Mar 15, 2022 (StockMarket.com via COMTEX) -- Stock Market Today Mid-Morning Updates
On Tuesday, the Dow Jones Industrial Average is up by over 200 points. Today's gains come as investors continue to weigh on the Russia-Ukraine war. They would also be eagerly waiting for a key monetary policy decision by the Fed on Wednesday that could place short-term interest rates above near-zero levels for the first time in almost 4 years. Today, AMC Entertainment ( NYSE: AMC ) unveiled a $28 million investment in a Nevada gold mine. The company, along with noted commodity investor Eric Sprott, purchased a collective $56 million stake in Hycroft Mining Holding.
Also, major airlines are up on today's opening bell after raising revenue outlook. Delta Air Lines ( NYSE: DAL ), American Airlines Group ( NASDAQ: AAL ), and Southwest Airlines ( NYSE: LUV ) are up by 7.48%, 7.16%, and 6.06% respectively after citing that bookings came in ahead of expectations as the Omicron wave subsides. This is a welcome for the airline industry that has been battered by the pandemic and could be a sign that carriers will be able to pass along higher fuel prices and other costs customers this year.
Among the Dow Jones leaders, shares of Apple ( NASDAQ: AAPL ) are down by 0.41% today while Microsoft ( NASDAQ: MSFT ) is up by 1.21%. Meanwhile, 3M ( NYSE: MMM ) and Nike ( NYSE: NKE ) are trading higher on Tuesday. Among the Dow financial leaders, Visa ( NYSE: V ) is up by 0.92% while Goldman Sachs ( NYSE: GS ) is also up by 0.79%.
Shares of EV leader Tesla ( NASDAQ: TSLA ) are up by 0.41% on Tuesday. Rival EV companies like Rivian ( NASDAQ: RIVN ) are down by 3.91%. Lucid Group ( NASDAQ: LCID ) is also down by 1.90% today. Chinese EV leaders like Nio ( NYSE: NIO ) and Xpeng Motors ( NYSE: XPEV ) opened lower today as well.
Dow Jones Today: Oil Prices Continues On Downward Trend
Following the stock market opening on Tuesday, the S&P 500, Dow, and Nasdaq are trading higher by 0.83%, 0.75%, and 0.93% respectively. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ( NASDAQ: QQQ ) is up by 0.98% while the SPDR S&P 500 ETF ( NYSEARCA: SPY ) is up by 0.75%.
The 10-year Treasury yield continues to hover at pandemic-era highs, at 2.085% today. Oil prices continue to fall, with West Texas Intermediate crude falling to below $100 per barrel. This comes after the Russia-Ukraine war had sparked shortage concerns and caused prices to surge in the last few weeks.
Chinese stocks also continue to be sold off again today as investors weighed in on a number of concerns. This would include potential delistings from U.S. exchanges and a worsening coronavirus outbreak in major cities across China. Notably, new health restrictions were implemented in Shanghai and Shenzhen in recent days, could potentially slow down supply chains for the rest of the globe.
[Read More] Top Stock Market News For Today March 15, 2022
GitLab Stock Soars After Strong Earnings Update
Among the top head turners in the stock market today is GitLab ( NASDAQ: GTLB ). Notably, the software company is likely gaining thanks to its latest quarterly earnings release. As it stands, GTLB stock is currently looking at gains of over 7% at today's opening bell. Getting straight into it, the company is looking at a revenue of $77.8 million for the quarter. This tops consensus analyst forecasts of $70.3 million and represents a notable 69% year-over-year jump. Furthermore, GitLab is arguably gaining momentum on the earnings front also.
To point out, the company posted a loss per share of $0.32 for the quarter. Sure, a loss is a loss. However, it marks a massive recovery from a $2.31 loss per share in the same quarter last year. Adding some context to this is GitLab CEO Sid Sijbrandij. He describes GitLab's growth for the quarter as "broad-based, driven by strong customer additions across all company sizes." Elaborating further, Sijbrandij argues that these results show a broader market shift towards GitLab's core DevOps platform offering. The likes of which "enables organizations to accelerate the time-to-market of their most important software and applications, providing them with a distinct competitive advantage."
Not to mention, the company's Dollar-Based Net Retention is also up by 152% year-over-year. All in all, GitLab is not only gaining but also retaining clients with its cutting-edge software development solutions now. With the company seemingly firing on all cylinders, it is no wonder that investors are flocking to GTLB stock today.
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Coupa Stock Slumps As Weak Guidance Overshadows Quarterly Earnings and Profit Beats.
In other news, Coupa Software ( NASDAQ: COUP ) is experiencing some turbulence in the stock market now. This is evident from COUP stock's current losses of over 17% today. To begin with, all of this is likely a result of the company's latest quarterly financial update. Oddly enough, the company posted better-than-expected results in its fourth-quarter update. Namely, Coupa Software is looking at earnings of $0.19 per share on revenue of $193.3 million for the quarter. For reference, both of these figures are above Wall Street's estimates of $0.14 and $186.2 million. As with most cases such as these, investors are probably responding to Coupa's guidance for the current fiscal year.
For starters, the company is expecting an annual earnings per share of between $0.15 and $0.19. To point out, this is significantly lower than consensus expectations of $0.73. Additionally, Coupa is also guiding for total revenues for the fiscal year to be within the range of $836 million to $840 million. This too would add to Coupa's generally lackluster guidance as analysts were eyeing revenue of $878.89 million on this front.
Despite all of this, Coupa does not seem to have plans of slowing down anytime soon. Earlier today, the company revealed that it has achieved Moderate Authorization from the Federal Risk Authorization Management Program (FedRAMP). Simply put, through the FedRAMP approval, Coupa now has more options to partner with federal agencies. As such, the question now is whether the company's growing addressable market can outweigh the pressure it is facing from a conservative guidance.
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