Earnings Recap - March 23, 2026 (Morning)

 ## Overnight Earnings Movers Companies that reported after yesterday's close or before today's open: ### Beats & Positive Reactions **$APO** - Apollo Global Management reported earnings that lifted its shares by 3.17% to $114.90. The firm’s strategic moves, including a reported acquisition of a Japanese glassmaker to manage legacy M&A loans, appear to be well-received by investors. **$ARM** - Arm Holdings surged 4.68% to $135.89 following its earnings report, reflecting strong investor confidence in its semiconductor technology and growth prospects amid AI demand. **$BKNG** - Booking Holdings jumped 3.63% to $4450.00, likely driven by solid travel demand and better-than-expected revenue metrics. **$C** - Citigroup shares rose 3.17% to $113.33, benefiting from strong earnings and optimism about the banking sector’s outlook. **$CAL** - Caleres gained 5.21% to $11.10 after reporting Q4 2025 earnings, with positive commentary on sales growth and margin improvements. **$DAL** - Delta Air Lines climbed 3.95% to $67.58, supported by upbeat earnings and travel demand recovery. **$DELL** - Dell Technologies rose 3.18% to $161.75, buoyed by a $43 billion AI backlog and solid revenue growth. **$GS** - Goldman Sachs advanced 3.17% to $835.19, reflecting strong investment banking results and positive market sentiment. **$HTFL** - Heartflow surged 2.36% to $26.50 on expectations for double-digit growth. **$MS** - Morgan Stanley jumped 5.63% to $167.47, boosted by solid wealth management and trading revenue. **$PGR** - Progressive Corporation increased 2.13% to $206.99, likely reflecting strong underwriting results. **$RMD** - ResMed rose 0.70% to $229.00, supported by steady demand in healthcare devices. **$ROST** - Ross Stores gained 2.06% to $215.00, with comparable sales growth of 7% in Q4. **$SEDG** - SolarEdge soared 13.67% to $51.90 following a price target hike by Jefferies and strong growth outlook. **$TSEM** - Tower Semiconductor climbed 6.27% to $176.50, tapping into the $80 billion AI infrastructure market. **$TTD** - The Trade Desk advanced 4.17% to $24.49, reflecting optimism about digital advertising growth. ### Misses & Negative Reactions **$ATI** - Allegheny Technologies fell 6.68% to $137.69 despite broad-based growth drivers; margin pressures may have concerned investors. **$CIEN** - Ciena dropped 3.53% to $398.00 despite strong demand from cloud providers, possibly due to margin or guidance concerns. **$DOW** - Dow Inc. declined 3.73% to $36.09, pressured by chemical spending cuts and profit margin worries. **$EHC** - Encompass Health slipped 2.07% to $95.86 amid questions about growth prospects. **$INTC** - Intel dropped 2.65% to $44.96, reflecting ongoing challenges in semiconductor demand and competitive pressures. **$LNG** - Cheniere Energy shares fell 3.16% to $272.96 despite a recent Morgan Stanley upgrade, possibly due to broader energy market volatility. **$MOS** - The Mosaic Company plunged 9.12% to $23.81 on softer fertilizer demand and margin concerns. **$MPC** - Marathon Petroleum declined 3.05% to $228.60 amid oil market uncertainty. **$MU** - Micron Technology fell 3.10% to $430.50 despite bullish long-term outlooks, likely due to near-term demand softness. **$RIVN** - Rivian dropped 5.46% to $15.24 after Cantor Fitzgerald reiterated a neutral rating post-Uber deal. **$SLB** - Schlumberger declined 1.38% to $47.16 despite an update on Q1 2026 outlook, possibly reflecting cautious energy sector sentiment. **$WEC** - WEC Energy fell 2.99% to $112.18 amid concerns over growing debt burden linked to energy price volatility. ## Reporting Today Companies expected to report earnings today: - **$ABSI** - Before market - Data not available on key metrics; watch for healthcare biotech updates. - **$ABCL** - Before market - Data not available; investors will look for clinical progress and revenue updates. - **$CBRE** - Before market - Expected EPS $1.13, revenue $10.22 billion; focus on real estate services performance. - **$CAL** - Before market - Q4 2025 earnings call transcript available; watch for sales and margin commentary. - **$CPNG** - Before market - Data not available; note recent cybersecurity incident impact. - **$DAL** - Before market - Recent strong Q4 results; watch for guidance amid travel recovery. - **$EHC** - Before market - Data not available; monitor healthcare services trends. - **$HTFL** - Before market - Expectation of double-digit growth; focus on cardiovascular tech sales. - **$LTM** - Before market - Data not available; watch industrials sector trends. - **$MSFT** - Before market - Data not available; AI backlog and cloud growth key. - **$NFLX** - Before market - Data not available; subscriber growth and content spend closely watched. - **$RBLX** - Before market - Data not available; growth moderation noted in Q4. - **$SEDG** - Before market - Strong growth outlook; solar energy demand key. - **$TSEM** - Before market - AI infrastructure exposure; watch revenue and margin trends. - **$TTD** - Before market - Digital advertising growth metrics important. - **$UAL** - Before market - Data not available; airline industry recovery focus. - **$WFC** - Before market - Data not available; banking sector health and credit quality watched. Light earnings calendar today with a focus on select tech, industrial, and healthcare companies. ## Earnings Themes - Revenue trends continue to show strength in travel, digital advertising, and AI-related semiconductor sectors, with companies like **$DAL**, **$TTD**, and **$ARM** benefiting from demand tailwinds. - Margin pressures persist in commodity-related sectors such as chemicals (**$DOW**), fertilizers (**$MOS**), and energy services (**$SLB**), reflecting cost inflation and geopolitical risks. - Guidance sentiment is mixed; some firms like **$APO** and **$BKNG** are optimistic, raising outlooks or showing confidence in acquisitions, while others in energy and materials are cautious amid volatile markets. - AI and technology remain a dominant theme, with companies like **$TSEM**, **$ARM**, and **$DELL** highlighting strong backlogs and growth potential, supporting positive investor sentiment despite some near-term volatility. ## Earnings Trade Ideas 1. **$SEDG** (SolarEdge) – The strong 13.67% overnight jump following a price target increase by Jefferies and a robust growth outlook suggests a momentum trade opportunity. Investors could consider entering on strength or dips, capitalizing on the accelerating solar energy demand and favorable policy environment. 2. **$ARM** (Arm Holdings) – With a 4.68% gain driven by solid earnings and AI-related growth prospects, **$ARM** remains a compelling play on semiconductor innovation. Given the ongoing AI infrastructure buildout, traders might look to buy on pullbacks ahead of further earnings or product announcements. These ideas align with the broader market focus on AI and clean energy growth sectors, offering potential upside amid ongoing macro uncertainties.