by 22.22%. The company has a market cap of $42.73 billion with an average daily volume of 1.14 million shares.
An influx of sellers pushed McCormick & Company to end the session lower around $74.48, while establishing a $74.46 to $76.36 session range yesterday.
Having set a significant high of $104.28 13 days ago, McCormick & Company is trading 6.41% lower. The S&P 500 has been doing worse in 2022, it has been passing it by 12%. McCormick & Company has a market cap of $20 billion with an average daily trading volume of 1.47 million shares.