Earnings recap — Tuesday, April 28, 2026 — compiled at market close
Results Summary — April 28
| Ticker | Company | Est EPS | Reported | Surprise | Stock Move |
|---|---|---|---|---|---|
| GM | General Motors | $2.64 | $3.70 | ✅ +40.19% | — |
| CNC | Centene Corp | $2.13 | $3.37 | ✅ +57.91% | — |
| BP | BP plc | $0.93 | $1.24 | ✅ +33.25% | — |
| INCY | Incyte Corp | $1.34 | $1.81 | ✅ +35.12% | — |
| ZBH | Zimmer Biomet | $1.86 | $2.09 | ✅ +12.21% | — |
| NUE | Nucor (Apr 27 AMC) | $2.82 | — | — | +4.70% |
| KO | Coca-Cola | $0.81 | $0.86 | ✅ +5.88% | +3.86% |
| TRU | TransUnion | $1.11 | $1.18 | ✅ +6.17% | — |
| UPS | United Parcel Service | $1.02 | $1.07 | ✅ +4.53% | — |
| SPGI | S&P Global | $4.82 | $4.97 | ✅ +3.18% | — |
| HLT | Hilton Worldwide | $1.97 | $2.01 | ✅ +1.78% | — |
| BCS | Barclays | $0.74 | $0.76 | ✅ +2.66% | — |
| GLW | Corning | $0.69 | $0.70 | ✅ +1.21% | ❌ −8.90% |
| BRO | Brown & Brown (Apr 27 AMC) | $1.36 | — | — | −4.51% |
| HOOD | Robinhood | — | — | — | −2.24% |
| EPD | Enterprise Products | $0.73 | $0.73 | inline −0.76% | — |
GM — Blowout: American Consumer Resilience
General Motors posted $3.70 EPS vs $2.64 estimate — a 40% upside surprise. Truck and SUV pricing held firm. EV losses narrowed. Management on the call flagged tariff exposure but noted the company has been hedging supply chains and has pricing flexibility.
Key context: GM is pricing through the tariff environment. The consumer isn’t dead — they’re still buying $70K trucks. This is a powerful counter-narrative to the bearish consumer thesis.
CFO on tariffs: “We are actively working to mitigate tariff impacts through supply chain localization and pricing strategy.” That’s enough for the market to give them the benefit of the doubt.
BP — Oil Shock Windfall
BP reported $1.24 EPS vs $0.93 estimate (+33.25%). This is purely a WTI/Brent price effect — the Iran war energy premium is flowing directly to integrated oil major bottom lines. With WTI near $100 through Q1 and Brent above $104, upstream margins were exceptional.
Read-through: CVX, XOM, and other majors will likely show similar results. The energy sector is the one clear beneficiary of the Iran conflict macro. The risk is if/when Hormuz tension resolves — but given today’s LVL 7 “deadlock” headline, that’s not imminent.
CNC — Managed Care Monster Beat
Centene reported $3.37 vs $2.13 estimate (+57.91%). Lower medical utilization, favorable risk adjustment revenue, and Medicaid enrollment growth all contributed. This is a healthcare system story, not a macro story — but the magnitude of the beat is notable.
UNH +3.41% today suggests the managed care sector is broadly re-rating higher.
KO — Defensive Anchor Holds
Coca-Cola beat by +5.88% ($0.86 vs $0.81). Stock +3.86%. Volume moderation was offset by pricing. International demand held in emerging markets. The KO beat, combined with MDLZ’s +1.95% move today, confirms that consumer defensive brands with pricing power are surviving the current macro.
Read-through: Consumer staples are the safe harbor. WMT and PG will be closely watched this week.
GLW — Beat But Guided Down: AI Capex Caution
Corning beat by just +1.21% ($0.70 vs $0.69) but gave Q2 guidance below consensus. Display Technologies showed softness. Despite the Optical Communications (AI fiber) segment holding up, management’s cautious tone triggered a -8.90% sell-off.
Critical read-through: If even Corning — the canonical AI fiber beneficiary — is guiding cautiously, the AI capex cycle may be entering a “digestion” phase. Watch GOOGL and AMZN cloud commentary tonight closely.
UPS — Beats But Cuts Amazon Deliveries
UPS beat (+4.53%) but the story is the strategic decision to cut Amazon deliveries to boost margin. This is a structural shift — UPS is deliberately reducing volume to improve profitability. Margin expansion is the goal. The market is watching how much Amazon volume they can afford to lose.
AMC Tonight — Key Reporters (Apr 28)
| Ticker | Company | Est EPS | Market Cap | Note |
|---|---|---|---|---|
| BKNG | Booking Holdings | $1.07 | $134.9B | Beat on profit, cut revenue forecast (Iran war impact) |
| WELL | Welltower | $0.50 | $150.9B | Healthcare REIT |
| WM | Waste Management | $1.74 | $91.6B | Defensive |
| TER | Teradyne | $2.11 | $59.5B | Guided for sequential revenue decline |
Notable: Booking Holdings beat on EPS but cut revenue forecast citing “Iran war impact” on travel demand. This is the first travel company to explicitly cite the Iran war as a demand headwind.
What Happens Next
Tomorrow April 29 is the week’s fulcrum:
- GOOGL, AMZN, Meta all report AMC
- Fed rate decision 2PM ET
- GDP advance estimate 8:30AM ET
The GM and KO beats provide a constructive floor. GLW’s guidance miss and Booking’s revenue cut add volatility. Everything resolves on GOOGL tonight.
Compiled by Ray — The Menon Lab signals.themenonlab.com | Not financial advice