{"id":6000,"date":"2023-10-27T14:24:20","date_gmt":"2023-10-27T14:24:20","guid":{"rendered":"https:\/\/infundpros.com\/markets\/better-than-expected-earnings-from-amazon-and-intel\/"},"modified":"2023-10-27T14:24:21","modified_gmt":"2023-10-27T14:24:21","slug":"better-than-expected-earnings-from-amazon-and-intel","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=6000","title":{"rendered":"Better Than Expected Earnings From Amazon And Intel"},"content":{"rendered":"<div>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>Tech Stocks Officially In A Correction<\/li>\n<li>Margins Increase At Both Amazon And Intel<\/li>\n<li>Inflation In Line With Expectations<\/li>\n<\/ul>\n<p>Stocks fell for a second consecutive day on Tuesday as fears over earnings, geopolitics, domestic politics and economic data persist. The S&amp;P 500 fell nearly 1.2%. The Nasdaq Composite was down by almost 1.8%. Following some better than expected earnings overnight and a Personal Consumption Expenditures (PCE) report in line with expectations, we\u2019ll see if stocks can reverse Thursday\u2019s losses.<\/p>\n<p>Earnings from Facebook parent, Meta along with Google<fbs-ticker data-name=\"GOOG\" data-href=\"https:\/\/www.forbes.com\/companies\/google\" data-type=\"stock\"><br \/>\n  GOOG<br \/>\n <\/fbs-ticker> parent, Alphabet, were partially responsible for the pullback Thursday. Both companies actually beat on revenues and profit. However, analysts seemed intent on finding something to worry about and ultimately managed to do so. For Meta, it was a warning future ad sales be weaker and as a result, its stock fell 3.75%. As for Alphabet, they reported weaker than expected revenue from its Google Cloud division. That news was enough to send shares down 2.7%. However, after the close, we did get some good news.<\/p>\n<p>Amazon<fbs-ticker data-name=\"AMZN\" data-href=\"https:\/\/www.forbes.com\/companies\/amazon\" data-type=\"stock\"><br \/>\n  AMZN<br \/>\n <\/fbs-ticker> reported stellar numbers, beating on both revenues and profits. If there was a note of caution, it was a small miss in their Web Services division and future revenue guidance. Still, shares of Amazon are up almost 7% in premarket. There was also positive news from Intel<fbs-ticker data-name=\"INTC\" data-href=\"https:\/\/www.forbes.com\/companies\/intel\" data-type=\"stock\"><br \/>\n  INTC<br \/>\n <\/fbs-ticker>. The chipmaker reported better than expected revenue and profit numbers. Intel also issued positive forward guidance. In premarket, shares of Intel are higher by over 6%. One more interesting note for both Amazon and Intel, both companies reported increased margins. I find that encouraging for Amazon and quite frankly, was a bit surprised by Intel. Regardless, that news is positive.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p>This morning, Exxon Mobil reported earnings that were slightly weaker than expected. Its stock is relatively unchanged premarket. Chevron<fbs-ticker data-name=\"CVX\" data-href=\"https:\/\/www.forbes.com\/companies\/chevron\" data-type=\"stock\"><br \/>\n  CVX<br \/>\n <\/fbs-ticker> earnings also came in weaker than expected, sending its stock lower by 2.5%. Lastly, shares of Ford are trading lower by about 3.5% in premarket after missing on their earnings and pulling future guidance because of the labor strike. However, a bit of good news. It appears Ford has reached a tentative deal with the United Auto Workers (UAW) which could mean an end to the strike.<\/p>\n<p>This week has also been filled with economic data. The latest numbers on Durable Goods were reported Thursday. Orders for durables increased 0.5% on a month-over-month basis, ahead of estimates of 0.2%. GDP for the third quarter also came in stronger than expected at 4.9% vs. expectations of 4.3%.<\/p>\n<p>A few other odds and ends. Tesla<fbs-ticker data-name=\"TSLA\" data-href=\"https:\/\/www.forbes.com\/companies\/tesla\" data-type=\"stock\"><br \/>\n  TSLA<br \/>\n <\/fbs-ticker> announced this morning that it would be raising prices in the U.S. for its long range Model Y. Also, BP announced they would be purchasing $100M of Tesla Superchargers. Gold is down small in premarket; however, a positive close would make it three weeks in a row that gold closed higher. Oil is higher by nearly 2% in premarket; however, after back-to-back weeks of gains, oil is looking like it will close down from last week.<\/p>\n<p>Finally, despite the strong year overall, especially in the tech sector, the Nasdaq 100 officially went into a correction on Thursday. A correction is defined as a drop of at least 10% and as of yesterday\u2019s close, that index is down over 11%. However, as I mentioned at the outset, we had some good earnings reports and I\u2019ll call the PCE report good because it wasn\u2019t stronger than what was being forecast. Hopefully, we can close out the week on a high note and then next week, we\u2019ll have more earnings, including Apple<fbs-ticker data-name=\"AAPL\" data-href=\"https:\/\/www.forbes.com\/companies\/apple\" data-type=\"stock\"><br \/>\n  AAPL<br \/>\n <\/fbs-ticker> as well as the Federal Open Market Committee (FOMC) meeting. As always, I would stick with your investing plans and long term objectives.<\/p>\n<p><em>tastytrade, Inc. commentary for educational purposes only. This content is not, nor is intended to be, trading or investment advice or a recommendation that any investment product or strategy is suitable for any person.<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/jjkinahan\/2023\/10\/27\/better-than-expected-earnings-from-amazon-and-intel\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Tech Stocks Officially In A Correction Margins Increase At Both Amazon And Intel Inflation In Line With Expectations Stocks fell&#8230;<\/p>\n","protected":false},"author":1,"featured_media":6001,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":{"0":"post-6000","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets"},"yoast_head":"<!-- This site is optimized with the Yoast SEO 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