Stocks Closed Mostly Higher Yesterday On Better-Than-Expected Earnings Stocks closed mostly higher yesterday with only the Dow in the red, albeit moderately. The gains were led by the Nasdaq with a 0.76% gain. Tesla was the standout performer yesterday, soaring by 21.9% for its best day in 11 years. Wednesday's after-market earnings beat, positive sales growth, and better-than-expected forecast for vehicle growth of 20-30% next year vs. the 15% expected by the street, energized trading. Before the open yesterday, UPS gave the market some juice as well, after reporting a positive EPS surprise of 6.67%, although a negative sales surprise of -0.09%. That translated to a quarterly EPS growth rate of 12.1% vs. this time last year, and a sales growth of 5.6%. They were up 5.28% on the day. After the close yesterday, we heard from Western Digital, which posted a positive EPS surprise of 2.30%, but a negative sales surprise of -0.39%. That equated to a quarterly EPS growth rate of 1.14% vs. this time last year, and a sales growth of a whopping 49%. They were off -0.44% in the regular session before earnings, but jumped roughly 10% in after-hours trade following earnings. Today we'll hear from another 94 companies with Sanofi, HCA Healthcare and Colgate-Palmolive to name a few. Earnings season heats up even more next week with nearly 900 companies on deck to report, including Waste Management and ON Semiconductor on Monday; Alphabet and Advanced Micro Devices on Tuesday; Microsoft, Meta, Eli Lilly, AbbVie and Amgen on Wednesday; Apple, Amazon and Uber on Thursday; and Berkshire Hathaway and Exxon Mobile on Friday. In other news yesterday, Weekly Jobless Claims fell by -15,000 to 227K vs. views for 247K. Although, the 4-week moving average ticked up to 238.5K vs. last week's 236.5K. The Chicago Fed National Activity Index came in at -0.28 vs. last month's 0.12. The 3-month moving average slipped to -0.19 vs. last month's -0.17. The PMI Composite Flash report showed the Composite Index at 54.3 vs. last month's 54.0. The Manufacturing Index was at 47.8 vs. last month's 47.3, while the Services Index came in at 55.3 vs. last month's 55.2. And New Home Sales rose to 738,000 units (annualized) vs. last month's 709K and estimates for 718K. Today we'll get Durable Goods Orders, and Consumer Sentiment. And we'll hear from Fed policymaker Susan Collins. With one more trading day to go this week, all of the major indexes are on pace to close lower for the week. But the big three indexes are all within striking distance of getting into the green, with the Nasdaq only needing a 0.40% move to continue their weekly winning streak to 7 up weeks in a row. Best, Kevin Matras Executive Vice President, Zacks Investment Research |
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