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Mixed Earnings Results for Amgen, TakeTwo; Chegg Jumps on Beat
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All four major market indexes have now posted two negative trading days in the last three, with the Dow barely eking out gains of +0.004% today and staving off a third day trading lower in a row. The S&P 500 was flat a half hour ahead of the closing bell, but dipped -0.37% by the end. Similarly, the Nasdaq fell further into the red in the last half hour of trading, -0.58% on the day. The small-cap Russell 2000 gained +0.51% in regular trading.
By sector, we’re seeing much the same picture we have for a while: Energy leads all industries again, on strong demand and higher prices; the laggards were again Communication Services and Tech. Meanwhile, Treasury yields continue to tick up over time: the 10-year is now +1.914% and the 2-year is +1.294%. The Nasdaq is not -14% off its record highs last November, while the S&P is -7% from its all-time highs reached early January.
After Monday’s close, more companies reported earnings results, including Amgen (AMGN - Free Report) , which posted a mixed Q4: earnings of $4.36 per share outpacing the $4.14 in the Zacks consensus, while revenues of $6.85 billion missed the expected $6.91 billion in the quarter. It’s the third-straight earnings beat for the biotech major, and as sales for osteoporosis drug Prolia grew +17% in the quarter, other treatments in the company’s portfolio underperformed expectations. Shares were up initially in late trading, but are now exactly flat.
TakeTwo Interactive (TTWO - Free Report) shares tumbled -5% before regaining some buoyancy in its fiscal Q3, as the Grand Theft Auto and NBA 2K maker beat on earnings — $1.24 per share versus $1.13 expected — but missed on sales: $866 million versus $872 million in the Zacks consensus. Q4 bookings guidance disappointed, coming down to 808-858 million from 924 million expected by analysts. TakeTwo has posted only one earnings miss in the past five years.
Silicon Valley-based education technology firm Chegg (CHGG - Free Report) is up a nice +15% after hours on its Q4 beat-and-raise Monday afternoon. Earnings of 38 cents per share on $207 million in sales outperformed the 31 cents per share and $195 million analysts were looking for. A 20% surge in services revenues helped Q1 revenues guidance to $200-205 million from $198 million in the Zacks consensus. Shares are back to roughly where they were prior to a big fall in share price back in early November.
Tomorrow we look forward to earnings reports from big companies like Pfizer (PFE - Free Report) and BP (BP - Free Report) , along with many others. On the economic report side, look for an NHIB Small Business survey for January and International Trade numbers from December, and Real Household Debt for Q4.
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Mixed Earnings Results for Amgen, TakeTwo; Chegg Jumps on Beat
All four major market indexes have now posted two negative trading days in the last three, with the Dow barely eking out gains of +0.004% today and staving off a third day trading lower in a row. The S&P 500 was flat a half hour ahead of the closing bell, but dipped -0.37% by the end. Similarly, the Nasdaq fell further into the red in the last half hour of trading, -0.58% on the day. The small-cap Russell 2000 gained +0.51% in regular trading.
By sector, we’re seeing much the same picture we have for a while: Energy leads all industries again, on strong demand and higher prices; the laggards were again Communication Services and Tech. Meanwhile, Treasury yields continue to tick up over time: the 10-year is now +1.914% and the 2-year is +1.294%. The Nasdaq is not -14% off its record highs last November, while the S&P is -7% from its all-time highs reached early January.
After Monday’s close, more companies reported earnings results, including Amgen (AMGN - Free Report) , which posted a mixed Q4: earnings of $4.36 per share outpacing the $4.14 in the Zacks consensus, while revenues of $6.85 billion missed the expected $6.91 billion in the quarter. It’s the third-straight earnings beat for the biotech major, and as sales for osteoporosis drug Prolia grew +17% in the quarter, other treatments in the company’s portfolio underperformed expectations. Shares were up initially in late trading, but are now exactly flat.
TakeTwo Interactive (TTWO - Free Report) shares tumbled -5% before regaining some buoyancy in its fiscal Q3, as the Grand Theft Auto and NBA 2K maker beat on earnings — $1.24 per share versus $1.13 expected — but missed on sales: $866 million versus $872 million in the Zacks consensus. Q4 bookings guidance disappointed, coming down to 808-858 million from 924 million expected by analysts. TakeTwo has posted only one earnings miss in the past five years.
Silicon Valley-based education technology firm Chegg (CHGG - Free Report) is up a nice +15% after hours on its Q4 beat-and-raise Monday afternoon. Earnings of 38 cents per share on $207 million in sales outperformed the 31 cents per share and $195 million analysts were looking for. A 20% surge in services revenues helped Q1 revenues guidance to $200-205 million from $198 million in the Zacks consensus. Shares are back to roughly where they were prior to a big fall in share price back in early November.
Tomorrow we look forward to earnings reports from big companies like Pfizer (PFE - Free Report) and BP (BP - Free Report) , along with many others. On the economic report side, look for an NHIB Small Business survey for January and International Trade numbers from December, and Real Household Debt for Q4.
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