Thursday's Stock Trades: Newmont, ServiceNow, and More
Investors who bought gold (GLD) to hedge against the weak U.S. dollar will trade Newmont (NEM) today.
Newmont posted Q1 profits jumping to $1.9 billion ($1.68/share), compared to $179 million last year. When adjusted for asset sales and one-time costs, EPS was $1.25. The firm finished selling assets, raising $4.3 billion in gross proceeds. This is double the expected amount.
In the technology sector, ServiceNow (NOW) will gain at least 10% this morning. The software firm reported a 19% Y/Y growth in subscription revenue of $3.005 billion. Revenue grew by 18.8% Y/Y to $3.09 billion. Corporate customers continue to demand software services, making NOW stock a good buy.
The tech sector will brace for Alphabet (GOOG) today. The search engine giant will report fiscal Q1 earnings. In addition, it may reveal a loss in advertising revenue from PDD (PDD). PDD owns Temu, a once-red-hot Chinese e-commerce firm.
Watch out for Chipotle (CMG) slumping by around 2% this morning. Revenue grew by 6.4% Y/Y to $2.9 billion while comparable restaurant sales fell by 0.4%. CMG stock has too high a price-to-earnings multiple. Investors may trade the stock, betting on a bounce. Long-term value seekers may want to wait for a lower stock price before starting a position.
