📈 Stock Market Today: Amazon sees $113 bil in revenue but still disappoints - Stocks lower
Here's what is happening in the markets today, Friday, July 30th:
- Futures slide overnight with the NASDAQ taking the biggest loss of 1.0%+ after Amazon earnings.
- The Core PCE Price Index (data the Fed keeps a close eye on) rose 3.5% year over year in June. It was a big increase but in-line with expectations of a 3.6% increase. Higher than the 3.4% May increase which was the biggest move since July 1991.
- Amazon (AMZN) is down over 7.0% pre-market after missing revenue forecasts for the first time in 3 years even though the company reported 27% year over year growth with $113 billion in revenue (the third $100 bil quarter in a row). The rev growth was slower than the 41% pace a year ago AND Amazon did warn about lower sales and growth for the 3rd quarter.
- Chevron (CVX) reported its second straight profitable quarter with $1.71EPS vs. $1.59est and a rev beat. CVX is up 1.5% pre-market.
- Exxon Mobil (XOM) also saw an earnings beat reporting $1.10EPS vs a $0.99est and better rev. The company said earnings were helped out by improved cost structure and better market conditions.
- Caterpillar (CAT) is down 2.5% pre-market in spite of solid earnings. The company earned $2.60 per share vs. a $2.40est and had a rev beat saying that it is benefitting from higher infrastructure spending around the world.
- Procter & Gamble (PG) us up over 1.0% after an earnings beat with $1.13EPS vs. $1.08est and better rev. The company did warn that increasing commodity prices could have an impact on earnings in the coming year.
- Pinterest (PINS) is getting hammered, down 21% pre-market after reporting better than expected earnings and revenue. The drop comes after reporting a quarterly decline in monthly users.
- Robinhood (HOOD) slid after making its debut at $38 a share. The stock finished 8.4% lower at $34.82 yesterday and is down another 1.5% pre-market.
- The Core PCE Price Index (data the Fed keeps a close eye on) rose 3.5% year over year in June. It was a big increase but in-line with expectations of a 3.6% increase. Higher than the 3.4% May increase which was the biggest move since July 1991.
- Amazon (AMZN) is down over 7.0% pre-market after missing revenue forecasts for the first time in 3 years even though the company reported 27% year over year growth with $113 billion in revenue (the third $100 bil quarter in a row). The rev growth was slower than the 41% pace a year ago AND Amazon did warn about lower sales and growth for the 3rd quarter.
- Chevron (CVX) reported its second straight profitable quarter with $1.71EPS vs. $1.59est and a rev beat. CVX is up 1.5% pre-market.
- Exxon Mobil (XOM) also saw an earnings beat reporting $1.10EPS vs a $0.99est and better rev. The company said earnings were helped out by improved cost structure and better market conditions.
- Caterpillar (CAT) is down 2.5% pre-market in spite of solid earnings. The company earned $2.60 per share vs. a $2.40est and had a rev beat saying that it is benefitting from higher infrastructure spending around the world.
- Procter & Gamble (PG) us up over 1.0% after an earnings beat with $1.13EPS vs. $1.08est and better rev. The company did warn that increasing commodity prices could have an impact on earnings in the coming year.
- Pinterest (PINS) is getting hammered, down 21% pre-market after reporting better than expected earnings and revenue. The drop comes after reporting a quarterly decline in monthly users.
- Robinhood (HOOD) slid after making its debut at $38 a share. The stock finished 8.4% lower at $34.82 yesterday and is down another 1.5% pre-market.