• Home
  • About
  • Contact Us
  • Privacy Policy

Superior Invest

Investments with confidence

  • Budgeting 101
  • Debt & Credit Tips
  • Saving Money
  • Finance Videos
  • Personal Finance News
  • Personal Finance Books

Stocks set for a positive trading day on Friday, after tech giants post strong earnings




Leave a Comment


Stock futures early Friday morning eased from earlier gains but remained in positive territory, a day after some of the biggest tech stocks — Facebook, Amazon, Alphabet and Apple — reported quarterly results that beat expectations. 

Dow Jones Industrial Average futures was higher by 18 points. S&P 500 futures and Nasdaq-100 futures also traded in positive territory.

Apple reported a blowout quarter, with overall sales expanding by 11%. Apple also announced a 4-for-1 stock split. 

“Apple’s earnings report was breathtaking,” said Andrew Smith, chief investment strategist, Delos Capital Advisors. “Double-digit revenue growth during a quarter which saw most of the U.S. economy shutdown is remarkable. This earnings report shows that Apple is firing on all cylinders. Apple’s stock crossed the symbolic $400 a share threshold in after-hours trading, boosted by a four-for-one stock split, which was icing on the cake for investors.”

Amazon, meanwhile, traded 5.3% higher as the company saw its sales skyrocket during the coronavirus pandemic. Facebook shares rallied more than 7% after the bell as the social media giant posted revenue growth of 11% even amid the coronavirus pandemic slowdown. The company also issued stronger-than-expected sales guidance for the current quarter. 

Google-parent Alphabet also posted better-than-expected results, sending the stock up 0.4%. The stock’s performance was muted relative to the other Big Tech names as the company’s overall revenue decline in its history. Revenues for Google Cloud were also just below analyst expectations. 

“The numbers were amazing relative to expectations,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group. “We’ll see after their conference calls what has been priced in and what hasn’t.”

With those gains, the four stocks were set to add about $200 billion to their total market cap, bringing it to more than $5 trillion. 

Big Tech has been the stalwart on Wall Street this year. Amazon and Apple are up 65.2% and 31%, respectively, in 2020. Facebook and Alphabet have risen more than 14% over that time period. 

The Dow and S&P 500 both fell on Thursday after the U.S. government released data showing the biggest quarterly gross domestic product contraction on record for the country. The Dow dropped more than 200 points and the S&P 500 ended the day down 0.4%. U.S. GDP contracted by 32.9% during the second quarter, surpassing a record drop from mid-1921. 

— CNBC’s Patti Domm contributed to this report.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.



Source link

  • Facebook
  • Twitter
  • Google+
  • Pinterest

Filed Under: Personal Finance News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Email
  • Facebook
  • Google+
  • Pinterest
  • Twitter

Recent Posts

  • Stock futures dip slightly as market attempts to build on Monday’s comeback April 26, 2022
  • Dow futures fall more than 200 points as Wall Street braces for a busy earnings week April 25, 2022
  • Three reasons this struggling fintech stock may break out of its slump April 24, 2022
  • UK digital banks need to improve financial crime controls, FCA warns April 23, 2022
  • Stock futures lower as S&P 500 attempts to avoid another losing week April 22, 2022
  • Binance removes Twitter emoji that resembled a swastika after outcry April 21, 2022




Copyright © 2022 - SuperiorInvest.com - All Rights Reserved