Markets will open with positive momentum after the Dow posted its fourth straight day of gains. In the last half hour of trade, the Dow surged to close up by 0.46% on Monday.
Watch Coty (COTY) today. The multinational beauty firm posted revenue rising by 7.8% Y/Y to $1.39 billion. In FY 2024, the firm guided revenue at the high end of 9% – 11%. Its adjusted EPS is between $0.44 to $0.47. Most importantly, Coty will start CY 2023 at three times leverage. It will exit CY 2024 at 2.5x and 2x by CY 2025.
Software favorite Palantir Technologies (PLTR) will open down around 8.4%, to $23.00 this morning. This erases the 8.06% gain from Monday. The firm posted revenue of $634.33 million in the first quarter, earning $0.08 per share (non-GAAP). However, its Q2/2024 revenue guidance of $649 million to $653 million and adjusted income of up to $213 million fell short of expectations.
In the technology sector, watch Microchip (MCHP) after the firm posted a 40.4% Y/Y drop in revenue to $1.33 billion. Macro headwinds continue to hurt results. Ultra Clean (UCTT) is the winning stock today. The firm posted revenue of $477.7 million (+10.2% Y/Y). It expects to lose up to 13 cents a share in the second quarter.