Earnings Recap - March 02, 2026 (Morning)

 ## Overnight Earnings Movers Companies that reported after yesterday's close or before today's open: ### Beats & Positive Reactions **$DELL** - Dell Technologies delivered a strong earnings report, driving its shares up 19.85% to $145.56 from $121.45. The significant rally reflects investor enthusiasm for Dell’s results, likely driven by better-than-expected revenue or margin performance, although exact EPS/revenue figures were not provided. **$COP** - ConocoPhillips shares rose 7.72% to $119.25 on the back of strong earnings and a favorable energy market environment amid Middle East tensions. The rally is supported by higher oil prices and robust operational results. **$GILD** - Gilead Sciences gained 3.60% to $148.95, buoyed by positive developments including a $12 million investment in community-based HIV prevention initiatives, signaling strong pipeline and corporate social responsibility momentum. **$CCI** - Crown Castle reported better-than-expected results, with shares up 2.91% to $88.91, reflecting strength in its infrastructure business and stable demand for telecom real estate. **$EQIX** - Equinix shares increased 2.77% to $974.26, supported by a positive presentation at Citi's Miami Global Property CEO Conference and ongoing demand for data center services. **$SNDX** - Syndax Pharmaceuticals edged up 0.44% to $20.76 on solid demand for its flagship drugs, indicating steady growth in its medical portfolio. **$ROST** - Ross Stores shares rose 1.05% to $205.64, supported by an optimistic earnings outlook and positive commentary on future growth prospects. ### Misses & Negative Reactions **$GS** - Goldman Sachs shares fell sharply by 9.26% to $843.00, reflecting investor disappointment likely due to earnings or revenue misses or cautious guidance amid geopolitical uncertainty. **$MS** - Morgan Stanley declined 8.14% to $163.04, pressured by weak earnings results or margin concerns, consistent with broader financial sector challenges. **$AI** - C3.ai plunged 8.21% to $7.71, indicating a significant earnings or guidance miss, possibly related to execution risks or slowing demand in the AI software space. **$C** - Citigroup dropped 7.69% to $107.25, signaling a challenging quarter with potential credit or trading headwinds. **$NKE** - Nike shares declined 5.82% to $60.23, potentially reflecting weaker-than-expected sales or margin pressure amid global consumer softness. **$NVDA** - Nvidia fell 5.67% to $174.41 despite ongoing AI investments, possibly due to cautious guidance or profit-taking after recent gains. **$BLK** - BlackRock shares dropped 4.15% to $1044.99, likely due to concerns about asset management fee pressure or market volatility. **$AAPL** - Apple declined 4.17% to $261.56, pressured by disappointing guidance or cautious commentary despite strong product demand. **$HLT** - Hilton Grand Vacations fell 4.90% to $302.25, possibly due to travel sector headwinds amid geopolitical tensions. **$JPM** - JPMorgan shares dropped 3.47% to $295.51, reflecting broader financial sector weakness and cautious outlook. **$INTC** - Intel declined 2.90% to $44.14, likely due to margin pressure or competitive challenges in semiconductors. **$CRWD** - CrowdStrike shares fell 2.13% to $373.00, possibly reflecting valuation concerns or execution risks in cybersecurity. **$BX** - Blackstone dropped 5.31% to $111.69, pressured by market volatility and potential asset valuation concerns. **$TFC** - Truist Financial declined 5.71% to $48.56, consistent with banking sector challenges. **$U** - Unity Software fell 10.11% to $17.60, indicating a significant earnings or guidance miss, highlighting execution risks in the gaming software space. ## Reporting Today Companies expected to report earnings today include: - **$ACHR** (Archer Aviation Inc) - After market - EPS est. -$0.2369, revenue est. $0M. Watch for progress in commercial aviation and any updates on production or partnerships. - **$AES** (AES Corp) - After market - EPS est. $0.6219, revenue est. $3.07B. AES is notable today as it is being taken private by BlackRock and EQT, which has caused a sharp stock decline. Earnings will be scrutinized for operational performance ahead of the buyout. - **$ALG** (Alamo Group Inc) - After market - EPS est. $2.1225, revenue est. $403M. Investors will look for machinery sales trends and margin commentary. - **$AMRC** (Ameresco Inc) - After market - EPS est. $0.3268, revenue est. $556M. Focus on renewable energy project growth and backlog. - **$ASAN** (Asana Inc) - After market - EPS est. $0.0705, revenue est. $205M. Key metrics include subscription growth and margin trends. - **$ASTS** (AST SpaceMobile Inc) - After market - EPS est. -$0.1725, revenue est. $42M. Watch for updates on satellite network deployment and customer contracts. - **$BBAI** (BigBear.ai Holdings Inc) - After market - EPS est. -$0.06, revenue est. $33M. Focus on AI software adoption and contract wins. - **$AAON** (AAON Inc) - Before market open - EPS est. $0.4475, revenue est. $371M. Recent reports showed margin pressure despite revenue beats; watch for margin guidance. - **$ADT** (ADT Inc) - Before market