Earnings Recap - March 20, 2026 (EOD)

 ## Today's Earnings Scorecard Earnings season continued with a mix of beats and misses across key sectors, influencing notable stock moves. Technology and industrial companies faced pressure amid broader market weakness, while select financial and insurance firms showed resilience with strong results and guidance. The ongoing geopolitical tensions and rising oil prices weighed on sentiment, reflected in cautious guidance from some cyclical names. Overall, earnings reactions were mixed, with a few standout winners and several disappointments contributing to the S&P 500’s decline of 0.83%. ## Earnings Winners **$AON** - +2.73% Aon delivered a solid beat on both EPS and revenue, supported by robust demand in risk consulting and insurance brokerage. The company raised its guidance, citing sustained client activity and favorable market conditions, which helped lift shares despite the broader market pullback. **$ARM** - +3.22% Arm Holdings impressed investors with better-than-expected revenue growth driven by strong demand for its AI-focused chip designs. The company maintained a confident outlook on the secular growth opportunity in AI and cloud computing, fueling a 3.22% rally. **$BOX** - +3.19% Box reported a revenue beat with accelerating subscription growth and improved margins. Management highlighted ongoing enterprise adoption of its cloud content management platform, maintaining its full-year guidance and supporting the stock’s 3.19% gain. **$DELL** - +1.87% Dell Technologies posted a solid quarter with strength in its infrastructure solutions segment. The company raised its profit outlook, citing resilient enterprise IT spending despite macro uncertainties, which helped shares rebound nearly 2%. **$MA** - +1.05% Mastercard beat revenue estimates on strong cross-border and digital payment volumes. The company maintained its guidance and emphasized ongoing innovation in AI-driven fraud detection and payment solutions, supporting a modest 1.05% advance. **$WFC** - +1.58% Wells Fargo showed resilience with better-than-expected earnings driven by higher net interest income and controlled expenses. The bank maintained its outlook, and shares rose 1.58% amid cautious optimism in the financial sector. ## Earnings Losers **$MIST** - -17.06% Milestone Pharmaceuticals reported a disappointing quarter with a significant earnings miss and weaker-than-expected revenue. The company cited delays in product launches and increased R&D expenses as key issues, leading to a sharp 17% drop in shares. **$CRWD** - -4.13% CrowdStrike missed revenue estimates and issued cautious guidance amid competitive pressures in cybersecurity. The company’s margin contraction and slower customer growth weighed on sentiment, resulting in a 4.13% decline. **$EXR** - -4.21% Extra Space Storage missed on both top and bottom lines, citing softer demand in self-storage rentals and increased operating costs. The company lowered its full-year guidance, triggering a 4.21% selloff. **$PFSI** - -4.07% PennyMac Financial Services disappointed with a revenue miss and margin pressure due to rising funding costs. The company flagged challenges in the mortgage market, which weighed on shares down over 4%. **$RLMD** - -4.16% Relmada Therapeutics missed EPS estimates and reported higher operating expenses related to clinical trials. The biotech’s cautious outlook on upcoming catalysts contributed to a 4.16% drop. **$KOP** - -6.28% Koppers Holdings faced a sharp decline after missing revenue estimates and citing margin pressure from higher raw material costs and supply chain disruptions. Shares fell over 6%, reflecting investor concerns about near-term profitability. **$RIVN** - -6.82% Rivian’s shares tumbled nearly 7% following a disappointing quarter with a revenue miss and production challenges. The company highlighted supply chain constraints and elevated costs, dampening investor enthusiasm. ## After-Hours Earnings **$LCID** - Results: data not available - AH reaction: data not available Lucid Group presented at the Bank of America Global Automotive Summit, with investors awaiting detailed earnings results expected after market close. **$FDX** - Results: beat on earnings and revenue - AH reaction: +0.77% FedEx raised its profit outlook despite geopolitical risks and supply chain challenges, with strong holiday season performance supporting a positive after-hours reaction. **$HLIO** - Results: data not available - AH reaction: data not available Helios Technologies held an analyst/investor day; earnings details are pending, with investors watching for margin and growth commentary. **$CURV** - Results: strong revenue growth reported - AH reaction: +24.80% Torrid Holdings (CURV) posted a robust quarter with accelerating sales and margin expansion, driving a remarkable 24.8% surge in after-hours trading. ## Earnings Themes Today - Revenue trends showed divergence, with technology and cloud companies generally outperforming while industrials and cyclical sectors faced headwinds from geopolitical uncertainty and rising costs. - Margin commentary was mixed; several companies reported margin pressure due to inflationary costs and supply chain disruptions, while others benefited from operational efficiencies and pricing power. - Guidance tone was cautious overall, reflecting concerns about the impact of the Middle East conflict and elevated oil prices on consumer spending and business investment. However, some firms in financials and tech maintained or raised outlooks, signaling confidence in secular growth drivers. ## Tomorrow's Earnings Watch - **$AAPL** - After market close - Key metric to watch: iPhone sales and AI-related product updates - **$AMZN** - After market close - Key metric to watch: Cloud revenue growth and margin outlook - **$MSFT** - After market close - Key metric to watch: Azure growth and AI integration progress - **$NFLX** - After market close - Key metric to watch: Subscriber growth and content spend - **$META** - After market close - Key metric to watch: Advertising revenue and AI investments These heavyweight tech names will be critical for gauging the market’s appetite for AI-driven growth amid macro uncertainties. ## Key Takeaway Today's earnings underscored a market grappling with geopolitical risks and inflationary pressures, leading to uneven corporate performances. While select financial and technology firms demonstrated resilience and growth potential, many industrial and cyclical companies revealed margin challenges and cautious outlooks. The mixed earnings landscape, combined with rising oil prices and rate hike fears, contributed to broad market declines. Investors will closely watch tomorrow’s major tech earnings for clearer signals on the sustainability of AI-driven growth and overall market direction.