On Tuesday afternoon, Wells Fargo’s equity research team noted that its top-line fourth-quarter 2023 earnings are floundering, while its earnings miss has declined.
“Only 68 (17%) of 396 SPX reporters updated their earnings outlook for 2024, as a large number (40%) of the index members introduced their full-year outlook after the fourth quarter. Of the 68 guideline updates, 44 had no material changes (>1%), 11 increased, and 13 cut,” Wells Fargo said.
The financial institution went on to add that since the report was released, large cap EPS beats have simply remained muted, while misses were -2.8%.
Below are some of Wall Street’s largest large- and small-cap stocks, advancing and declining since they released earnings:
Large capital letters Best Large Caps: Enphase Energy (ENPH) +30%Ralph Lauren Corporation (RL) +23%Meta platforms (NASDAQ:META) +18%Corteva (CTVA) +17%and GE HealthCare Technologies (GEHC) +16%.
Worst Large Cap: Charter Communications (CHTR) -25%Carnival Corporation & plc (NYSE:CCL) -25%MarketAxess Holdings (MKTX) -22%Walgreens Boots Alliance (NASDAQ: WBA) -20%and Nike (NYSE: NO) -19%.
Small caps
Best Small Caps: Powell Industries (POWL) +88%Resideo Technologies (REZI) +27%JetBlue Airways Corporation (JBLU) +26%Health Services Group (HCSG) +25%and AZZ Inc (AZZ) +25%.
Worst Small Cap: Digital Turbine (APPS) -35%Saber Corporation (SABR) -34%Trupanion (TRUP) -34%Extreme Networks (EXTR) -27%and Cerence Inc. (CRNC) -26%.