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Apple Plummets Post-Earnings, Amazon Reports Strong Results
The major averages rallied on the final day of a turbulent month as traders weighed earnings from Apple and Amazon. While Amazon surged on its quarterly beat, Apple suffered a massive decline for their worst post-earnings drop in 13 years. The sharp losses came after the iPhone maker provided a lower-than-expected revenue outlook for Q4 in the face of foreign exchange issues and supply constraints.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Applereported better-than-expected Q3 results butfor Q4 revenue growth amid foreign exchange issues and supply constraintsAmazonreported, with AWS net sales rising to $42.23BChevronreported better-than-expected Q2 earnings and revenue, with the company adding that it reportedExxon MobilreportedRedditreportedand provided upbeat Q3 revenue guidance2. WALL STREET CALLS:Benchmark and BTIGRobloxto Sell following quarterly resultsPiper Sandler and Cantor FitzgeraldReplimuneto Overweight following a postive FDA panel vote supporting RP1 approvalArgusBoston Scientificto HoldGuggenheimQuanta Servicesto BuyBMO CapitalNextpowerto Outperform3. AROUND THE WEB:T-Mobileexecutives have told the company's controlling shareholder, Deutsche Telekom, that they no longer support a proposed $300B merger between the two companies, Semafor reportsNXP Semiconductorsis in discussions to acquire Ambarella, FT reportsChimeis planning to cut about 10% of its workforce, or 150 employees, to capitalize on efficiencies created by AI, Bloomberg reportsTSMCis developing advanced AI chip packaging technology, internally called "EMIB-like," that is said to be similar to Intel'sEmbedded Multi-die Interconnect Bridge technique, The Information saysWSJ said some Teslaexecutives have been instructed by Elon Musk to prepare for a separation of the company's China business in the event of a potential merger with SpaceX, though Musk called the report "absurdly fake news."4. MOVERS:Integer Holdingsincreased afterthat KKRis near a deal to take the company privatenVent Electricwas higher in New York afterand listening additional manufacturing space in MinnesotaNewell Brandsand DexComgained in New York afterGoDaddyfell after, providing guidance for Q3, and narrowing its outlook for FY26BioAge Labsand Monte Rosa Therapeuticswere lower after Novo Nordisk'sZEUS triafor IL 6 inhibition5. EARNINGS/GUIDANCE:AbbVie, cut its EPS guidance for FY26, and provided guidance for Q3RBC Bearings, with EPS and revenue beating consensusColgate-Palmolive, with CEO Noel Wallace commenting on "strong broad-based top- and bottom-line results, despite a difficult operating environment"Eaton, provided guidance for Q3, and raised its outlook for FY26Magnaand raised its outlook for FY26INDEXES:The Dow rose 276.97, or 0.53%, to 52,485.03, the Nasdaq gained 251.68, or 1.00%, to 25,373.85, and the S&P 500 advanced 52.09, or 0.70%, to 7,489.72.
Apple Shares Face Worst Post-Earnings Drop in 13 Years, $460B Wipeout
The major averages were somewhat higher near noon as traders weighed earnings from Apple and Amazon. While Amazon was trading higher on its quarterly beat, Apple is on pace for a $460B wipeout as its shares are seeing the worst post-earnings drop in 13 years. The sharp losses come after the iPhone maker provided a lower-than-expected revenue outlook for Q4 in the face of foreign exchange issues and supply constraints.The combination of a patient Fed and softer inflation has helped support risk assets, although expectations for future rate moves remain highly sensitive to incoming economic data.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Applereported better-than-expected Q3 results butfor Q4 revenue growth amid foreign exchange issues and supply constraintsAmazonreported, with AWS net sales rising to $42.23BChevronreported better-than-expected Q2 earnings and revenue, with the company adding that it reportedExxon MobilreportedRedditreported better-than-expected Q2 results and provided2. WALL STREET CALLS:Benchmark and BTIGRobloxto Sell following quarterly resultsPiper Sandler and Cantor FitzgeraldReplimuneto Overweight following a postive FDA panel vote supporting RP1 approvalArgusBoston Scientificto HoldGuggenheimQuanta Servicesto BuyBMO CapitalNextpowerto Outperform3. AROUND THE WEB:Chimeis planning