Stock Price Movement of Lam Research, CSX, and more Companies
Lam Research – Shares Dipped by 1.3%
In the premarket trading, the share prices for Lam Research experienced a 1.3% dip. The dip was recorded after Lam Research executives shared the earnings report for the first quarter of 2022. Unfortunately, the chipmaker wasn’t able to generate earnings according to the estimations made by the analysts.
The data shows that the earnings estimations set by the analysts for the first quarter of 2022 were $7.40 per share. However, Lam Research only managed to generate earnings worth $7.29 per share for the respective quarter.
Even the revenue Lam Research generated came short of the estimations set by the analysts on Wall Street for the first quarter of 2022. The company revealed it had to spend more on the quality of its products to make up for the disruptions it faced with supply chains.
CSX – Shares Surged by 2.1%
The share prices for CSX have experienced a 2.1% surge in post-market trading. The share prices for the railroad operator went down as it shared stronger than estimated earnings results in the first quarter of 2022.
The company revealed that for the first quarter of 2022, the analysts had predicted it would generate earnings worth 39 cents per share. The actual earnings they generated for the respective quarter were 41 cents per share.
The executives revealed that they were not able to handle many shipments for the respective quarter. However, they benefited heavily from the increased sipping rates.
American Express – Shares Dipped by 1.1%
The share prices for American Express have reportedly experienced a 1.1% dip in premarket trading. It is quite surprising that American Express ended up experiencing the dip despite sharing promising earnings results for the first quarter of 2022.
For the respective quarter, American Express revealed it generated a profit worth $2.73 per share. However, the profit estimations made by the Refinitiv analysts were $2.44 per share.
The analysts have revealed that with the passage of time, the millennials have started spending heavily through their cards. Therefore, American Express is now recording great demand for its services among millennials and youngsters.
Verizon Communications – Share Prices Dipped by 6.1%
The share prices for Verizon Communications have experienced a 6.1% dip in premarket trading. The share prices for the telecommunication giant experienced a dip after it shared its performance for the first quarter of 2022.
According to Verizon Communications, it ended up losing over 36,000 subscribers for its monthly phone contracts. On the other hand, FactSet, a major analytics firm claimed Verizon Communications had lost over 49,000 monthly subscribers.
As for the earnings and revenues, Verizon Communications shared it managed to achieve higher earnings and revenue for the respective quarter.