Palantir Earnings Disappoint | February 16

by Luna Fuller
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Good Evening!

The DJIA rose 0.20%
The S&P 500 was down 0.08%
The Nasdaq Composite slipped 0.34%

Energy and financials led the market.

General Market Review

Financials

The 10-year Treasury yield topped 1.30% benefitting bank stocks. Bank of America and JP Morgan Chase jumped 3%.

Industrials

The expectations that a second stimulus will include $14 billion in funding to the aviation industry helped United Airlines rise about 3%.

Energy

The deep freeze in the South has caused oil prices to rise. US crude hit above $60/ barrel. Marathon Oil and Occidental Petroleum added 6% and 4%, respectively.

Earnings

Palantir Technologies reported mixed earnings for fourth quarter. The company beat revenue by $22 million with a reported $322 million. Earnings missed as they reported a loss of $0.08, while estimates were set at $0.02. Palantir predicts revenue growth of 30% for 2021 which is slower than 2020’s growth of 47%.  PLTR fell 12% today.

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