to cut about 10% of its workforce, or 150 employees, to capitalize on efficiencies created by AI, Bloomberg reportsTSMCis developing advanced AI chip packaging technology, internally called "EMIB-like," that is said to be similar to Intel'sEmbedded Multi-die Interconnect Bridge technique, The Information saysAmazonand Walmart'sshopping bots are sidelining "Made in USA" product data on their platforms, WSJ reportsThree years ago, Warner Bros. Discovery'sfilm "Barbie" racked up $1.5B in worldwide box office sales, the most for a Warner Bros.film, and now the company wants to get a sequel under production, NY Times saysSome Teslaexecutives have been instructed by Elon Musk to prepare for a separation of the company's China business in the event of a potential merger with SpaceX, WSJ reports4. MOVERS:AXT Inc.increases afterand providing guidance for Q3nVent Electrichigher in New York afterand listening additional manufacturing space in MinnesotaNewell Brandsand DexComgains in New York afterGoDaddyfalls after, providing guidance for Q3, and narrowing its outlook for FY26Cerusand Veracytelower after5. EARNINGS/GUIDANCE:AbbVie, cut its EPS guidance for FY26, and provided guidance for Q3RBC Bearings, with EPS and revenue beating consensusColgate-Palmolivewith CEO Noel Wallace commenting on "strong broad-based top- and bottom-line results, despite a difficult operating environment"Eaton, provided guidance for Q3, and raised its outlook for FY26Magnaand raised its outlook for FY26INDEXES:Near midday, the Dow was up 191.57, or 0.37%, to 52,399.63, the Nasdaq was up 67.77, or 0.27% to 25,189.95, and the S&P 500 was up 16.41, or 0.22%, to 7,454.04.
Lam Research Stock Rises $54.43 to $306.78
Notable gainers among liquid option names this morning include Lam Research (LRCX) $306.78 +54.43, Sandisk Corporation (SNDK) $1223.95 +208.06, EMCOR (EME) $801.18 +128.70, Seagate (STX) $900.85 +136.42, and Quanta Services (PWR) $651.90 +90.76.
Microsoft's Strong Earnings Boosts Stock Futures Rebound
Stock futures are rebounding Thursday after Wednesday's volatile session, as a strong earnings report from Microsoft helped restore confidence in the artificial intelligence trade and offset lingering uncertainty following the Federal Reserve's latest policy decision.The Federal Reserve left interest rates unchanged on Wednesday, as widely expected, but markets were unsettled by signs of growing disagreement among policymakers and Fed Chair Kevin Warsh's reluctance to provide clear forward guidance on the path of monetary policy. Treasury yields climbed following the decision, with the 30-year Treasury yield reaching its highest level in nearly two decades, reflecting persistent concerns about inflation and the outlook for rates.Corporate earnings remain the primary catalyst for markets. Microsoft shares are surging in premarket trading after the software giant reported stronger-than-expected quarterly results, projected robust current-quarter sales and cloud growth, and reassured investors with a lower-than-feared capital expenditure outlook. The results helped ease recent concerns that soaring AI-related spending was outpacing returns. Not all technology earnings were well received, however, as Meta Platforms is trading sharply lower after reporting a steep decline in free cash flow tied to heavy AI investment.In pre-market trading, S&P 500 futures rose 0.58%, Nasdaq futures rose 1.60% and Dow futures rose 0.35%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -MarketAxessup 30% after Intercontinental Exchangeannounced a definitive agreement to acquire the company for $167 per share in cashUP AFTER EARNINGS -Baxterup 14%Quanta Servicesup 13%Lam Researchup 13%Fortinetup 12%Microsoftup 9%Chipotleup 7%ING Groepup 5%Lloyds Bankingup 4%Starbucksup 4%Oil Statesup 3%Shellup 2%Wescoup 1%Bristol Myersup 1%DOWN AFTER EARNINGS -Teladocdown 19%Meta Platformsdown 9%Sirius XMdown 8%Check Pointdown 8%Carvanadown 8%AMC Networksdown 6%Norwegian Cruise Linedown 6%Sanofidown 5%Altria Groupdown 3%Qualcommdown 3%AB InBevdown 2%
Quanta Services Appoints Joseph Kim to Board of Directors
Quanta Services (PWR) announced the appointment of Joseph Kim to the company's Board of Directors. Kim currently serves as President, CEO and director of Sunoco GP, the general partner of Sunoco LP (SUN).
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