Earnings Previews: Newmont, NXP Semiconductor, Range Resources

The three major U.S. equity indexes closed higher on Wednesday. The Dow Jones industrials rose 0.15%, the S&P 500 closed up 0.59% and the Nasdaq saw a gain of 1.58%. High-growth sectors technology (up 1.6%) and communications services (up 1.0%) trailed consumer cyclical stocks (up 1.8%) as the day’s leading gainers. Utilities (down 1.4%) and health care (down 1.1%) lagged. Thursday’s report on new claims for unemployment benefits came in higher than economists were expecting.

The major indexes were mixed after the first 45 minutes of trading on Thursday, with the Nasdaq and S&P higher while the Dow was lower.

After markets closed Wednesday, Tesla reported better-than-expected results on both the top and bottom lines. Earlier in the day, the company reported selling about 75% of its bitcoin holdings for U.S. dollars due to “uncertainty as to when Covid shutdowns would lift in China.” Shares traded up about 5.9% shortly after Thursday’s opening bell.

Las Vegas Sands missed the consensus earnings per share (EPS) estimate but beat on revenue. The stock traded up about 5.8% Thursday morning.

Kinder Morgan beat estimates on both the top and bottom lines. Shares were up 1% in early trading.

Steel Dynamics also beat top-line and bottom-line estimates. The company said that orders remain strong, although prices for flat-rolled steel are softer. The stock traded up 2.7% early Thursday.

United Airlines missed the consensus EPS estimate but managed to beat (barely) the revenue estimate. Shares traded down by about 8.8%.

Before markets opened on Thursday, AT&T beat estimates on both the top and bottom lines. The telecom giant raised its Mobility service estimate for the year but cut its free cash flow guidance to “reflect heavy investment in growth and working capital impacts related to timing of collections.” Shares traded down 9.5% in early trading Thursday.

Freeport-McMoRan missed both top-line and bottom-line estimates. Shares traded lower by about 3.3%.

Philip Morris beat estimates for both EPS and revenue. The international marketer of Marlboro cigarettes raised full-year EPS guidance. The stock traded up about 5.4%.

We already have previewed four companies (American Express, Snap, Twitter, Verizon) that will report results late Thursday or before U.S. markets open Friday morning. Three more companies (Cleveland-Cliffs, NextEra Energy, Schlumberger) also will report results Friday morning.

Here is a look at three companies set to report results on Monday.

ALSO READ: 5 Dividend-Paying Tech Stocks to Buy Now for a 2023 Market Rebound

Newmont

Over the past 12 months, gold prices have decreased by about 5.4%, and all that gain has come since early March. Newmont Corp. (NYSE: NEM) has seen its share price fall by about 10.8% over the same 12-month period. Since posting a 52-week high in mid-April, the stock has plunged by more than 38%. Given its recent slide, Newmont’s saving graces may be its dependable dividend and buy-in price. The company is set to report results first thing Monday morning.

Analysts remain cautious on Newmont stock, with 14 of 19 brokerages having a Hold rating, while the rest have Buy or Strong Buy ratings. At a recent price of around $52.30 a share, the upside potential based on a median price target of $77.00 is 47.2%. At the high price target of $100.00, the upside potential is 91.2%.

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