Category: Market Summary
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Negative Reaction To Microsoft, Meta Results Leads To Sell-Off On Wall Street
After moving sharply lower early in the session, stocks continued to see considerable weakness throughout the trading day on Thursday. The Nasdaq saw a particularly steep drop on the day amid a sell-off by technology stocks. The major averages saw further downside going into the close, ending the session near their worst levels of the…
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Microsoft and Meta Decline Up to 4%; Roku Falls 14% Amid Lower Estimates; Booking Surges 6%; Carvana Soars 20%
Microsoft (NASDAQ:MSFT) – Microsoft exceeded expectations in the first fiscal quarter with earnings per share of $3.30 (above the expected $3.10) and revenue of $65.59 billion (surpassing the estimated $64.51 billion). Microsoft’s Intelligent Cloud segment reported revenue of $24.09 billion, a 20% increase, slightly above StreetAccount’s expectation of $24.04 billion. Despite a 16% year-over-year revenue…
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U.S. Stocks Finish Choppy Trading Day Mostly Lower On Late-Day Weakness
Stocks showed a lack of direction throughout much of the session on Wednesday but came under pressure in the latter part of the trading day. The major averages spent most of the day bouncing back and forth across the unchanged before sliding more firmly into negative territory. After reaching a new record intraday high in…
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Google Cloud Revenue Grows 35%; AMD Stock Drops 8%, Qorvo Plummets 18%, Reddit Surges 24% in Pre-Market
Alphabet (NASDAQ:GOOGL) – Alphabet exceeded expectations in Q3, with earnings per share of $2.12, surpassing the $1.85 estimate, and revenue of $88.27 billion, beating the forecast of $86.30 billion. Net income rose to $26.3 billion. YouTube’s ad revenue reached $8.92 billion, while the Other Bets division saw revenue expand to $388 million. Google Cloud revenue,…
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Nasdaq Reaches New Record Closing High But Dow Moves Lower
The major U.S. stock indexes all moved higher during trading on Monday but returned to the mixed performance seen to close out the previous week on Tuesday. While the tech-heavy Nasdaq showed a notable advance to reach a new record closing high, the Dow closed lower for the sixth time in the past seven sessions.…
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HSBC Reports $8.5 Billion Profit; Boot Barn Announces New CEO and Projections; TMDX Drops 24%, VFC Surges 22%
HSBC Holdings (NYSE:HSBC) – In the third quarter, HSBC reported a profit of $8.5 billion, surpassing projections of $7.6 billion. Revenue rose 5% to $17 billion, especially in the FX, global debt, and wealth sectors. The bank also announced an additional $3 billion share buyback, and the interim dividend was set at $0.10 per share.…
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U.S. Stocks Pull Back Off Early Highs But Close Mostly Positive
After showing a strong move to the upside early in the session, stocks gave back ground over the course of the trading day on Monday but managed to end the day mostly higher. The major averages all finished the day in positive territory after turning in mixed performances over the two previous sessions. The Dow…
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Philips Sales Forecast Cut Sparks Stock Plunge; BP Resumes Libya Exploration; Alibaba Settles for $433 Million
Philips (NYSE:PHG) – In the third quarter, Philips recorded €4.4 billion in sales, a 2% annual decline, though net income doubled to €181 million, and diluted earnings per share rose from €0.09 to €0.19. Adjusted EBITA increased to €516 million, up from €456 million the previous year, reflecting higher margins and a focus on productivity.…
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Major Averages Turn In Another Mixed Performance
After ending Thursday’s session on opposite sides of the unchanged line, the major U.S. stock indexes turned in another mixed performance during trading on Friday. While the tech-heavy Nasdaq added to yesterday’s strong gain, the Dow extended its losing streak to five sessions. The Nasdaq reached a new record intraday high in early trading but…
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Capri Shares Crash 45% After Merger Block; Coursera Falls 18% on Lower Revenue Forecast
Tapestry (NYSE:TPR), Capri (NYSE:CPRI) – A U.S. judge blocked the $8.5 billion merger between Tapestry and Capri, favoring the Federal Trade Commission (FTC) and marking a win for the Biden administration before the elections. The FTC argued the merger would reduce competition among top U.S. handbag makers, raising prices. Tapestry’s shares rose 12.4% pre-market, while…