As the U.S. stock market opens on Thursday, investors are keeping a close eye on several key stocks that are expected to make headlines today. With futures trading lower, the focus shifts to earnings reports and market performance of notable companies.
First on the radar is Ciena Corporation (CIEN), which is anticipated to announce its quarterly earnings, projecting earnings of $0.66 per share on a revenue of $1.10 billion. In after-hours trading, Ciena shares saw a modest increase of 1.3%, reaching $74.15.
Adobe Inc. (ADBE) also captured attention after reporting better-than-expected earnings and sales results for its fourth quarter. The company has forecasted its first-quarter revenue to be between $5.63 billion and $5.68 billion, slightly below analysts’ expectations of $5.73 billion. Additionally, Adobe expects adjusted earnings for the first quarter to fall between $4.95 and $5.00 per share, aligning with estimates. However, in after-hours trading, Adobe shares experienced a significant drop of 9.2%, settling at $499.48.
Another major player, Broadcom Inc. (AVGO), is set to release its earnings report after the market closes. Analysts are forecasting quarterly earnings of $1.38 per share on a revenue of $14.09 billion. In the lead-up to the announcement, Broadcom shares dipped by 0.3%, trading at $182.66.
In contrast, Oxford Industries, Inc. (OXM) reported disappointing earnings and sales for its third quarter. The company has revised its fiscal year 2024 earnings projection to between $6.50 and $6.70 per share, falling short of the previous estimate of $7.11 per share. Revenue expectations have also been adjusted, with projections now between $1.5 billion and $1.52 billion compared to the earlier estimate of $1.52 billion. Following this news, Oxford Industries shares declined by 2.6%, closing at $81.90 in after-hours trading.
Additionally, Costco Wholesale Corporation (COST) is expected to report its quarterly earnings, with analysts predicting earnings of $2.59 per share on revenue of $736.35 million. Costco shares experienced a slight decrease of 0.02%, trading at $994.49 in after-hours.
Investors are advised to stay informed about these earnings reports, as they may significantly impact stock performance and market trends. With the current economic climate and market fluctuations, it is essential to keep a close watch on these developments.
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Stay tuned for further updates on these stocks and other market trends as the day progresses.
