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The four top stock market indexes managed to scale higher to new record closes, setting new highs routinely. This is reminiscent of early September, toward the end of Q2 earnings season, which brought the same level of exuberance among market participants — and largely for the same reasons: stronger-than-expected Q3 earnings season.
The Dow beat the field modestly, +0.39% on the day — off intra-day highs by about 30 points or so — to cross above 36K for the first time ever. The S&P 500 wasn’t far behind, +0.37% on the day, with the Nasdaq close behind it, +0.34% points. The Russell 2000 joined the party this afternoon with its first record-high close since March of this year, +0.16%. The small-cap index has gained +4.8% since just last Wednesday.
With the exception of Energy (which had been on a strong run of late) and Consumer Discretionary, the nine remaining sectors in the S&P all went up in Tuesday regular trading, signifying growth across industries. We shall see if this week’s monthly jobs reports or a decision regarding tapering asset purchases from the Fed Wednesday will hamper the positive sentiment currently awash in the market, or if we might see stock prices stoked even higher from here.
T-Mobile (TMUS - Free Report) posted a mixed Q3 after the closing bell today, beating earnings estimates by a penny to 55 cents per share (down more than -50% year over year) on $19.62 billion in quarterly sales, which were beneath the $20.10 billion in the Zacks consensus. Post-paid net adds outperformed expectations, however, to 1.3 million, and guidance was up. Shares bounced back +2% after initially falling on the news.
International snacking company Mondelez (MDLZ - Free Report) topped both earnings and revenue estimates after the bell, beating on earnings by a penny to 71 cents per share on $7.1 billion in revenues, which surpassed the $7.04 billion expected. Margins of 38.3% were in-line with estimates, and Organic Revenue outperformed expectations by 200 basis points to +5.5% on +26% growth in Latin America. Shares are up marginally in late trading.
Rideshare major Lyft (LYFT - Free Report) posted a surprise positive earnings number in its Q3 report after the bell Wednesday, to 5 cents per share from an expected -3 cents. Revenues of $864.4 million swept past the $860.24 million on adjusted EBITDA — the preferred metric for rideshare companies — to $67.3 million in the quarter. Average revenue per user grew higher than expected while overall active riders slipped a bit in Q3. Shares are up +3.7% on the news in the after-market.
Image: Shutterstock
All 4 Major Indexes Now at Record Highs
The four top stock market indexes managed to scale higher to new record closes, setting new highs routinely. This is reminiscent of early September, toward the end of Q2 earnings season, which brought the same level of exuberance among market participants — and largely for the same reasons: stronger-than-expected Q3 earnings season.
The Dow beat the field modestly, +0.39% on the day — off intra-day highs by about 30 points or so — to cross above 36K for the first time ever. The S&P 500 wasn’t far behind, +0.37% on the day, with the Nasdaq close behind it, +0.34% points. The Russell 2000 joined the party this afternoon with its first record-high close since March of this year, +0.16%. The small-cap index has gained +4.8% since just last Wednesday.
With the exception of Energy (which had been on a strong run of late) and Consumer Discretionary, the nine remaining sectors in the S&P all went up in Tuesday regular trading, signifying growth across industries. We shall see if this week’s monthly jobs reports or a decision regarding tapering asset purchases from the Fed Wednesday will hamper the positive sentiment currently awash in the market, or if we might see stock prices stoked even higher from here.
T-Mobile (TMUS - Free Report) posted a mixed Q3 after the closing bell today, beating earnings estimates by a penny to 55 cents per share (down more than -50% year over year) on $19.62 billion in quarterly sales, which were beneath the $20.10 billion in the Zacks consensus. Post-paid net adds outperformed expectations, however, to 1.3 million, and guidance was up. Shares bounced back +2% after initially falling on the news.
International snacking company Mondelez (MDLZ - Free Report) topped both earnings and revenue estimates after the bell, beating on earnings by a penny to 71 cents per share on $7.1 billion in revenues, which surpassed the $7.04 billion expected. Margins of 38.3% were in-line with estimates, and Organic Revenue outperformed expectations by 200 basis points to +5.5% on +26% growth in Latin America. Shares are up marginally in late trading.
Rideshare major Lyft (LYFT - Free Report) posted a surprise positive earnings number in its Q3 report after the bell Wednesday, to 5 cents per share from an expected -3 cents. Revenues of $864.4 million swept past the $860.24 million on adjusted EBITDA — the preferred metric for rideshare companies — to $67.3 million in the quarter. Average revenue per user grew higher than expected while overall active riders slipped a bit in Q3. Shares are up +3.7% on the news in the after-market.
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