March 7, 2024 11:22 PM | 2 min read
The Most Important Earnings Report of the Year?
Gianni Di Poce gives the low-down on what he believes is the most important earnings report for the market today. Get his expert insights weekly, plus stock picks with Benzingaâs Insider Report Try it today for $0.99.
The S&P 500 index soared past the 5,150-point mark, reclaiming its record-high territory, driven by comments from Fed Chair Jerome Powell hinting at potential interest rate cuts. The tech-heavy Nasdaq 100 also climbed, rising 1.5% for the day to 16,273.38. The S&P 500 ended the session 1.03% higher at 5,157.36.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
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Broadcom Inc. (NASDAQ:AVGO)
Broadcom closed the day with a 4.22% increase at $1407.01. The company reported first-quarter earnings of $10.99 per share, beating the analyst consensus estimate. Quarterly sales came in at $11.96 billion, surpassing the analyst consensus estimate.
Marvell Technology Inc. (NASDAQ:MRVL)
Marvell Technology ended the day with a 4.57% increase at $85.09. The company reported fourth-quarter revenue of $1.427 billion, beating the consensus estimate. Earnings per share were in line with analyst estimates.
Costco Wholesale Corporation (NASDAQ:COST)
Costco closed the day with a 1.60% increase at $785.59. The retailer reported a total revenue of $58.44 billion in the second quarter, missing the Street consensus estimate. Net sales were stated as $57.33 billion, up 5.7% year-over-year.
MongoDB, Inc. (NASDAQ:MDB)
MongoDB ended the day with a 0.61% increase at $412.01. The company reported fourth-quarter earnings of 86 cents per share, beating the analyst consensus estimate. Quarterly sales were $458 million, surpassing the analyst consensus estimate.
Tesla Inc. (NASDAQ:TSLA)
Tesla closed the day with a 1.20% increase at $178.65. The companyâs shares have been trading lower, adding to losses of more than 12% for the week. Tesla shares experienced significant losses, dropping over 12% in the week, marking its worst performance since January. This decline follows disappointing sales figures in China, with Tesla selling only 60,365 vehicles in February, a decrease of 15.51% from January. Additionally, operations at Teslaâs Gigafactory in Germany were halted due to a suspected arson attack.
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The Most Important Earnings Report of the Year?
Gianni Di Poce gives the low-down on what he believes is the most important earnings report for the market today. Get his expert insights weekly, plus stock picks with Benzingaâs Insider Report Try it today for $0.99.
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