Bullish sentiment arrives following recent earnings figures among stocks

Published: May 26 2023, 22:10 GMT+0

Bullish sentiment arrives following recent earnings figures among stocks

Workday Inc, Ralph Lauren Corp, Medtronic are the ones to read about today.

Markets were up today; Nasdaq ended the session at 12,976 after a 2.19% gain. S&P 500 closed the day at 4,205.45, having gained 1.3%.

Five Below, Inc. & Asana, Inc. due to release their earnings reports within the following week.

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 were up and stocks have released their quarterly earnings reports. Have a look.

Workday: mixed results

Workday Inc reported earnings results yesterday, 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 an 11 day trend that has already seen the stock gain $18.09. today continued on the same track for Workday — after closing yesterday at $196.41, Workday closed at $216.07 today after climbing to $218.88 and dropping back down. Daily trading volume (6.62 million shares) was higher than the current multiday average of 1.90 million.

Ralph Lauren | Extends $4.54 since strong earnings report yesterday

Ralph Lauren was down, even though its quarterly earnings released on yesterday 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 3 day uptrend, gaining a total of 4.45%, ($6.04), the prevailing bullish trend is beginning to fade following today's downbeat session. An influx of sellers pushed the luxury fashion brand to end the session lower around $112.76, while establishing a $111.93 to $114.55 session range today.

Ralph Lauren hit a significant low of $83.96 around 7 months ago, but has since recovered 35.78%. So far this year, it has been under-performing the S&P 500 by 4.38%. Currently, the renowned fashion company has a market capitalization of $7.44 billion with an average daily trading volume of 935,131 shares.

Medtronic: mixed results

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

Having fallen $7.84 in 21 days, today's session continued the recent downtrend: early in today's session, Medtronic dropped to $81 from $83.54 at the end of yesterday, before closing at $81.46. During the session, it lost 2.49%.
Daily trading volume (8.42 million shares) increased, making up 155% of the 21-day average (5.43 million).