Tuesday, June 23 marked one of the busiest earnings days of the quarter, with roughly 28 companies reporting results. While Carnival and Korn Ferry released their numbers earlier in the day, investors are waiting for the after-close reports from FedEx, Cerebras Systems, and KB Home.

Carnival Beats, But the Market Isn't Celebrating

Carnival Corp (CCL) reported fiscal Q2 results before the open, posting adjusted EPS of $0.41, comfortably above the $0.33–$0.34 consensus. Revenue came in at $6.7 billion, slightly above the $6.68 billion estimate.

Yet the stock fell roughly 5% in early trading to $28.46. The culprit: a downward revision to full-year net yield guidance. The company now expects net yields to grow approximately 3.2% overall (or 2.25% on a normalized basis), down from its prior guidance of roughly 2.75% normalized. Management cited geopolitical disruptions in the Middle East weighing on European and Mediterranean demand, higher airfares, and ship redeployment effects. Caribbean demand, by contrast, remained stable.

The operational picture was otherwise strong: record Q2 revenue, adjusted net income of $569 million, adjusted EBITDA of $1.6 billion, and all-time high customer deposits of $9 billion. The company noted that 2027 advance bookings are running ahead of 2026 levels at higher prices. Management described the demand moderation as "transitory" and reiterated long-term targets including 50%+ EPS growth by 2029 through buybacks, dividends, and operations.

FedEx: First Test Without Freight

FedEx (FDX) is scheduled to report fiscal Q4 2026 earnings after today's close, its first quarterly report since spinning off FedEx Freight (NYSE: FDXF) on June 1. Consensus estimates call for adjusted EPS of approximately $5.91 (down 2.6% YoY from $6.07) on revenue of $24.18 billion (up ~8.8% from $22.22 billion last year). Options pricing suggests a potential 7% swing in either direction after the release.

Investors will be watching for updates on the Network 2.0 cost-savings initiative (targeting over $1 billion in permanent savings), operating margins, volume trends, and FY2027 guidance. The newly independent FedEx Freight will report its own results on June 25.

Cerebras: First Public Quarter

Cerebras Systems (CBRS), which began trading on the Nasdaq in May 2026 at a roughly $50 billion valuation, is releasing its first quarterly report as a public company after the bell. Analysts expect a loss of $0.14 per share on revenue of $56.65 million.

For context, Cerebras reported full-year 2025 revenue of $510 million, up 76% year-over-year, and achieved GAAP net income profitability after a loss in 2024. The stock has been volatile since its IPO, recently trading in the $226–$230 range before the report.

KB Home: Housing Headwinds

KB Home (KBH) also reports after today's close. Expectations are subdued: EPS of $0.44–$0.45, down sharply from $1.49–$1.50 in the year-ago quarter, on revenue of approximately $1.09 billion, a 29% decline year-over-year. The housing market continues to face affordability pressures from elevated interest rates.

Korn Ferry: A Quiet Beat

Korn Ferry (KFY) reported a slight earnings beat, with adjusted EPS of $1.40 versus the $1.38 consensus estimate.

SpaceX: The Post-IPO Hangover Deepens

SpaceX (SPCX) traded around $158–$164 today, up about 2.7% on the day but still far below its peak of $225.64 reached just days after its June 12 debut. From that peak, the stock has lost over 30%, wiping out roughly $750 billion in market value. According to 24/7 Wall St., shares are now trading below the $150 opening price on Day One.

The decline comes amid a broader tech selloff and fading post-IPO euphoria. A $60 billion all-stock acquisition was also announced recently, adding uncertainty around near-term valuation.

SPAC Action: Gores Holdings XI

On the IPO side, Gores Holdings XI (Nasdaq: GHXIU) priced a $312 million SPAC at $10.00 per unit, one of the day's more notable capital-markets deals.

The Bottom Line

June 23's earnings calendar tells a story of operational strength meeting cautious forward guidance. Carnival delivered a clean beat but got punished for a modest yield revision tied to geopolitical risk. KB Home faces a fundamentally slower housing market. FedEx and Cerebras, two companies with very different profiles, will test investor appetite after the close. And SpaceX's post-IPO unwind continues, a reminder that even the most anticipated listings are not immune to gravity. FedEx Freight reports on June 25 to round out the week.