• Tyler Technologies Reports Increased Non-GAAP EPS and Revenue

Tyler Technologies gained 6.5% after reporting a rise in non-GAAP earnings to $2.20 per diluted share, up from $1.76 a year ago, beating the expected $2.00. Revenue for the quarter ended March 31 was $512.4 million, up from $471.9 million a year earlier, surpassing the expected $508 million. 

  • Dover Corporation Reports Increased Earnings and Sales

Dover Corporation gained 4.7% after it announced an increase in net income and sales for the first quarter ended March 31, 2024. Sales rose to $2,093.94 million from $2,079.02 million a year ago. Net income significantly increased to $632.22 million from $228.57 million. Basic and diluted earnings per share from continuing operations also saw a substantial rise.


  • IBM Experiences Stock Decline Amid Disappointing Revenue and HashiCorp Acquisition

IBM dropped 9.3% following the announcement of disappointing revenues. Despite a net profit increase to $1.6 billion, or $1.72 per share, from $927 million, or $1.01 per share a year earlier, the company's revenue only grew by 1% to $14.46 billion, falling short of the expected $14.53 billion. The revenue growth was supported by a 5% increase in software sales. IBM also announced the acquisition of HashiCorp at $35 per share in cash, valuing the enterprise at $6.4 billion. The company anticipates a revenue growth at constant currency rates in line with its single-digit model, but currency exchange rates are expected to reduce revenue growth by 1.5 to 2 percentage points. IBM also projects a free cash flow of $12 billion for the year.

  • Reliance, Inc. Reports Lower Earnings and Sales

Reliance, Inc. dropped 8.9% after it reported a decrease in net income and sales for the first quarter ended March 31, 2024. Sales dropped to $3.644.8 million from $3.965.3 million a year ago, while net income fell to $302.9 million from $383.1 million. Basic earnings per share from continuing operations decreased to $5.28 from $6.51, and diluted earnings per share fell to $5.23 from $6.43 compared to the previous year. It completed the acquisition of two solar power SPVs, MSKVY Nineteenth Solar SPV and MSKVY Twenty Second Solar SPV, from MSEB Solar Agro Power for 10 million Indian rupees. These acquisitions are part of the company's plan to develop solar plants in Maharashtra, India. 

  • Whirlpool Announces Job Cuts Amid Cost-Saving Efforts

Whirlpool's stock price has dropped significantly by 9.2% after the company announced it would cut 1,000 jobs as part of its cost-cutting plan. The company aims to save between $300 million to $400 million. The first wave of layoffs has been completed in the first quarter, with a second wave planned for the second quarter.

  • O'Reilly Automotive Misses Profit Estimates Due to Rising Costs

O'Reilly Automotive's stock declined 6.2% after the company missed profit estimates for the first quarter due to increased costs. Adjusted profit per share was $9.20, below the expected $9.26. The company has faced higher expenses due to investments in store expansion and securing advanced products, particularly for electric vehicles. Tough weather conditions also impacted sales at the start of the year. O'Reilly forecasts capital expenditures for 2024 to be between $900 million and $1.0 billion and plans to open 190 to 200 stores.

  • Textron to Cut Jobs Following Program Cancellations and Weak Demand

Textron's stock tumbled 11.4% after announcing an expansion of its restructuring plan, which includes cutting about 1,500 jobs due to U.S. Army program cancellations and lower demand for certain products. The company reported lower than expected adjusted profit and revenue for the first quarter, with shares dropping 10% in premarket trading. Textron's industrial segment saw a decline in quarterly revenue by 4.29%.

  • Bristol-Myers Squibb Reports Significant Quarterly Loss

Bristol-Myers Squibb fell 6.8% after it reported a substantial adjusted loss of $4.40 per share for the first quarter of 2024, compared to a profit of $2.05 per share a year earlier, despite a 5% revenue increase to nearly $11.9 billion. The loss was attributed to non-recurring net impacts from acquired IPRD charges and licensing revenues from recent transactions, amounting to $6.30 per share. As a result, the company has drastically revised its adjusted EPS target for the current year to between $0.40 and $0.70, down from the previous estimate of $7.10 to $7.40.

  • Meta Platforms' Earnings Impact US Equity Futures

Meta Platforms dropped 10.5% after its earnings report affected investor sentiment. Despite beating earnings and revenue estimates, Meta Platforms raised its total spending guidance for 2024, causing its shares to fall by more than 15% pre-market.