Today is Thursday, July 27, 2023.
The Early Bird Index today is 59.22.
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Facebook's Ad Business Rally
Shares of Facebook parent Meta Platforms (Nasdaq: META) jumped 6.88% in after-hours trading on Wednesday after the technology giant posted good financial results.
Financials: Meta reported earnings of $2.98 per share in the past quarter and revenue of $31.99 billion; both were better than expected.
Details: It was a quarter of growth for Meta’s core business as Daily Active Users on Facebook grew 5%, Monthly Active Users ticked up by 3%, and ad impressions ticked up by 34%.
Final Thoughts: Meta is up 139% in 2023. While Meta's ad business grew, the virtual reality business is still losing money.
Notable Earnings Today: Royal Caribbean (NYSE: RCL), Enphase Energy (Nasdaq: ENPH), McDonald's (NYSE: MCD), Ford Motor (NYSE: F), Southwest Air (NYSE: LUV), Intel (Nasdaq: INTC), Mastercard (NYSE: MA), Roku (Nasdaq: ROKU), Crocs (Nasdaq: CROX), First Solar (Nasdaq: FSLR), Valero Energy (NYSE: VLO), DexCom (Nasdaq: DXCM), AbbVie (NYSE: ABBV), T-Mobile US (Nasdaq: TMUS), Bristol Myers Squibb (NYSE: BMY), U.S. Steel (NYSE: X), Honeywell (Nasdaq: HON), KLA (Nasdaq: KLAC), New York Community Bank (NYSE: NYCB), Skechers USA (NYSE: SKX), AGCO Corp (NYSE: AGCO), AllianceBernstein (NYSE: AB), American Electric Power (Nasdaq: AEP), American Homes 4 Rent (NYSE: AMH), American Tower (NYSE: AMT), ArcelorMittal (NYSE: MT), Beazer Homes (NYSE: BZH), Boston Beer (NYSE: SAM), Boston Scientific (NYSE: BSX), Boyd Gaming (NYSE: BYD), Chemours (NYSE: CC), Cincinnati Financial (Nasdaq: CINF), Comcast (Nasdaq: CMCSA), Coursera (NYSE: COUR), Cullen/Frost (NYSE: CFR), Deckers Outdoor (NYSE: DECK), Digital Realty Trust (NYSE: DLR), Equity Residential (NYSE: EQR), Essex Property (NYSE: ESS), Federated Hermes (NYSE: FHI), Gaming and Leisure Properties (Nasdaq: GLPI), W.W. Grainger (NYSE: GWW), Harley-Davidson (NYSE: HOG), Hershey Foods (NYSE: HSY), Hertz Global (Nasdaq: HTZ), Hilton Grand Vacations (NYSE: HGV), International Paper (NYSE: IP), Juniper Networks (NYSE: JNPR), Keurig Dr Pepper (Nasdaq: KDP), Kimco Realty (NYSE: KIM), Laboratory Corp of America (NYSE: LH), LendingTree (Nasdaq: TREE), Linde (NYSE: LIN), Martin Marietta (NYSE: MLM), Masco (NYSE: MAS), MDC Holdings (NYSE: MDC), Mobileye Global (Nasdaq: MBLY), Mondelez International (Nasdaq: MDLZ), Neogen (Nasdaq: NEOG), Norfolk Southern (NYSE: NSC), Northrop Grumman (NYSE: NOC), Olin (NYSE: OLN), Overstock.com (Nasdaq: OSTK), Peabody Energy (NYSE: BTU), PG&E (NYSE: PCG), S&P Global (NYSE: SPGI), Sweetgreen (NYSE: SG), STMicroelectronics (NYSE: STM), Texas Roadhouse (Nasdaq: TXRH), Tractor Supply Company (Nasdaq: TSCO), Tradeweb Markets (Nasdaq: TW), VeriSign (Nasdaq: VRSN), Willis Towers Watson (Nasdaq: WTW), Weyerhaeuser (NYSE: WY), West Fraser (NYSE: WFG), IDEX Corp (NYSE: IEX), Patterson-UTI (Nasdaq: PTEN).
Notable IPOs Today: ParaZero Technologies Ltd. Ordinary Shares (Nasdaq: PRZO), BrandywineGLOBAL - U.S. Fixed Income ETF (Nasdaq: USFI).
Notable Equity Crowdfunding Campaigns Ending Today: DoneGood (StartEngine), Bad Walter's (SMBX).
Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), GDP (8:30 a.m. ET), Core Durable Goods Orders (8:30 a.m. ET), Goods Trade Balance (8:30 a.m. ET), Retail Inventories (8:30 a.m. ET), Pending Home Sales (10:00 a.m. ET), Fed's Balance Sheet (4:30 p.m. ET).
Chipotle Revenue Hit by Inflation
Photo by Kashish Lamba / Unsplash
Chipotle (NYSE: CMG) decreased by 8.69% after revealing mixed financial results in Wednesday’s after-hours trading.
Financials: Even though the company’s $12.65 earnings per share in the past quarter was better than expected, Chipotle’s revenue of $2.5 billion was lower than expected due to inflation.
Final Thoughts: Chipotle, up 52% this year, is feeling the pain from its inflation-driven price hikes.
ServiceNow Turns to AI and Drops
Despite posting good financial results, ServiceNow (NYSE: NOW) dropped by 3.36% in after-hours trading on Wednesday.
Final Thoughts: ServiceNow, up 49% in 2023, is banking on its new artificial intelligence offerings in the second half of the year.
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Trends to Watch
Fighting the Fed: Bitcoin Surpasses $29.6K After Fed's Rate Hike; CoinDesk Market Index Jumps 1.2% (CoinDesk)
Come Together: 7 automakers join forces to double EV fast-charger network in U.S. (The Washington Post)
Can’t Bid on This: EBay's higher investments weigh on profit forecast, shares fall (Reuters)
From Toys to Clothes: Gap hires Mattel president to be its new CEO (CNN)
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