The stock futures market showed a slight uptick on Tuesday following a recent pullback that saw bond yields rise. This came after Federal Reserve Chairman Jerome Powell’s comments dashed hopes for an interest-rate cut in March.
Palantir Technologies Soars with Strong Revenue Growth
Palantir Technologies, a software company, experienced a 19% rise in its stock after reporting better-than-expected revenue growth in the fourth quarter. Despite lighter government revenue, the company’s strong demand from commercial customers made up for it. In an interview, CEO Alex Karp described the commercial business during the quarter as “bombastic, baller, incomprehensibly good.”
BP Reports Higher Annual Profit and Announces Stock Buybacks
BP announced higher-than-expected annual profit and revealed its plans to buy back $1.75 billion worth of stock in the first quarter. The British energy company also expressed its commitment to a total of $3.5 billion in buybacks during the first half of the year. As a result, U.S.-listed shares of BP rose by 6.1%.
Coherent Exceeds Analyst Expectations with Adjusted Earnings
During its fiscal second quarter, Coherent, an optical materials and semiconductor company, reported adjusted earnings that surpassed analysts’ estimates. The company stated that it witnessed “signs of improving demand trends” during this period and expects to see ongoing sequential improvement in revenue growth throughout the remainder of fiscal 2024. As a result, shares of Coherent rose by 10%.
Chegg Disappoints with First Quarter Guidance
Chegg, the leading provider of student homework and study tools, experienced a 4.7% decline in its stock following the announcement of their disappointing guidance for the first quarter. The company expects to generate revenue between $173 million and $175 million during this period, falling short of Wall Street’s consensus of $180 million. Additionally, Chegg’s projected adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $43 million to $45 million also missed estimates, which were set at $54.2 million.
NXP Semiconductors Exceeds Expectations
In contrast, chip maker NXP Semiconductors saw a 3.8% increase in its stock value after reporting strong fourth-quarter results. The company’s adjusted earnings per share reached $3.71, surpassing analysts’ estimates. Furthermore, NXP Semiconductors achieved higher than expected revenue of $3.42 billion.
MorphoSys to be Acquired by Novartis
U.S.-listed shares of MorphoSys experienced a 2.6% increase as Novartis, a Swiss-based pharmaceutical giant, agreed to acquire the biopharmaceutical company for €2.7 billion euros ($2.9 billion). This acquisition will include pelabresib, a potential treatment for myelofibrosis, as well as the anti-tumor drug tulmimetostat.
Rambus Faces Decline in Revenue
Rambus, a leading chip maker, faced a 9.3% decline in its stock value following the release of its fourth-quarter revenue report. The company’s revenue for this period was $122.2 million, slightly lower than the prior year’s $122.4 million.
Eli Lilly Prepares for Fourth-Quarter Earnings
Analysts have high expectations for drug company Eli Lilly as they anticipate fourth-quarter earnings of $2.30 per share on sales of $8.9 billion. Investors eagerly await the release of Eli Lilly’s fourth-quarter earnings report, which will provide insights into the sales performance of Zepbound, the company’s innovative new obesity medicine. Prior to the report, the stock experienced a 2.7% increase.
Upcoming Earnings Reports
Several prominent companies are set to release their earnings reports on Tuesday, providing investors and analysts with valuable insights into their financial performance. Here are some companies to watch:
Amgen
Amgen is scheduled to announce its earnings report on Tuesday. The pharmaceutical giant’s financial results will be closely scrutinized by market participants.
Ford Motor
Ford Motor, a leading automotive manufacturer, will also be releasing its earnings report. Investors are eager to gauge the company’s performance amidst the dynamic and competitive automobile industry.
Spotify Technology
Investors are anticipating the earnings report from Spotify Technology, the popular music streaming platform. As the digital audio market continues to thrive, analysts are interested in evaluating Spotify’s growth and profitability.
Gilead Sciences
Gilead Sciences, a biopharmaceutical company, is expected to unveil its earnings report. The pharmaceutical industry stakeholders closely monitor Gilead’s financial performance, particularly in the context of its innovative drugs and treatments.
Chipotle Mexican Grill
Chipotle Mexican Grill, renowned for its Mexican-inspired cuisine, will be reporting its earnings. Market observers are keen to examine Chipotle’s sales figures and overall consumer demand.
Fortinet
Fortinet, a cybersecurity solutions provider, is set to disclose its earnings report. As cyber threats persist globally, investors are watching closely to assess Fortinet’s revenue growth and cybersecurity market positioning.
DuPont
DuPont, a multinational conglomerate, will also be announcing its earnings report. Market participants are interested in analyzing DuPont’s financial performance across its diverse business segments.
Snap
Snap Inc., the parent company of popular social media platform Snapchat, is expected to share its earnings report. Analysts are keeping a close eye on Snap’s user growth and advertising revenue trends.
Enphase Energy
Enphase Energy, a leading provider of solar energy solutions, will release its earnings report. With renewable energy gaining prominence, investors are eager to understand Enphase Energy’s market position and revenue prospects.
Stay updated with these earnings reports as they unveil valuable insights into the financial health and prospects of these prominent companies.