Earnings Recap - March 31, 2026 (Morning)

 ## Overnight Earnings Movers Companies that reported after yesterday's close or before today's open: ### Beats & Positive Reactions **$FDS** - FactSet Research Systems reported Q2 adjusted EPS of $4.46, beating estimates of $4.37, with sales of $611.019 million surpassing the expected $604.510 million. The company also raised its FY2026 adjusted EPS guidance to a range of $17.25-$17.75, above the prior $16.90-$17.60, and sales guidance to $2.450B-$2.470B, slightly above consensus. Shares rose 4.88% to $208.00, reflecting strong confidence in growth and margin expansion. **$BMY** - Bristol-Myers Squibb shares gained 3.06% to $60.33 following positive pipeline developments and reaffirmed guidance, supported by strong recent earnings and pipeline momentum. **$CRWD** - CrowdStrike surged 4.91% to $387.74 after continued strong subscription growth and margin improvement in recent quarters, maintaining its position as a leader in cybersecurity. **$BLK** - BlackRock rose 1.73% to $949.98, buoyed by solid asset management fees and positive outlook for inflows amid market volatility. **$AMZN** - Amazon shares climbed 2.50% to $204.32 on news of partnership expansions and solid e-commerce growth, despite ongoing investment in AI and logistics. **$BKNG** - Booking Holdings jumped 2.46% to $4161.99, reflecting strong travel demand recovery and margin leverage. **$MSFT** - Microsoft gained 2.05% to $364.10 despite regulatory headwinds in the UK, supported by robust cloud revenue growth and AI integration progress. **$MA** - Mastercard rose 2.84% to $498.01, benefiting from resilient consumer spending and cross-border transaction growth. **$META** - Meta Platforms climbed 3.82% to $545.82, driven by AI monetization and advertising strength. **$SCHW** - Charles Schwab increased 1.80% to $94.02 after reporting strong client asset growth and improved trading volumes. ### Misses & Negative Reactions **$AMLX** - Amylyx Pharmaceuticals fell 5.34% to $12.83 after reporting a Q4 loss and winding up a Phase 3 trial, which raised concerns about near-term pipeline prospects. **$HPE** - Hewlett Packard Enterprise declined 3.93% to $23.00 amid cautious guidance and margin pressures in its enterprise hardware segment. **$MU** - Micron Technology dropped 10.30% to $320.42 following a downgrade and concerns over memory spot pricing softness, despite recent AI-related demand. **$WDC** - Western Digital tumbled 7.72% to $254.08 on similar memory market concerns and cautious outlook. **$PHR** - Phreesia shares plunged 24.41% to $8.30 after a substantial outlook cut, disappointing investors on growth and profitability. **$SYY** - Sysco fell sharply by 14.62% to $69.84 despite beating earnings estimates, as guidance was lowered due to inflationary pressures and supply chain challenges. **$LVLU** - Lululemon dropped 4.50% to $12.10 despite solid sales growth, reflecting profit margin concerns and cautious commentary on consumer demand. **$OKLO** - Oklo Inc declined 7.52% to $46.45 after cautious remarks on nuclear energy project timelines. **$CORZ** - Core Scientific dropped 5.04% to $14.31 amid ongoing volatility in crypto markets impacting its business. **$RIOT** - Riot Platforms declined 5.70% to $12.07 as bitcoin’s prolonged downtrend weighs on mining-related stocks. **$QBTS** - Quantum Computing Inc fell 5.37% to $13.15 despite positive analyst commentary, reflecting broader tech sector caution. **$RGTI** - Rigetti Computing slipped 1.33% to $13.14 despite a buy rating, as quantum computing remains a speculative theme. **$CRSP** - CRISPR Therapeutics declined 1.64% to $45.00 despite strong revenue growth, reflecting profit-taking. ## Reporting Today Companies expected to report earnings today: - **$JPM** - Before market open - Watch for earnings and guidance amid strong banking sector momentum; recent price at $287.50. - **$C** - Before market open - Key metrics include loan growth and credit quality; shares at $109.29. - **$BMY** - Before market open - Pipeline updates and sales growth to watch after recent positive momentum. - **$MS** - Before market open - Earnings and outlook amid strong trading and investment banking. - **$IBM** - Before market open - Focus on