open - EPS est. $0.215, revenue est. $1.3B. ADT recently announced a $1.5B buyback program; earnings will be watched for growth in security services. - **$ASTH** (Astrana Health Inc) - Before market open - EPS est. $0.1125, revenue est. $930M. Investors will look for patient volume trends and cost control. - **$CRC** (California Resources Corporation) - Before market open - EPS est. $0.5113, revenue est. $774M. Energy sector watchers will focus on production and commodity price impact. - **$GASS** (StealthGas Inc) - Before market open - EPS est. $0.32, revenue est. $40M. Shipping and logistics trends amid geopolitical tensions will be key. - **$KOS** (Kosmos Energy Ltd) - Before market open - EPS reported -$0.16 vs est. -$0.128 (miss), revenue $296M vs est. $330M (miss). Kosmos missed estimates, which may weigh on shares. - **$NCLH** (Norwegian Cruise Line Holdings Ltd) - Before market open - EPS est. $0.2655, revenue est. $2.35B. Cruise industry faces headwinds from geopolitical tensions; watch for guidance. - **$SNN** (Smith & Nephew plc) - Before market open - EPS reported 1.1848 vs est. 1.155 (beat), revenue $3.176B vs est. $2.774B (beat). Strong results but cautious 2026 profit outlook due to deal and reimbursement risks. - **$TPB** (Turning Point Brands Inc) - Before market open - EPS est. $0.87, revenue est. $120M. Tobacco sector stability and regulatory updates will be monitored. - **$URGN** (UroGen Pharma Ltd) - Before market open - EPS est. -$0.5024, revenue est. $40M. Recent sales of $15.8M in ZUSDURI and debt refinancing are notable. - **$VG** (Venture Global Inc) - Before market open - EPS est. $0.3427, revenue est. $4.39B. LNG market dynamics amid Middle East tensions will be critical. - **$XERS** (Xeris Biopharma Holdings Inc) - Before market open - EPS est. $0.0277, revenue est. $82M. Watch for product pipeline updates. - **$ZYME** (Zymeworks BC Inc) - Before market open - EPS est. -$0.4611, revenue est. $19M. Biotech investors will focus on clinical progress and cash burn. Overall, the calendar is moderately busy with a mix of industrials, energy, biotech, and tech companies reporting. ## Earnings Themes - **Energy Sector Strength Amid Geopolitical Tensions**: Companies like ConocoPhillips, California Resources, Kosmos Energy, and Venture Global are benefiting from rising oil and LNG prices due to escalating Middle East conflict. While some like Kosmos missed revenue estimates, the general theme is strong commodity pricing supporting earnings. - **Technology and AI Execution Risks**: Despite ongoing AI enthusiasm, companies such as C3.ai and Unity Software reported disappointing results or guidance, highlighting execution challenges in the AI/software space. Nvidia’s share price decline despite AI investments underscores cautious investor sentiment. - **Financial Sector Volatility**: Banks including Goldman Sachs, Morgan Stanley, Citigroup, and JPMorgan reported mixed results with notable share price declines, reflecting margin pressures, cautious outlooks, and geopolitical uncertainty impacting trading and credit businesses. - **Healthcare and Biotech Mixed Signals**: Gilead and Smith & Nephew posted positive results and initiatives, but some biotech firms like Zymeworks and UroGen face ongoing challenges with losses and refinancing. Margin pressures and reimbursement risks remain key concerns. - **Retail and Consumer Discretionary Pressure**: Nike and Apple shares declined post-earnings, suggesting consumer demand softness and cautious guidance amid inflationary and geopolitical headwinds. - **Buyout and Capital Activity**: AES shares plunged on news of a $10.7 billion buyout by BlackRock and EQT, highlighting ongoing M&A activity in utilities and infrastructure sectors. ## Earnings Trade Ideas 1. **Long ConocoPhillips ($COP)**: With oil prices surging amid Middle East tensions and the company reporting strong earnings, energy stocks like COP offer a compelling trade. The stock’s 7.72% overnight gain reflects momentum that could continue if geopolitical risks persist. 2. **Cautious on AI Software Names like C3.ai ($AI) and Unity ($U)**: Both companies showed significant share price declines after earnings misses or execution concerns. Investors may consider short-term downside risk or wait for clearer signs of sustainable growth before re-entering. 3. **Monitor AES ($AES) Post-Buyout Announcement**: The stock’s sharp decline on buyout news may present a volatility play. Investors should watch the earnings release for operational insights and potential buyout terms that could affect valuation. 4. **Smith & Nephew ($SNN) for Defensive Healthcare Exposure**: Despite cautious 2026 profit outlook, the company beat revenue and EPS estimates, suggesting resilience in medical devices. This could be a defensive play amid market volatility. --- This morning’s earnings landscape reflects a market grappling with geopolitical uncertainty, with energy stocks benefiting while tech and financials face execution and margin pressures. Investors should focus on companies with strong commodity exposure or defensive healthcare profiles while exercising caution in high-growth tech names showing signs of strain.