Hottest Earnings Reports: Cliffs, NXP, SAP and Verizon

Posted on July 23, 2024 by darion

Baystreet.ca – Hottest Earnings Reports: Cliffs, NXP, SAP and Verizon<br />

Quarterly earnings season is underway, and resource company Cleveland-Cliffs (CLF) is reporting results. The company has offered to buy Canadian steelmaker Stelco Holdings (STZHF). It will pay $70 per share, a combination of $60 per share in cash and 0.454 shares of common stock for each Stelco share.

Investors were not happy with the deal. CLF shares peaked at over $22 in April and closed at $15.17.

In the technology sector, NXP Semiconductor (NXPI) is expected to post solid quarterly results. Today’s results could send the stock back up near its yearly high of $296.08. NXPI stock is trading at a premium but has a proven profitability profile.

SAP (SAP), whose stock has struggled to break above $200, should report strong bookings and revenue in its report. The company has a healthy customer backlog pace for its cloud-based enterprise resource planning software. Expect SAP to reiterate its free cash flow generation of €8 billion in fiscal 2025.

Telecommunications giant Verizon Communications (VZ) could break above its $40-$41.50 trading range. Investors are expecting Verizon to post higher subscriber numbers. Expectations are low: the market is expecting revenue growth of less than 1.5% to $33 billion. Markets will also be watching AT&T (T) after it releases its earnings.