cloud and AI revenue growth. - **$LOW** - Before market open - Retail sales trends and margin outlook. - **$TGT** - Before market open - Consumer demand and inventory management. - **$KO** - Before market open - Volume growth and pricing power in beverage sector. - **$JNJ** - Before market open - Pharmaceutical sales and new product launches. - **$MMM** - Before market open - Industrial demand and margin trends. - **$HON** - Before market open - Aerospace and automation segment performance. - **$GM** - Before market open - EV sales and production updates. - **$NKE** - Before market open - Apparel sales and international growth. - **$PYPL** - After market close - Payment volume growth and margin trends. - **$SNAP** - After market close - User growth and advertising revenue. - **$UBER** - After market close - Ride-hailing and delivery segment profitability. - **$V** - After market close - Payment volume and cross-border transaction trends. - **$SPCE** - After market close - Commercial spaceflight progress and cash burn. - **$RACE** - After market close - Pricing power and luxury demand. - **$REGN** - After market close - Biotech pipeline updates and sales growth. - **$CRWD** - After market close - Subscription growth and margin expansion. - **$CTAS** - After market close - Industrial services demand and margin outlook. - **$FDS** - After market close - Continued strong growth and raised guidance. - **$HUBS** - After market close - SaaS revenue growth and profitability. - **$MA** - After market close - Payment volumes and cross-border trends. - **$META** - After market close - Advertising and AI monetization. - **$MSFT** - After market close - Cloud and AI revenue growth. - **$BLK** - After market close - Asset management fees and inflows. - **$SCHW** - After market close - Client asset growth and trading volumes. The calendar is moderately busy with a focus on financials, technology, and consumer discretionary sectors. ## Earnings Themes - **Revenue Trends:** Many technology and financial companies continue to report solid revenue growth, driven by AI adoption, cloud services, and resilient consumer spending. FactSet’s raised guidance and beats exemplify strong demand for data and analytics. Travel-related names like Booking Holdings show recovery momentum. - **Margin Pressures or Expansion:** Margin expansion is evident in software and asset management firms benefiting from operating leverage and cost controls. However, companies exposed to inflationary pressures, such as Sysco and Hewlett Packard Enterprise, are seeing margin compression. Retailers like Lululemon face margin headwinds despite sales growth. - **Guidance Sentiment:** The tone is cautiously optimistic among tech and financial firms, with several raising guidance (FactSet, BlackRock, CrowdStrike). Conversely, some industrials and consumer staples companies have tempered outlooks due to inflation, supply chain issues, and geopolitical risks (Sysco, Amylyx, Western Digital). ## Earnings Trade Ideas 1. **FactSet Research Systems ($FDS)**: With a strong beat, raised full-year guidance, and a 4.88% overnight share price gain, FactSet presents a compelling earnings momentum play. Investors could consider positioning ahead of its after-hours report today, as the company benefits from secular growth in data analytics and AI-driven insights. 2. **Micron Technology ($MU) and Western Digital ($WDC)**: Both memory-related stocks faced sharp declines on concerns about pricing softness despite AI demand. This creates a potential value opportunity for contrarian investors anticipating a recovery in memory pricing and demand later in the year, especially given Nvidia’s recent $2 billion investment in Marvell, signaling confidence in semiconductor growth. 3. **Sysco ($SYY)**: Despite a sharp post-earnings selloff due to lowered guidance, Sysco’s dominant market position and ongoing cost management efforts may offer a longer-term recovery opportunity for income-focused investors willing to tolerate near-term volatility. Overall, the earnings landscape reflects a bifurcation between tech/financials with strong growth and industrial/consumer sectors facing margin and demand challenges amid geopolitical and inflationary uncertainties.