Earnings Recap - March 20, 2026 (Morning)

 ## Overnight Earnings Movers Companies that reported after yesterday's close or before today's open: ### Beats & Positive Reactions **$FDX** - FedEx reported a strong Q3 with both earnings and revenue beating expectations. The company raised its full-year profit outlook above estimates, reflecting robust global demand despite geopolitical tensions. Shares jumped 9.22% to $382.00 in pre-market trading, signaling strong investor confidence in its operational resilience and pricing power. **$DELL** - Dell Technologies delivered better-than-expected results, driving a 9.70% gain to $163.69. The beat was supported by solid demand for its enterprise solutions and data center products, positioning Dell well in the ongoing AI infrastructure build-out. **$ARM** - Arm Holdings saw a 4.94% rise to $134.70 after HSBC upgraded the stock, citing its strategic shift toward AI servers and new CPU launches. While not a direct earnings report, the upgrade reflects strong analyst sentiment on Arm’s growth prospects in AI hardware. **$APD** - Air Products & Chemicals rose 1.98% to $287.00 following a solid earnings report that highlighted margin expansion and strong industrial gas demand, particularly in energy transition projects. **$CMCO** - Columbus McKinnon posted encouraging results, with shares up 2.36% to $14.34. The company’s focus on industrial equipment growth and margin improvement resonated positively with investors. **$CMG** - Chipotle Mexican Grill gained 2.73% to $33.53 after reporting better-than-expected sales growth and margin improvement, driven by menu innovation and digital sales strength. **$FLY** - Firefly Aerospace shares climbed 8.24% to $25.10 after a double beat on Q4 results, showcasing operational progress in the aerospace sector. **$RICK** - RCI Hospitality Holdings surged 7.06% to $22.29 after reporting strong Q4 earnings, benefiting from a rebound in consumer spending and improved operating efficiencies. **$RIVN** - Rivian gained 3.54% to $16.08 following positive market reaction to its latest earnings, reflecting optimism about its EV production ramp and cost controls. ### Misses & Negative Reactions **$ECL** - Ecolab shares fell 2.13% to $256.26 despite announcing a $4.75 billion acquisition of CoolIT Systems. The market appears cautious on the integration risks and valuation impact. **$IP** - International Paper dropped 4.46% to $34.30 after missing revenue estimates and announcing plans for a $225 million sustainable packaging facility, which may pressure near-term margins. **$GE** - General Electric declined 3.89% to $289.26 following a mixed earnings report with weaker industrial orders and margin pressure in some segments. **$MU** - Micron Technology shares fell 4.18% to $442.44 despite strong earnings, as revenue missed expectations amid softer memory demand. **$NET** - Cloudflare declined 2.19% to $220.55 after a revenue miss and cautious guidance on growth acceleration. **$BOX** - Box Inc. dropped 1.74% to $24.21 after reporting weaker-than-expected subscription growth and margin compression. **$D** - Dominion Energy fell 1.93% to $61.00 on concerns over regulatory risks and capital spending outlook. **$HSY** - Hershey declined 1.50% to $209.53 despite steady earnings, pressured by rising input costs and cautious guidance. **$HOOD** - Robinhood dropped 1.67% to $73.65 after a revenue miss and increased marketing expenses weighed on profitability. **$SOFI** - SoFi Technologies declined 1.17% to $16.98 on a mixed earnings report with slower loan growth and higher operating costs. ## Reporting Today Companies expected to report earnings today: - **$AAPL** - Before market open - Watch for iPhone sales trends, services revenue, and margin outlook amid AI smartphone rumors. - **$AMZN** - Before market open - Key metrics include AWS growth, retail sales, and impact of new AI smartphone project. - **$META** - Before market open - Focus on advertising revenue, AI investments, and user engagement metrics. - **$MSFT** - Before market open - Key to watch are cloud revenue growth, AI product adoption, and margin trends. - **$NVDA** - Before market open - Investors will scrutinize data center sales, AI demand, and guidance for next quarter. Light earnings calendar today for other names. ## Earnings Themes - Revenue trends show a mixed picture: tech giants like FedEx and Dell beat on demand resilience, while some industrials and memory chipmakers face headwinds from softer end markets. - Margin pressures persist in sectors exposed to input cost inflation and supply chain disruptions, notably in consumer staples (Hershey) and packaging (International Paper). - Guidance sentiment is cautiously optimistic among logistics and AI-related companies, with FedEx raising full-year profit outlook and Arm receiving upgrades on AI server potential. - The AI theme dominates with multiple companies (Dell, Arm, Nvidia, Microsoft) highlighting strong AI-driven demand, while Amazon’s rumored AI smartphone project signals intensifying competition in tech innovation. ## Earnings Trade Ideas 1. **$FDX** Long: FedEx’s strong Q3 beat and raised guidance amid geopolitical uncertainties suggest durable pricing power and operational strength. The stock’s 9.22% pre-market jump reflects positive momentum that could continue as investors seek defensive growth in logistics. 2. **$ARM** Long: Following HSBC’s upgrade and the company’s pivot toward AI server chips, Arm stands to benefit from the AI infrastructure build-out. The 4.94% overnight gain supports a bullish thesis on semiconductor IP providers capitalizing on AI demand. Traders should watch today’s heavyweight tech earnings from Apple, Amazon, Meta, Microsoft, and Nvidia for further confirmation of AI-driven growth and margin sustainability.