To The Moon

Yesterday, we listed the stocks that beat earnings but plunged. Today let’s look at the stocks jump after earnings beats!

It appears that the market is rewarding companies that were previously overlooked during the rally through this earnings report.

$Chipotle Mexican Grill(CMG)$ is an exception as the stock jumps 4% in the premarket trading but declines after the market opens

• EPS: 34 cents adjusted vs. 32 cents expected

• Revenue: $2.97 billion vs. $2.94 billion expected

CMG beats EPS expectations by 6.25% and revenue expectations by 1.02%.

The company’s same-store sales rose 11.1% in the quarter, topping estimates of 9.2%.

The company reiterated its full-year outlook that same-store sales will grow by a mid- to high-single-digit percentage.

$Lockheed Martin(LMT)$ +9.25%

Lockheed Martin exceeded EPS expectations by 6.04% and revenue expectations by 6.34%

The company has projected FY24 earnings in the range of $26.10 to $26.60 per share, compared to its prior outlook between $25.65 and $26.35 per share.

For reference, analysts were expecting $69.7 billion in revenue and earnings of $26.33 per share.

$ServiceNow(NOW)$ +10.07%

• ServiceNow exceeded EPS expectations by 10.21% and revenue expectations by 0.77%

• EPS of $3.13, above the analyst estimate $2.84.

• Revenue of $2.63 billion, up 22% from a year before and ahead of the $2.61 billion consensus.

• Looking ahead, the company lifted its subscription revenue guidance to a range of $2.66B to $2.67B, from a prior range of $2.525B to $2.530B.

$Spotify Technology S.A.(SPOT)$ +13.08%

• Spotify Technology reported earnings per share of $1.43, above the analyst estimate for EPS of $1.15.

• The company reported revenue of $4.10 billion, 1.70% worse than the analyst estimate for revenue of $4.17 billion.

Spotify Technology exceeded EPS expectations by 24.35% but fell short of revenue expectations by 1.68%.

Overall revenue levels are expected to be essentially flat, but the turnaround increases the score. The company's net profit was €274 million, compared to a loss of €302 million in the same period last year.

$Viking Therapeutics(VKTX)$ +16.54%

• Viking Therapeutics reported EPS of -20 cents, above the analyst estimate for EPS of -27 cents. Viking Therapeutics exceeded EPS expectations by 25.93%.

• The company did not report any revenue for the quarter.