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Stock Futures Receive Boost from Meta Platforms and Amazon

by Administrator Forexezy
February 2, 2024
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Shares of Meta Platforms and Amazon.com provided a boost to stock futures as both tech giants reported impressive quarterly earnings, surpassing expectations. Wall Street investors eagerly anticipated the release of the U.S. jobs report for January, which is set to occur before the stock market opens on Friday.

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Meta Platforms Surges 16% with Strong Revenue Forecast

Amazon.com Shows Impressive Growth in Q4

Amazon.com witnessed a rise of 6.6% following its better-than-expected fourth-quarter profit and sales report. This growth primarily resulted from the strong performance of its core e-commerce business and continued expansion of ad revenue. The company’s Amazon Web Services achieved a 13% revenue jump in the quarter, amounting to $24.2 billion, aligning with Wall Street estimates. Looking ahead to the first quarter, Amazon anticipates revenues between $138 billion to $143.5 billion, indicating an 8% to 13% increase, with projected operating income ranging from $8 billion to $12 billion. Wall Street’s previous estimates forecasted revenue of $142.3 billion and operating income of $8.8 billion.

Apple Faces Challenges with Mixed Results

Apple, notwithstanding beating Wall Street estimates with its fiscal first-quarter earnings, experienced a decline of 2.4% in premarket trading. The company achieved notable success with its iPhones, but faced lower-than-expected growth in services. Concerns also arose due to a drop in Apple’s China business, attributed to increased competition from Samsung and other smartphone manufacturers. Greater China sales for Apple reached $20.8 billion, marking a 13% decline from the previous year.

Intel Delays Construction Timetable for Chip-Manufacturing Project in Ohio

Intel, the technology giant, has announced a delay in the construction timetable for its ambitious chip-manufacturing project in Ohio. According to a report by The Wall Street Journal, the plant, which was initially slated to begin chip production next year, is now expected to be completed by late 2026. Manufacturing activities are likely to commence after the completion of the plant. An Intel spokesperson confirmed this news, highlighting that the decision was driven by various factors such as business conditions, market dynamics, and responsible financial management. As a result of this announcement, the company’s stock experienced a decline of 1.1%.

Deckers Outdoor Exceeds Earnings Expectations and Announces CEO Transition

Deckers Outdoor, the renowned maker of popular shoe brands such as Hoka and Ugg, has reported impressive fiscal third-quarter earnings of $15.11 per share. This figure surpassed analysts’ estimates, which predicted $11.48 per share. Alongside this notable achievement, the company also announced a leadership transition. Dave Powers, the current Chief Executive and President, will be stepping down from his role. Stefano Caroti, the chief commercial officer, has been appointed as his successor. Deckers’ shares rose by 7.4% in response to these developments.

Skechers Faces Challenges with Weaker Fourth-Quarter Sales

Skechers, a leading sneaker manufacturer, experienced a 12% decline in its shares after reporting weaker-than-expected sales for the fourth quarter. Moreover, the company’s forecast for first-quarter earnings fell short of analysts’ estimates. These results indicate ongoing challenges in the market for Skechers.

Clorox Surpasses Revenue Expectations and Raises Earnings Outlook

Cleaning-products maker Clorox has exceeded revenue expectations for its fiscal second quarter. The company’s revenue figures surpassed forecasts, leading to an optimistic outlook for its adjusted earnings in fiscal year 2024. Clorox now expects adjusted earnings per share in the range of $5.30 to $5.50, up from its previous guidance of $4.30 to $4.80 per share. As a result of this positive news, the company’s stock witnessed an increase of 7.2%.

Atlassian Reports Strong Earnings Growth and Optimistic Guidance

Atlassian, a leading software company, has announced impressive second-quarter adjusted earnings of 73 cents per share, exceeding Wall Street’s estimates. The company also achieved a remarkable 21% increase in revenue, reaching $1.06 billion. Additionally, Atlassian provided guidance that exceeded expectations. However, despite these positive developments, the company’s stock experienced a decline of 7.8% during premarket trading.

Microchip Technology Faces Declining Sales and Challenging Demand

Microchip Technology, a prominent provider of semiconductor products, witnessed a decline of 2.5% in its stock following the announcement of its fiscal third-quarter results. Sales for the quarter amounted to $1.77 billion, a decrease from $2.17 billion during the same period the previous year. The company attributed this decline to weak demand, which led customers to reduce shipments and extend shutdowns to manage inventory risks. Consequently, previously planned shipments from backlog were not fulfilled as anticipated.

Upcoming Earnings Reports from Prominent Companies

Several notable companies are set to release their earnings reports on Friday. Exxon Mobil, Chevron, AbbVie, Bristol Myers Squibb, Regeneron Pharmaceuticals, Cigna, and Charter Communications will all provide updates on their financial performance. These reports will be closely monitored by investors and industry observers.

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Tags: AmazonAppleDeckers OutdoorearningsIntelMeta PlatformsSkechersStock Futurestech giantsU.S. jobs report
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