CSX Intermodal Volumes Decline

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Today is Friday, July 21, 2023.

The Early Bird Index today is 59.13.

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CSX Intermodal Volumes Decline

CSX (Nasdaq: CSX) posted bad financial results on Thursday, causing shares to drop by 4.78% in after-hours trading.

Financials: CSX reported earnings of 49 cents per share in the past quarter and revenue of $3.7 billion; both were below estimates.

Details: The merchandise and coal businesses for CSX demonstrated significant volume gains in the quarter.

But: The revenue dropped 3% due in part to a decrease in intermodal volumes. In fact, CSX said that “intermodal activity remains challenged.”

Stock Price: CSX is up 9% in 2023, and is up nearly 2% in the past 30 days.

Final Thoughts: This marks the first time in about two years since the company’s earnings fell short of estimates. Though CSX faces a lot of challenges, the stock still has a low price-to-earnings ratio, meaning it is a value stock.


Notable Earnings Today: American Express (NYSE: AXP), SLB (NYSE: SLB), Comerica (NYSE: CMA), Huntington Banc (Nasdaq: HBAN), Regions Financial (NYSE: RF), Roper Technologies (BMV: ROP), AutoNation (NYSE: AN), IPG (NYSE: IPG).

Notable IPOs Today: ESH Acquisition Corp. Class A Common Stock (Nasdaq: ESHA), Turnstone Biologics Corp. Common Stock (Nasdaq: TSBX), Warrantee Inc. American Depositary Shares (Nasdaq: WRNT), Athena Technology Acquisition Corp. II (NYSE American: ATEK).

Notable Equity Crowdfunding Campaigns Ending Today: In Good Company (Mainvest), Proof Bread (Mainvest), Blackmarket Bakery (Honeycomb), The Blind Dragon (Mainvest), Black Figure Bookstore (Honeycomb), Glow Worm Play Cafe Beechmont (Mainvest).

Notable Economic Events Today: N/A.

Capital One Survives Challenges

Photo by Avery Evans / Unsplash

Shares of Capital One Financial (NYSE: COF) ticked up 0.43% in after-hours trading on Thursday after the company posted mixed financial results.

Financials: Capital One reported earnings of $3.52 per share, which was better than expected. But revenue hit $9 billion, which was lower than expected.

Details: Total deposits dropped 2% in the quarter. Meanwhile, the net interest margin fell 12 basis points.

But: Despite these problems, revenue increased by 1%.

Stock Price: Capital One is up 23% in 2023, including a 6% increase in the last 30 days.

Final Thoughts: It was a tough banking environment in the past quarter, especially as several regional banks collapsed. But Capital One found a way to survive and grow.

Chainlink Continues to Soar

The price of the cryptocurrency Chainlink jumped by 18% on Thursday, stronger than other cryptos as it continues to soar.

Details: Chainlink had a strong day thanks in part to large investors acquiring $6 million in tokens, according to CoinDesk.

Final Thoughts: Chainlink is up 56% in the last 30 days and is now at its highest level since April. It is having a strong year.

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Trends to Watch

New Winner: Dow Notches Longest Win Streak Since 2017 (The Wall Street Journal)

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