Today is Wednesday, January 31, 2024.

The Early Bird Index today is 64.41.

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Google parent Alphabet (Nasdaq: GOOGL) dropped 5.72% in after-hours trading on Tuesday after the media and technology giant reported financial results.

Financials: Alphabet reported earnings of $1.64 per share in the past quarter and revenue of $86.3 billion; both were better than expected.

Powering the Story: While Google’s advertising business grew from $59 billion to $65.5 billion, investors had higher expectations for Google.

Final Thoughts: Alphabet is up over 50% in the past year. There were some bright spots, such as a rise in services revenue, but investors wanted more from Google’s advertising business during the holiday season quarter.

Notable Earnings Today: Boeing (NYSE: BA), Qualcomm (Nasdaq: QCOM), Phillips 66 (NYSE: PSX), Align Technology (Nasdaq: ALGN), GlaxoSmithKline (NYSE: GSK), Brinker International (NYSE: EAT), Automatic Data Processing (Nasdaq: ADP), Vista Outdoor (NYSE: VSTO), Roper (Nasdaq: ROP), Mastercard (NYSE: MA), Aflac (NYSE: AFL), Novo Nordisk A/S (NYSE: NVO), Thermo Fisher Scientific (NYSE: TMO), Teva Pharmaceutical Industries (NYSE: TEVA), AvalonBay (NYSE: AVB), Boston Scientific (NYSE: BSX), Hess (NYSE: HES), MetLife (NYSE: MET), Old Dominion Freight Line (Nasdaq: ODFL), Meritage Homes (NYSE: MTH), Corteva (NYSE: CTVA), Aptiv (NYSE: APTV), Avery Dennison (NYSE: AVY), C.H. Robinson (Nasdaq: CHRW), Core Labs (NYSE: CLB), Digi International (Nasdaq: DGII), Evercore (NYSE: EVR), Extreme Networks (Nasdaq: EXTR), Flex (Nasdaq: FLEX), Fortive (NYSE: FTV), Hess Midstream Partners (NYSE: HESM), Kulicke & Soffa (Nasdaq: KLIC), Lennox International (NYSE: LII), MGIC Investment (NYSE: MTG), Nasdaq (Nasdaq: NDAQ), New York Community (NYSE: NYCB), PTC (Nasdaq: PTC), Qorvo (Nasdaq: QRVO), Rayonier (NYSE: RYN), Rockwell Automation (NYSE: ROK), Silicon Labs (Nasdsaq: SLAB), Tetra Tech (Nasdsaq: TTEK), UGI Corp (NYSE: UGI), Wolfspeed (NYSE: WOLF), Century Communities (NYSE: CCS), Nextracker (Nasdsaq: NXT), Marketaxess Holdings (Nasdaq: MKTX), M/I Homes (NYSE: MHO).

Notable IPOs Today: FibroBiologics, Inc. Common Stock (Nasdaq: FBLG).

Notable Equity Crowdfunding Campaigns Ending Today: Bud Love (Wefunder), DARKMATR (Wefunder), Venice Duck Brewery (Netcapital), ESTV (Republic), Legacy Pie Co. (Mainvest), VideoXRM (Netcapital), GravyStack (Wefunder).

Notable Economic Events Today: ADP Nonfarm Employment Change (8:15 a.m. ET), Employment Cost Index (8:30 a.m. ET), Chicago PMI (9:45 a.m. ET), Crude Oil Inventories (10:30 a.m. ET), Fed Interest Rate Decision (2:00 p.m. ET), FOMC Statement (2:00 p.m. ET).

Shares of Advanced Micro Devices (Nasdaq: AMD) dropped 6.49% in after-hours trading on Tuesday after the semiconductor company posted mixed financial results.

Financials: AMD reported earnings of 77 cents per share in the past quarter, which was in line. Revenue reached $6.2 billion, which was better than expected.

Powering the Story: The company predicts that sales will be about $5.4 billion in the current quarter, which was lower than expected.

Final Thoughts: AMD, up 128% in the past year, is still growing sales, but not at a high rate.

Microsoft (Nasdaq: MSFT) ticked down 0.23% in after-hours trading on Tuesday after reporting financial results.

Financials: Microsoft reported earnings of $2.93 per share in the past quarter and revenue of $62 billion; both were better than expected.

Final Thoughts: Despite the drop in the stock price for Microsoft, the company is still in overall solid shape.

Brown Note: UPS to Cut 12,000 Jobs and Mandate Return to Offices Five Days a Week (Wall Street Journal

Expecting Failure: Why People Still Think Bitcoin Will Die (CoinDesk)

Not Your Pal: PayPal to Cut Around 2,500 Jobs as Rivals Snag Market Share (Bloomberg)

One Small Piece of Wording: A change to this one clause could be the most important part of the Fed meeting (CNBC)

Mixed Results: Carnival reports record bookings for first half of 2024, but sees profit hit from Red Sea conflict (MarketWatch)

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