In Tuesday morning trading, the Dow Jones industrials were down 0.23%, the S&P 500 down 0.71% and the Nasdaq 0.9% lower.<\/p>\n
After U.S. markets closed on Monday, First Republic Bank reported first-quarter results that wiped out a gain of more than 12% in the day\u2019s regular trading session. Deposits dropped from $176.4 billion at the end of December to $104.5 billion at the end of March. Profits fell 33% year over year, and revenue fell by 13%. Shares traded down 26.4% Tuesday morning.<\/p>\n
Cleveland-Cliffs beat estimates for both earnings per share (EPS) and revenue. The company said that its sales to automakers increased by 36% in the quarter, but revenue ended the period down 11.1% year over year. Even though the company expects \u201csignificant\u201d EBITDA growth in the second quarter, investors were unconvinced. Shares traded down 4.4% early Tuesday.<\/p>\n
Range Resources also beat estimates on both the top and bottom lines. Shares traded down 1.3%.<\/p>\n
Before markets opened on Tuesday, General Electric beat both top-line and bottom-line consensus estimates. Revenue increased by 14.3% year over year, and the company issued in-line guidance for the full fiscal year. GE also raised the low end of its free cash flow estimate to $3.6 billion. Shares dipped 1.2% Tuesday morning.<\/p>\n
UPS missed consensus EPS and revenue estimates and issued downside guidance for fiscal 2023. The package delivery giant cut its revenue estimate from a range of $97.0 billion to $99.4 billion to $97.0 billion, well short of the consensus estimate of $98.25 billion. UPS said it expects to spend $3 billion on share buybacks this year. Shares traded down 8.9%.<\/p>\n
GE HealthCare also beat top-line and bottom-line estimates and reaffirmed previous guidance. Shares traded down 8.7%.<\/p>\n
General Motors beat expectations on the top and bottom lines and raised fiscal-year EPS guidance to a new range of $6.35 to $7.35. The automaker also said it expects 2025 revenue to rise to $225 billion, a compound annual growth rate of about 12%, while electric vehicle production will reach 1 million units in North America by 2025. Shares traded down 3.1%.<\/p>\n
Raytheon beat top-line and bottom-line estimates and issued in-line EPS guidance for the full fiscal year. Shares traded down 0.9%.\n\t\t<\/p>\n
\nAfter U.S. markets close on Tuesday, Alphabet, Enphase Energy, Microsoft, PacWest Bancorp, and Visa are set to report quarterly earnings. Look for reports from\u00a0Boeing, Norfolk Southern and Teck Resources the following morning. Later on Wednesday, Antero Resources, EQT and Meta Platforms take their turns in the earnings spotlight.<\/p>\n
Here are previews of four companies set to report results first thing Thursday morning.<\/p>\n
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