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Fed Holds, Big Afternoon for Q3 Earnings: QCOM, ABNB & More
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Positive sentiment in today’s regular trading session came from the Fed when, as expected, it did not raise another 25 basis points (bps) on interest rates, keeping levels between 5.25-5.50% for another month. The final Fed meeting comes mid-December, and it’s possible that, though targets had been expecting one more raise before the end of 2023, that one may not come after all. A hike to 5.50-5.75% would be the highest Fed funds rate since early 2001.
Even the beleaguered small-cap Russell 2000 cracked into positive territory late in today’s trading session, coming up +0.40% on the day. The Dow gained +217 points, +0.66%, while the S&P grew +1.05%. The Nasdaq won the day, up +1.64%, led by tech companies like AMD (AMD - Free Report) , which had been flagging. Year to date, all four indices are back in the green save the Russell, which remains down -4.66%.
It’s a nice rebound quarter for Qualcomm’s (QCOM - Free Report) fiscal Q4 earnings report this afternoon, which put up quality beats on tough year-over-year comps: earnings of $2.02 per share outpaced the Zacks consensus by a solid dime, whereas revenues of $8.67 billion were notably ahead of the $8.55 billion expected. Guidance was also good, ratcheting up to $2.25-2.45 per share (consensus had been $2.29) on the bottom line and $9.1-9.9 billion on the top (up from $9.32 billion) anticipated. Its automotive business surged +15% in the quarter, and shares are up +3.5% in after-market activity.
Airbnb (ABNB - Free Report) shares are on a late-trading roller-coaster ride following its Q3 earnings report this afternoon, with a huge beat on the bottom line — earnings of $6.63 per share versus expectations of $2.08 — and a modest beat on the top: revenues of $3.40 billion versus $3.36 billion in the Zacks consensus. A one-time income tax benefit led the earnings growth more than 3x higher than expectations, while revenue guidance for Q4 of $2.13-2.17 billion was a tad lower than its Q3 revenue numbers would lead one to expect. Shares are down -3.7% in the after-market.
Zacks Rank #1 (Strong Buy)-rated e.l.f. Beauty (ELF - Free Report) , on the other hand, crushed estimates on its top line — $215.5 million versus $197.27 million anticipated — on earnings of 58 cents per share, 4 cents ahead of consensus. Gross margins were an outstanding +71% for a beauty products supplier, and current-year EPS estimates ticked up to earnings of $2.47-2.50 per share. The stock is roaring nearly +6% higher in late trading, even after having gained more than +70% year to date.
PayPal (PYPL - Free Report) beat on its bottom line in Q3 this afternoon, with $1.30 per share coming above the $1.22 per anticipated. Sales of $7.4 billion were a tad above the $7.39 billion analysts were looking for, up +8% from a year ago. Holiday sales for the ongoing quarter are expected to be up +4.8%, while full-year earnings are guided up 3 cents to $4.98 per share. The stock is up +1.6% in late trading.
Mondelez (MDLZ - Free Report) shares are up +3.25% on better-than-expected earnings and revenues in Q3: 82 cents per share on $9.03 billion in quarterly revenues outshone the 78 cents and $8.68 billion investors were looking for, respectively. The international snacking giant retains its impressive record of only one earnings miss in the past 5 years.
Etsy (ETSY - Free Report) trounced estimates on its bottom line this afternoon — earnings of 64 cents per share versus 49 cents expected — while $636.3 million in sales for the quarter came up short of the $641 million anticipated. Its CEO considered it “an incredibly challenging environment,” which stands to reason now that shares are down more than -50% year to date, and -3% in the after-market.
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Fed Holds, Big Afternoon for Q3 Earnings: QCOM, ABNB & More
Positive sentiment in today’s regular trading session came from the Fed when, as expected, it did not raise another 25 basis points (bps) on interest rates, keeping levels between 5.25-5.50% for another month. The final Fed meeting comes mid-December, and it’s possible that, though targets had been expecting one more raise before the end of 2023, that one may not come after all. A hike to 5.50-5.75% would be the highest Fed funds rate since early 2001.
Even the beleaguered small-cap Russell 2000 cracked into positive territory late in today’s trading session, coming up +0.40% on the day. The Dow gained +217 points, +0.66%, while the S&P grew +1.05%. The Nasdaq won the day, up +1.64%, led by tech companies like AMD (AMD - Free Report) , which had been flagging. Year to date, all four indices are back in the green save the Russell, which remains down -4.66%.
It’s a nice rebound quarter for Qualcomm’s (QCOM - Free Report) fiscal Q4 earnings report this afternoon, which put up quality beats on tough year-over-year comps: earnings of $2.02 per share outpaced the Zacks consensus by a solid dime, whereas revenues of $8.67 billion were notably ahead of the $8.55 billion expected. Guidance was also good, ratcheting up to $2.25-2.45 per share (consensus had been $2.29) on the bottom line and $9.1-9.9 billion on the top (up from $9.32 billion) anticipated. Its automotive business surged +15% in the quarter, and shares are up +3.5% in after-market activity.
Airbnb (ABNB - Free Report) shares are on a late-trading roller-coaster ride following its Q3 earnings report this afternoon, with a huge beat on the bottom line — earnings of $6.63 per share versus expectations of $2.08 — and a modest beat on the top: revenues of $3.40 billion versus $3.36 billion in the Zacks consensus. A one-time income tax benefit led the earnings growth more than 3x higher than expectations, while revenue guidance for Q4 of $2.13-2.17 billion was a tad lower than its Q3 revenue numbers would lead one to expect. Shares are down -3.7% in the after-market.
Zacks Rank #1 (Strong Buy)-rated e.l.f. Beauty (ELF - Free Report) , on the other hand, crushed estimates on its top line — $215.5 million versus $197.27 million anticipated — on earnings of 58 cents per share, 4 cents ahead of consensus. Gross margins were an outstanding +71% for a beauty products supplier, and current-year EPS estimates ticked up to earnings of $2.47-2.50 per share. The stock is roaring nearly +6% higher in late trading, even after having gained more than +70% year to date.
PayPal (PYPL - Free Report) beat on its bottom line in Q3 this afternoon, with $1.30 per share coming above the $1.22 per anticipated. Sales of $7.4 billion were a tad above the $7.39 billion analysts were looking for, up +8% from a year ago. Holiday sales for the ongoing quarter are expected to be up +4.8%, while full-year earnings are guided up 3 cents to $4.98 per share. The stock is up +1.6% in late trading.
Mondelez (MDLZ - Free Report) shares are up +3.25% on better-than-expected earnings and revenues in Q3: 82 cents per share on $9.03 billion in quarterly revenues outshone the 78 cents and $8.68 billion investors were looking for, respectively. The international snacking giant retains its impressive record of only one earnings miss in the past 5 years.
Etsy (ETSY - Free Report) trounced estimates on its bottom line this afternoon — earnings of 64 cents per share versus 49 cents expected — while $636.3 million in sales for the quarter came up short of the $641 million anticipated. Its CEO considered it “an incredibly challenging environment,” which stands to reason now that shares are down more than -50% year to date, and -3% in the after-market.
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