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Earnings Previews: GlobalFoundries, Norwegian Cruise Lines, Upstart, Velodyne Lidar

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The three major U.S. equity indexes closed mixed Thursday. The Dow Jones industrials dropped 0.26%, the S&P 500 slipped by 0.08%, and the Nasdaq rose by 0.41%. Seven of 11 sectors ended the day higher, led by tech (0.5%), consumer cyclicals (0.4%) and communications services (0.4%). The energy sector tumbled by 3.7%.

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Before markets open Friday morning, the U.S. Department of Labor reported that nonfarm payrolls increased by 528,000 in July, more than double the consensus estimate and well above the revised June total of 398,000. The headline unemployment rate fell from 3.6% to 3.5%. All three major indexes traded lower in Friday’s premarket session, as inflation fears rise once again as investors see little chance that the Federal Reserve will ease up on interest rate hikes.

After markets closed on Thursday, AMC posted a smaller-than-expected loss and fell short of the consensus revenue estimate. The company announced a special dividend consisting of one preferred, convertible share for each common share. The preferred shares will trade on the New York Stock Exchange under the ticker symbol APE. Shareholders were not amused; the stock traded down more than 8% in Friday’s premarket.

Block beat estimates on both the top and bottom lines, but the Bitcoin fiasco forced the company to take an impairment charge of $36 million. Bitcoin revenue fell 34% year over year to $1.79 billion. Shares traded down by about 6.6%.

Virgin Galactic reported a loss per share that was larger than forecast and revenue fell 37.5% year over year. The really bad news is that resumption of commercial flights has been pushed into the second quarter of next year. Shares traded down more than 18%.

Warner Bros. Discovery missed on both the top and bottom lines, and the misses were not even close. The stock traded down about 13%.

Before markets opened on Friday, Canopy Growth reported a much larger loss per share than expected after taking a non-cash impairment charge of $1.36 billion. Shares traded down about 6% in the morning.

DraftKings posted a smaller-than-expected loss and beat the consensus revenue estimate. The company also issued guidance that was in line with expectations. The stock traded up about 3.2%

Western Digital beat the consensus earnings estimate and missed on revenue. The company also issued downside earnings and revenue guidance far short of the consensus estimate. Shares traded down nearly 7%

First thing Monday morning, Barrick Gold, Palantir, Tyson Foods and Viatris are expected to report quarterly earnings.


Here are previews of four earnings reports due out after markets close Monday or before they open on Tuesday.

GlobalFoundries

Chipmaker Globalfoundries Inc. (NASDAQ: GFS) came public in late October of last year, and shares soared 70% by late March. By July 1, the stock had dropped 50% from its peak. The shares have gained 38% since then and currently trade with a gain of more than 15% since the IPO. In large part, GlobalFoundries has the passage of the CHIPS and Science Act to thank for the recent share price increase. The company reports results early Tuesday morning.

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