Stock market on Wednesday
US stock indices are down today as traders assess statistical data and corporate reports.
Devon Energy (NYSE: DVN) was down 11% in trading. The oil and gas company recorded a 20% drop in fourth-quarter net income and its adjusted profit was worse than market forecasts.
Also, Devon Energy expects its production in the current quarter to decline slightly from the fourth quarter last year to 635,000 barrels of oil equivalent per day (boepd) from 636,000 boepd. Analysts are forecasting the figure at 657,600 boepd.
Shares of Sabre Corporation (Nasdaq: SABR), a travel software developer, fell 18% on weak quarterly earnings and a negative outlook.
Airbnb Inc (NASDAQ: ABNB). gained 12.9%. The home booking service boosted its fourth-quarter 2022 net income and revenue to a record high and gave a strong outlook for the current quarter.
Quarterly results from another online travel service, Tripadvisor (NASDAQ: TRIP), beat market expectations, with the company's share price rising 2.8%.
Tripadvisor boosted its revenue in the fourth quarter of 2022 by 1.5 times to $354 mln against the market consensus forecast of $344.2 mln. Earnings excluding one-time factors were $0.16 per share, well above analysts' average forecast of $0.04 per share. That said, Tripadvisor expects its performance to continue to grow in 2023.
Consumer prices rose slightly more than expected in January, but their annual rate continues to slow.
However, "The S&P 500 is up 7.7% this year and 70% of the more than half of the S&P 500 companies that have already reported quarterly results have beaten expectations," according to Reuters.