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Wall Street faces a wave of risk-off sentiment on Wednesday, as traders adopt a cautious stance ahead of NVIDIA Corp. earnings, which are set to be released after the market close.
At midday trading in New York, all major equity indices were in the red, weighed down by broad declines in chipmakers and tech stocks.
The iShares Semiconductor ETF fell 2%, underperforming the broader tech-heavy Nasdaq 100, down 1.1%.
The CBOE Volatility Index or VIX, a key barometer of the fear in the market, rose 8%.
As the last of the Magnificent Seven megacaps to report earnings, Nvidia’s results are viewed as a crucial indicator of whether the recent market rebound has more room to run, potentially pushing toward new all-time highs, or if it’s time for investors to dial back risk.
Key metrics to watch include whether Nvidia surpasses the projected $28.7 billion in quarterly revenue — a staggering 156% increase from the same quarter last year — and $0.645 earnings per share, more than triple from the same period in 2022.
Nvidia’s forward guidance will also be critical, as investors seek insight into the demand for its leading AI-related chips and any challenges posed by China.
In a significant achievement during Wednesday’s session, Warren Buffett’s Berkshire Hathaway Inc. (NYSE:BRK) reached the milestone of a $1 trillion market valuation.
The U.S. dollar is showing a modest recovery, up 0.4% after closing Tuesday at its lowest level since July 2023. Treasury yields remain stable, while gold is struggling, down 0.6%, with silver experiencing a sharper 2% decline.
Oil prices continue to fall, with WTI crude down 1.3%, as traders unload the risk premium amid easing geopolitical tensions in the Middle East and less concerning Libyan production disruptions than initially feared.
Bitcoin remains under pressure, down 1% to $58,850, following a more than 7% decline over the past two sessions.
Wednesday’s Performance In Major U.S. Indices, ETFs
Major Indices | Price | Chg % |
Dow Jones | 41,053.09 | -0.5% |
S&P 500 | 5,592.49 | -0.6% |
Russell 2000 | 2,191.39 | -0.6% |
Nasdaq 100 | 19,362.15 | -1.1% |
According to Benzinga Pro data:
Wednesday’s Stock Movers
Read Now:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
For the quarter ended July 2024, Donaldson reported revenue of $935.4 million, up 6.4% over the same period last year. EPS came in at $0.94, compared to $0.78 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $941.12 million, representing a surprise of -0.61%. The company delivered an EPS surprise of +6.82%, with the consensus EPS estimate being $0.88.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Donaldson performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net sales- Industrial products
: $287.80 million versus $298.61 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +3.9% change.Net sales- Mobile Solutions
: $575.30 million versus the four-analyst average estimate of $564.79 million.Net sales- Life Sciences segment
: $72.30 million versus the four-analyst average estimate of $80.24 million. The reported number represents a year-over-year change of +20.7%.Net sales- Industrial Solutions- Industrial Filtration Solutions
: $237.40 million versus the three-analyst average estimate of $252.94 million.Net sales- Industrial Solutions- Aerospace and Defense
: $50.40 million versus the three-analyst average estimate of $43.19 million.Net sales- Mobile Solutions- Off-Road
: $89.90 million versus $93.66 million estimated by three analysts on average.Net sales- Mobile Solutions- On-Road
: $32.90 million versus the three-analyst average estimate of $36.06 million.Net sales- Mobile Solutions- Aftermarket
: $452.50 million versus $436.03 million estimated by three analysts on average.Earnings / (loss) before income taxes- Mobile Solutions segment
: $105.20 million compared to the $102.18 million average estimate based on four analysts.Earnings / (loss) before income taxes- Industrial Products
: $57.80 million versus $55.90 million estimated by four analysts on average.Earnings / (loss) before income taxes- Life Sciences
: -$0.90 million versus $1.88 million estimated by four analysts on average.Earnings / (loss) before income taxes- Corporate and unallocated
: -$22.70 million compared to the -$12.93 million average estimate based on three analysts.View all Key Company Metrics for Donaldson here>>>
Shares of Donaldson have returned -0.4% over the past month versus the Zacks S&P 500 composite's +3.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Donaldson came out with quarterly earnings of $0.94 per share, beating the Zacks Consensus Estimate of $0.88 per share. This compares to earnings of $0.78 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 6.82%. A quarter ago, it was expected that this maker of filtration systems would post earnings of $0.84 per share when it actually produced earnings of $0.92, delivering a surprise of 9.52%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Donaldson, which belongs to the Zacks Pollution Control industry, posted revenues of $935.4 million for the quarter ended July 2024, missing the Zacks Consensus Estimate by 0.61%. This compares to year-ago revenues of $879.5 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Donaldson shares have added about 13.9% since the beginning of the year versus the S&P 500's gain of 17.9%.
What's Next for Donaldson?
While Donaldson has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Donaldson: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.85 on $893.11 million in revenues for the coming quarter and $3.70 on $3.78 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Pollution Control is currently in the top 29% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the broader Zacks Industrial Products sector, Lakeland Industries , has yet to report results for the quarter ended July 2024. The results are expected to be released on September 4.
This safety garments manufacturer is expected to post quarterly earnings of $0.42 per share in its upcoming report, which represents a year-over-year change of +31.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Lakeland Industries' revenues are expected to be $41.1 million, up 24.3% from the year-ago quarter.
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