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Today’s trading session was a tad bipolar, closing on a big skid downward, though off session lows struck early this morning across the board, with a surge toward the green in between. Along with digesting the Fed’s slightly more dovish monetary policy statement and Fed Chair Powell’s hawkish talk-down directly following, and the upcoming midterm elections next week (results of which, given recent trends, we might not get on the night-of), there are plenty of questions currently left unanswered. We’ve also got another huge slab of Q3 earnings reports out after today’s closing bell.
The Dow slipped another -146 points, -0.46%, while the S&P 500 saw 6 of 112 sectors lower and the index was down -1.06% on the day. The Nasdaq continues to suffer its worst trading week since January, down almost -7% and -1.73% today, and the Russell 2000 dipped another -0.53% on the session. Investors appear in search of new equilibrium, which it may not get until sometime after midterm elections are resolved.
Starbucks (SBUX - Free Report) is out with fiscal Q4 numbers, reporting +84 cents per share which outpaced the Zacks consensus by 8 cents, on $8.41 billion in sales which was slightly lower than the $8.43 billion expected. Global same-store sales easily outperformed expectations, +7% versus the estimate +4.2%, as International revenues were better than expected. China alone surprised to the upside, -16% in the quarter instead of the -25% anticipated. Shares are up +3% in late trading.
DoorDash (DASH - Free Report) is performing even better in the after-market, +14% following its Q3 report: while its bottom line missed expectations, coming in at -77 per share versus -60 cents estimated, revenues of $1.70 billion were well ahead of the $1.64 billion analysts were looking for. Orders came in ahead of expected, and Q4 guidance — on both Marketplace GOV and EBITDA, two important metrics in the delivery business — was increased on both. The post-market gains follow +5.5% in the regular trading session.
Expedia (EXPE - Free Report) swung to a negative initially on the news from its Q3 report, which posted earnings of $4.05 per share versus $3.89 in the Zacks consensus on record-high revenues of $3.62 billion in the quarter, outpacing the $3.55 billion expected. Gross bookings grew +28% in the quarter, but this was below the +36% reported by rival Booking.com yesterday. Still, a solid quarter for the company which carried a Zacks Rank #2 (Buy) into the report’s release.
Block (SQ - Free Report) shares blossomed +12% in late trading on its Q3 results after the closing bell this Thursday. Earnings of 42 cents per share was well ahead of the 23 cents anticipated, on $4.52 billion in sales which took out the expected $4.48 billion. The company formerly known as “Square” reached 49 million monthly transactional units in Cash App. Shares are way down year-to-date, but late trading is helping buoy the FinTech staple, even as Gross Payment Volume was lower than expected in the quarter.
PayPal (PYPL - Free Report) is down -6% following its Q3 report this afternoon, even as the company outperformed expectations on both top and bottom lines for the quarter: earnings of $1.08 per share cleared the 95-cent estimate, while $6.85 billion moderately bettered the $6.82 billion in the Zacks consensus. However, not only was Total Payment Volume in the quarter, but so was Q4 revenue guidance. Shares are already -60% year to date.
The worst-performing of the notable companies reporting quarterly numbers after the closing bell today is communications tech firm Twilio (TWLO - Free Report) , which sits -16% at this hour in the after-market. As with several of the others reporting today, beats on both top and bottom lines — -27 cents per share on $983 million in sales surpassed the -39 cents per share and $969 million expected, respectively — were superseded by lower Q4 revenue guidance.
Image: Bigstock
Big Late-Market Moves on Q3 Reporting Numbers
Today’s trading session was a tad bipolar, closing on a big skid downward, though off session lows struck early this morning across the board, with a surge toward the green in between. Along with digesting the Fed’s slightly more dovish monetary policy statement and Fed Chair Powell’s hawkish talk-down directly following, and the upcoming midterm elections next week (results of which, given recent trends, we might not get on the night-of), there are plenty of questions currently left unanswered. We’ve also got another huge slab of Q3 earnings reports out after today’s closing bell.
The Dow slipped another -146 points, -0.46%, while the S&P 500 saw 6 of 112 sectors lower and the index was down -1.06% on the day. The Nasdaq continues to suffer its worst trading week since January, down almost -7% and -1.73% today, and the Russell 2000 dipped another -0.53% on the session. Investors appear in search of new equilibrium, which it may not get until sometime after midterm elections are resolved.
Starbucks (SBUX - Free Report) is out with fiscal Q4 numbers, reporting +84 cents per share which outpaced the Zacks consensus by 8 cents, on $8.41 billion in sales which was slightly lower than the $8.43 billion expected. Global same-store sales easily outperformed expectations, +7% versus the estimate +4.2%, as International revenues were better than expected. China alone surprised to the upside, -16% in the quarter instead of the -25% anticipated. Shares are up +3% in late trading.
DoorDash (DASH - Free Report) is performing even better in the after-market, +14% following its Q3 report: while its bottom line missed expectations, coming in at -77 per share versus -60 cents estimated, revenues of $1.70 billion were well ahead of the $1.64 billion analysts were looking for. Orders came in ahead of expected, and Q4 guidance — on both Marketplace GOV and EBITDA, two important metrics in the delivery business — was increased on both. The post-market gains follow +5.5% in the regular trading session.
Expedia (EXPE - Free Report) swung to a negative initially on the news from its Q3 report, which posted earnings of $4.05 per share versus $3.89 in the Zacks consensus on record-high revenues of $3.62 billion in the quarter, outpacing the $3.55 billion expected. Gross bookings grew +28% in the quarter, but this was below the +36% reported by rival Booking.com yesterday. Still, a solid quarter for the company which carried a Zacks Rank #2 (Buy) into the report’s release.
Block (SQ - Free Report) shares blossomed +12% in late trading on its Q3 results after the closing bell this Thursday. Earnings of 42 cents per share was well ahead of the 23 cents anticipated, on $4.52 billion in sales which took out the expected $4.48 billion. The company formerly known as “Square” reached 49 million monthly transactional units in Cash App. Shares are way down year-to-date, but late trading is helping buoy the FinTech staple, even as Gross Payment Volume was lower than expected in the quarter.
PayPal (PYPL - Free Report) is down -6% following its Q3 report this afternoon, even as the company outperformed expectations on both top and bottom lines for the quarter: earnings of $1.08 per share cleared the 95-cent estimate, while $6.85 billion moderately bettered the $6.82 billion in the Zacks consensus. However, not only was Total Payment Volume in the quarter, but so was Q4 revenue guidance. Shares are already -60% year to date.
The worst-performing of the notable companies reporting quarterly numbers after the closing bell today is communications tech firm Twilio (TWLO - Free Report) , which sits -16% at this hour in the after-market. As with several of the others reporting today, beats on both top and bottom lines — -27 cents per share on $983 million in sales surpassed the -39 cents per share and $969 million expected, respectively — were superseded by lower Q4 revenue guidance.
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