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Markets Up Ahead of Election Day; LYFT, TRIP, ATVI Report
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Markets kept their heads above water after a morning swoon this first trading day of a new week, and wound up closing near session highs Monday afternoon. Analysts have been trading notes about Election Day for midterms bringing forth “gridlock” — seen as good for the markets because it keeps Capitol Hill from regulating, taxing or otherwise augmenting the marketplace. As long as Republicans win one of the houses of Congress —and currently it’s odds-on for the House of Representatives — but don’t have enough votes to overturn a veto from Democratic President Joe Biden, “gridlock” appears to be in the cards.
Thus, the Dow put up its second-straight session of strength, +423 points or +1.31% on the day. The S&P 500 saw 8 of its 11 sectors finish higher, closing +0.96%. The Nasdaq, which dipped into the red mildly a few times during the session, closed +0.85%, while the small-cap Russell 2000 finished the day +0.49%. As we discussed in this space Monday morning, markets have also been working their way back from the nosedive they all experienced during Fed Chair Jay Powell’s press conference last week, where he kept an aggressively draconian tone on interest rates.
Ride-share pure-play Lyft (LYFT - Free Report) reported Q3 earnings after Monday’s close, beating on earnings by 2 cents per share to +$0.10 on in-line revenues in the quarter of $1.05 billion. But revenue guidance skewing lower than previous consensus for next quarter, along with a big miss in Q3 active riders, sent late-session trading down as much as -15% on the news. Revenue per active ride, however, was slightly above expectations, averaging $51.83 for the quarter.
TripAdvisor (TRIP - Free Report) shares are -15% following its Q3 miss after the closing bell, missing on earnings by 11 cents per share to 28 cents per share. Revenues of $459 million did outperform the $445 million on what the company called a rebound in Experiences. The shares, however, had been up +40% from its 52-week low, so it would appear investors are selling the news on this American e-commerce and travel company.
Activision Blizzard is on a rollercoaster ride following the release of its fiscal Q2 earnings report after Monday’s close, beating estimates on both top and bottom lines — earnings of 68 cents per share outpaced the 51 cents people were expecting, on $1.83 billion in quarterly sales, which easily surpassed the $1.70 billion in the Zacks consensus. The latest Call of Duty is outperforming all of its earlier editions and is the most successful ever in the franchise, at least in the early going.
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Markets Up Ahead of Election Day; LYFT, TRIP, ATVI Report
Markets kept their heads above water after a morning swoon this first trading day of a new week, and wound up closing near session highs Monday afternoon. Analysts have been trading notes about Election Day for midterms bringing forth “gridlock” — seen as good for the markets because it keeps Capitol Hill from regulating, taxing or otherwise augmenting the marketplace. As long as Republicans win one of the houses of Congress —and currently it’s odds-on for the House of Representatives — but don’t have enough votes to overturn a veto from Democratic President Joe Biden, “gridlock” appears to be in the cards.
Thus, the Dow put up its second-straight session of strength, +423 points or +1.31% on the day. The S&P 500 saw 8 of its 11 sectors finish higher, closing +0.96%. The Nasdaq, which dipped into the red mildly a few times during the session, closed +0.85%, while the small-cap Russell 2000 finished the day +0.49%. As we discussed in this space Monday morning, markets have also been working their way back from the nosedive they all experienced during Fed Chair Jay Powell’s press conference last week, where he kept an aggressively draconian tone on interest rates.
Ride-share pure-play Lyft (LYFT - Free Report) reported Q3 earnings after Monday’s close, beating on earnings by 2 cents per share to +$0.10 on in-line revenues in the quarter of $1.05 billion. But revenue guidance skewing lower than previous consensus for next quarter, along with a big miss in Q3 active riders, sent late-session trading down as much as -15% on the news. Revenue per active ride, however, was slightly above expectations, averaging $51.83 for the quarter.
TripAdvisor (TRIP - Free Report) shares are -15% following its Q3 miss after the closing bell, missing on earnings by 11 cents per share to 28 cents per share. Revenues of $459 million did outperform the $445 million on what the company called a rebound in Experiences. The shares, however, had been up +40% from its 52-week low, so it would appear investors are selling the news on this American e-commerce and travel company.
Activision Blizzard is on a rollercoaster ride following the release of its fiscal Q2 earnings report after Monday’s close, beating estimates on both top and bottom lines — earnings of 68 cents per share outpaced the 51 cents people were expecting, on $1.83 billion in quarterly sales, which easily surpassed the $1.70 billion in the Zacks consensus. The latest Call of Duty is outperforming all of its earlier editions and is the most successful ever in the franchise, at least in the early going.
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