Earnings Previews: Affirm, Disney, MGM Resorts, Robinhood

In early morning trading Tuesday, the Dow Jones industrials were 0.31% lower, the S&P 500 was down 0.2% and the Nasdaq traded flat. Premarket trading did not push equities out of Monday’s doldrums.

After markets close Monday, Pinterest beat the consensus earnings per share (EPS) estimate by a penny but fell short on revenue. The social media company also announced a $500 million buyback program and the departure of the chief financial officer. Shares traded down 4.2% shortly after Tuesday’s opening bell.

NOV beat estimates on both the top and bottom lines. The oilfield services firm did not offer guidance, but CEO Clay Williams said NOV believes “that the world simply must rebuild and fortify its petroleum supply capability soon and a sustained oil and gas up-cycle is required to increase energy security across the globe.” The stock traded up about 2%.

Simon Property Group also beat both top-line and bottom-line estimates. The mall operator issued fiscal 2023 net income guidance of $6.35 to $6.60 per share and comparable funds from operations of $11.70 to $11.95 per share. Shares traded down a bit more than 2%.

Before U.S. markets opened on Monday, BP reported EPS that fell short of expectations by a penny and revenue above the consensus estimate. The energy supermajor also said it would slow its transition to low-carbon energy and boost spending on oil and gas production. Shares traded up 5.2%.

Centene beat estimates on both the top and bottom lines. The health care company also reaffirmed previous fiscal 2023 guidance. Shares traded down about 1.4%.

Linde posted an EPS beat but missed on revenue. The industrial gas producer raised first-quarter and full-year guidance, and the stock traded up about 0.4% in the first 10 minutes of Tuesday’s regular trading session.

After markets close Tuesday, Enphase Energy, Fortinet and Lumen are set to report quarterly results. CVS Health, Fox and Uber will post earnings first thing Wednesday morning.

Here is a look at what to expect when the following four firms share their results after U.S. markets close on Wednesday.

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Since posting an annual high one year ago, shares of payment processor Affirm Holdings Inc. (NASDAQ: AFRM) have dropped by around 73%. Even a year-to-date gain of more than 75% has left the stock in a big hole. A deal giving Affirm the exclusive right to provide buy now, pay later (BNPL) services to Amazon expired last week. Amazon may now look for another provider while Affirm has another two years to offer its services without exclusivity. Then the two companies can talk it over again.

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