📈 July 28 — Daily Market Update 🚀
Nasdaq was Up 1.08%, and S&P was Up 1.21%, despite negative GDP data.
- GDP fell 0.9% in Q2, the second straight decline. This is a popular indicator of the recession.
Amazon was Up 12% after-hour, as revenue beats the expectations with strong guidance.
- Results beat revenue estimate but missed earnings estimate
- Net sales were Up 7%
- Advertising revenue was $8.7B, Up 18%
- Earnings miss was due to a 3.9B loss associated with Rivian.
“We’re also seeing revenue accelerate as we continue to make Prime even better for members, both investing in faster shipping speeds, and adding unique benefits such as free delivery from Grubhub for a year, exclusive access to NFL Thursday Night Football games starting September 15, and releasing the highly anticipated series The Lord of the Rings: The Rings of Power on September.”
Apple was Up 3% after-hour, as CEO Tim Cook showed confidence in the business.
- Results beat both revenue and earnings estimates.
- Supply constraints were less than anticipated.
- Revenue is expected to “accelerate”.
- Service revenue was $19.6B, Up 12%
Roku was Down 21% after-hour, as it saw a significant slowdown in the advertising business.
- Results missed both revenue and earnings estimates.
- Revenue was Up 18%, fell short of 25% expectations.
- Active accounts were 63M, Up 1.8M, while streaming hours were Down 0.2B
- Revenue Guidance was $700M, short of consensus for $902M.
Watch List 👀
- Friday: Core PCE, Personal Spending, Chevron, P&G ER
- Tuesday: Uber, Marriott ER
- Wednesday: Moderna ER
- Thursday: Alibaba, Datadog ER