We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Amazon Follows Alphabet Yesterday Missing on Top & Bottom Lines
Intel and Starbucks Both Selloff After Afternoon Earnings Reports
This trading day began with major indexes in the red, and they stayed there. Alphabet’s (GOOGL - Free Report) miss yesterday afternoon on both top and bottom lines got investors off on the wrong foot this morning. The Dow slid -284 points today, the Nasdaq was down -365 and the S&P 500 lost -45 points. Conversely, the small-cap Russell 2000 had a good day: +28 points, as investors rotated out of Big Tech into smaller names.
Earnings Reports After the Close: AMZN, INTC, SBUX
Reminiscent of Alphabet’s performance Wednesday, Amazon (AMZN - Free Report) today became the latest Mag 7 hyperscaler to disappoint investors on both earnings and revenues. The former came in at $1.89 per share, well off the $2.01 in the Zacks consensus and the $1.95 per share reported in the year-ago quarter. Revenues of $201.9 billion were just light of the expected $202.1 billion. Guidance was inline with earlier estimates.
Once again, AI spending is a concern. Otherwise, Amazon put up some pretty decent numbers: +13.9% on Operating Margin was the company’s highest ever. AWS cloud business grew another +39%. But shares selling off nearly -6% brings the stock to breakeven year to date and from this time last year.
Intel Corp. (INTC - Free Report) zoomed past expectations on its Q3 earnings after the close, with $0.52 per share nicely ahead of the $0.39 analysts had forecast. Revenues of $16.5 billion narrowly improved over the $16.44 billion in the Zacks consensus. Shares are giving up -16.6% on the news, but the stock is still up well over +100% year to date.
Starbucks’ (SBUX - Free Report) turnaround continues, with 250 stores closed in the quarter, which brought revenues down even lower than expected for the quarter: $9.14 billion from the $9.27 billion consensus (and the $9.57 billion reported in the year-ago quarter). Earnings outpaced estimates to $0.80 per share, up +54% from a year ago. The company’s joint venture retail operations with China has not yet captivated investors; shares are down -2.6% in the after market. Questions or comments about this article and/or author? Click here>>
View the Zacks #1 Rank List
Image: Bigstock
Amazon the Latest Mag 7 to Miss Q3 Estimates
Key Takeaways
This trading day began with major indexes in the red, and they stayed there. Alphabet’s (GOOGL - Free Report) miss yesterday afternoon on both top and bottom lines got investors off on the wrong foot this morning. The Dow slid -284 points today, the Nasdaq was down -365 and the S&P 500 lost -45 points. Conversely, the small-cap Russell 2000 had a good day: +28 points, as investors rotated out of Big Tech into smaller names.
Earnings Reports After the Close: AMZN, INTC, SBUX
Reminiscent of Alphabet’s performance Wednesday, Amazon (AMZN - Free Report) today became the latest Mag 7 hyperscaler to disappoint investors on both earnings and revenues. The former came in at $1.89 per share, well off the $2.01 in the Zacks consensus and the $1.95 per share reported in the year-ago quarter. Revenues of $201.9 billion were just light of the expected $202.1 billion. Guidance was inline with earlier estimates.
Once again, AI spending is a concern. Otherwise, Amazon put up some pretty decent numbers: +13.9% on Operating Margin was the company’s highest ever. AWS cloud business grew another +39%. But shares selling off nearly -6% brings the stock to breakeven year to date and from this time last year.
Intel Corp. (INTC - Free Report) zoomed past expectations on its Q3 earnings after the close, with $0.52 per share nicely ahead of the $0.39 analysts had forecast. Revenues of $16.5 billion narrowly improved over the $16.44 billion in the Zacks consensus. Shares are giving up -16.6% on the news, but the stock is still up well over +100% year to date.
Starbucks’ (SBUX - Free Report) turnaround continues, with 250 stores closed in the quarter, which brought revenues down even lower than expected for the quarter: $9.14 billion from the $9.27 billion consensus (and the $9.57 billion reported in the year-ago quarter). Earnings outpaced estimates to $0.80 per share, up +54% from a year ago. The company’s joint venture retail operations with China has not yet captivated investors; shares are down -2.6% in the after market.
Questions or comments about this article and/or author? Click here>>