CSX — The so-called “transportation juggernaut” took a nosedive of 5% like a clumsy acrobat missing its mark, all because it couldn’t keep up with Wall Street’s great expectations for revenue in the second quarter. Pathetic, really. They landed at $3.7 billion, well below the $3.74 billion estimate from those financial gurus over at Refinitiv. At least their earnings per share of 49 cents managed to hit the bullseye, but that’s hardly anything to write home about.
Capital One — The financial bigwigs at Capital One seemed to be stuck in a state of limbo, barely moving after an earnings report that can only be described as a hot mess. Their adjusted earnings of $3.52 per share on a $9.01 billion revenue for the second quarter left investors scratching their heads. Those supposed “analysts” at Refinitiv were anticipating $3.23 per share and a revenue of $9.12 billion. Oh, and let’s not forget the cherry on top – total deposits dropped by 2% while average deposits crawled up by a measly 1%. Talk about lukewarm results.
PPG Industries — The paint maestros over at PPG Industries tried to impress, but their effort fell flat like a dull brush stroke. Despite posting what some would call a “strong” quarterly financial report, their shares slid down by a lackluster 2.2%. They managed to report $2.25 in earnings per share excluding some flimsy items, paired with a $4.87 billion revenue. But hold your applause, because those so-called “analysts” over at FactSet were expecting more at $2.14 per share and $4.84 billion in revenue. At least they managed to throw in some raised earnings expectations for the current quarter and full year, like a last-minute flourish to save face.
Intuitive Surgical — The health-care stock thought it could dance its way into the hearts of investors, but instead, it tripped over its own feet like a bumbling fool. With systems unit revenue far below expectations, tumbling to $392.7 million when those FactSet analysts had dreamt of $415.9 million, it’s no surprise the stock took a 4.7% nosedive. Yet, there’s still a glimmer of hope, as they managed to outperform Wall Street expectations overall. Adjusted earnings of $1.42 per share and $1.76 billion in revenue did manage to beat the consensus estimates from Refinitiv, but don’t expect a standing ovation just yet.
Knight-Swift Transportation — The transportation company seemed to be on a wild ride, but it crashed and burned, falling 3% like a house of cards. They couldn’t even meet those ever-so-wise analysts’ consensus estimates on earnings for the second quarter and their guidance was as weak as a flimsy handshake. Adjusted earnings of 49 cents per share and $1.55 billion in revenue were far from what the so-called experts were expecting – 55 cents in earnings per share and a hefty quarterly revenue of $1.60 billion, as per Refinitiv. As if that wasn’t enough, their lowered full-year earnings guidance only added insult to injury. Blaming soft demand and modest increases in driver turnover as an excuse for their underperformance, it’s no wonder investors took a leap off this sinking ship. Werner Enterprises, another transportation stock, felt the ripple effect, falling 2.7% in sympathy – a classic case of birds of a feather falling together.
Scholastic — The “bookworms” over at Scholastic decided to put on a show, and this time they managed to wow the crowd, pushing their shares up by a whopping 8%. They beat those dismal expectations for earnings per share, strutting their stuff at $2.26 when the only analyst surveyed by FactSet was whispering a pathetic $1.70. But, like a plot twist in a bad novel, revenue came in at $428.3 million, falling far short of the anticipated $541.8 million. Oh well, at least they announced a share repurchase amount increase of $100 million, trying to sweeten the deal for their devoted fans. It’s a mixed bag of results, but hey, at least they’re trying.
