Bullish sentiment arrives following recent earnings figures among stocks

Published: May 27 2023, 02:10 GMT+0

Bullish sentiment arrives following recent earnings figures among stocks

Workday Inc, Ralph Lauren Corp, Medtronic and other stocks published their quarterly earnings. Here's what you need to know.

Leading equity indices in the US rose as Nasdaq closed the day at 12,976, having gained 2.19%. S&P 500 ended the session at 4,205.45 after a 1.3% gain.

Pinduoduo & Booz Allen Hamilton Holding Corporation have released their earnings reports with Five Below, Inc. and Asana, Inc. are set to publish their respective reports as scheduled.

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.

Workday: mixed results

Workday Inc reported earnings results Thursday, with EPS at -0.17 and revenues at $1.68 billion; these results are mixed when compared to a consensus of 1.12 Earnings Per Share and $1.67 billion revenue. Since the release of its earnings report, Workday Inc gained 10.13%.

Workday has posted further gains as part of a 12 day trend that has already seen the stock gain $18.09. Workday pointed in the same direction yesterday: the cloud applications for finance and human resources provider rose as high as $218.88 before giving up its gains and dropping back to $216.07 before the close on yesterday.

The provider of enterprise cloud applications for human resources reached a significant high of $214.97 around a day ago but has lost 8.63% since then. So far this year, it has been outperforming the Nasdaq by 9.86%. The company is currently trading with a market cap of $56.27 billion with an average daily trading volume of 1.84 million shares.

Ralph Lauren | Retains upward momentum since earnings report Thursday

Ralph Lauren was down, even though its quarterly earnings released on Thursday beat the analysts’ estimates. The reported earnings of 0.9 per share on revenue of $1.54 billion, topping estimates of 0.61 per share on revenue of $1.47 billion.

Though in the midst of a 4 day uptrend, gaining a total of 4.45%, ($6.04), the prevailing bullish trend is beginning to fade following yesterday's downbeat session. Pronounced bearish sentiment in the market pushed the renowned fashion company into a notable 1.09% slide yesterday, falling $1.24 and ultimately closing at $112.76. Ralph Lauren's recent uptrend could be petering out after the company eclipsed its average daily volume of 923,227 by 142% today.

Medtronic: mixed results

Medtronic reported earnings results Thursday; with EPS at 1.52, these results are ambiguous when compared to a consensus of 1.56 Earnings Per Share. Since the release of its earnings report, Medtronic lost 6.89%.

Medtronic's bearish run has lasted 22 days so far (-$7.84). yesterday's session continued the recent downtrend: after ending Thursday at $83.54, Medtronic dropped to $81 early in yesterday's session and closed at $81.46. In total, it lost 2.49%. Daily trading volume (8.42 million shares) increased, making up 164% of the 21-day average (5.13 million).