Stock market today: Tesla surges, stocks flip flop as investors await Meta earnings

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Stock market today: Tesla surges, stocks flip flop as investors await Meta earnings

A number of major companies are expected to report results after the bell. Below are the key metrics to watch for each.

Meta

Meta (META) will report its first quarter results after the bell on Wednesday, with Wall Street hoping for another sizable increase in revenue from the social media giant. Shares of Meta are on a strong rise, climbing 116% over the past 12 months and more than 45% since the start of the year.

For the first quarter, Wall Street expects Meta to post earnings per share of $4.30 on revenue of $36.1 billion, according to analyst estimates compiled by Bloomberg. This would mark another sizable increase in EPS and revenue compared to the same quarter last year, when the company reported a profit of $2.20 on revenue of $28.6 billion.

Read more from Yahoo Finance’s Dan Howley.

Chipotle

Limited time offers like the return of Carne Asada And Chicken with Pasteur, whose price is higher, can help improve results in a difficult macro-consumption context. The chain, which has seen foot traffic hold steady in 2023, is battling higher labor costs and persistent inflation – although it has implemented higher prices to offset these headwinds.

Here’s what Wall Street expects from Chipotle, according to Bloomberg estimates:

  • Income: $2.67 billion, up 12.9% from Q1 2023 ($2.37 billion)

  • Adjusted earnings per share: $11.66, up 11.1% from Q1 2023 ($10.50)

  • Same-store sales growth: 5.13%

  • Menu price increases: 2.87%

  • Transaction growth: 3.03%

  • Average check growth: 2.00%

  • Digital Sales Growth: 3.39%

Read more from Yahoo Finance’s Brooke DiPalma.

Ford

Ford (F) will report its first quarter results after the bell on Wednesday. Its evolving product development plan will be at the forefront, focusing on gasoline and hybrid offerings to offset heavy spending on electric vehicles.

For the quarter, Ford is expected to report revenue of $40.04 billion, according to the Bloomberg consensus, a result that would be 3.5% lower than a year ago. Ford is also expected to post adjusted earnings per share of $0.42 on adjusted EBIT (earnings before interest and taxes) of $2.54 billion. Ford’s results are expected to be slightly better than the fourth quarter, when the company was dealing with the lingering effects of the United Auto Workers (UAW) strike.

Learn more about Pras Subramanian from Yahoo Finance.

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