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Google's New Investment Chief
Photo by Rubaitul Azad / Unsplash
Today is Wednesday, July 26, 2023.
The Early Bird Index today is 59.28.
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Google's New Investment Chief
Google parent Alphabet (Nasdaq: GOOGL) jumped 6.09% in after-hours trading on Tuesday after posting good financial results and announcing a leadership change.
Financials: Google reported earnings of $1.44 per share in the past quarter and revenue of $74.6 billion; both were better than expected.
Details: Revenue for Google Search, YouTube ads, and Google Cloud all increased.
Powering the Story: Alphabet also said that CFO Ruth Porat, who has served in the role since 2015, will become president and chief investment officer in September. Investors are excited that Alphabet will have a dedicated officer who can invest in companies and projects.
Final Thoughts: Google is up 37% this year. While the company needs to catch up in the growing artificial intelligence race, it is otherwise on the right path.
Notables
Notable Earnings Today: AT&T (NYSE: T), Meta Platforms (Nasdaq: META), Boeing (NYSE: BA), Chipotle Mexican Grill (NYSE: CMG), Coca-Cola (NYSE: KO), PTC (Nasdaq: PTC), Tilray (Nasdaq: TLRY), ServiceNow (NYSE: NOW), Thermo Fisher Scientific (NYSE: TMO), Lam Research (Nasdaq: LRCX), Hilton Worldwide Holdings (NYSE: HLT), Enovix (Nasdaq: ENVX), Automatic Data Processing (Nasdaq: ADP), QuantumScape (NYSE: QS), Union Pacific (NYSE: UNP), eBay (Nasdq: EBAY), Crescent Point (NYSE: CPG), Mattel (Nasdaq: MAT), General Dynamics (NYSE: GD), Wyndham Hotels & Resorts (NYSE: WH), Weatherford (Nasdaq: WFRD), Alkermes (Nasdaq: ALKS), Align Technology (Nasdaq: ALGN), American Water Works (NYSE: AWK), Check Point Software (Nasdaq: CHKP), Churchill Downs (Nasdaq: CHDN), CME Group (Nasdaq: CME), Edwards Lifesciences (NYSE: EW), Fiserv (NYSE: FI), Flex (Nasdaq: FLEX), Graco (NYSE: GGG), Group 1 Auto (NYSE: GPI), Helmerich & Payne (NYSE: HP), Hess (NYSE: HES), Invitation Homes (NYSE: INVH), Lending Club (NYSE: LC), Molina Healthcare (NYSE: MOH), Navient (Nasdaq: NAVI), New Oriental Education & Technology (NYSE: EDU), O'Reilly Automotive (Nasdaq: ORLY), Old Dominion (Nasdaq: ODFL), Otis Worldwide (NYSE: OTIS), Owens Corning (NYSE: OC), Penske Auto (NYSE: PAG), Pilgrim's Pride (Nasdaq: PPC), Quest Diagnostics (NYSE: DGX), Ryder System (NYSE: R), Seagate Technology (Nasdaq: STX), Sun Communities (NYSE: SUI), Teradyne (Nasdaq: TER), United Rentals (NYSE: URI), VICI Properties (NYSE: VICI), Western Union (NYSE: WU).
Notable IPOs Today: Haymaker Acquisition Corp. 4 (NYSE: HYAC), Global X Funds (NYSE Arca: DYLG), PGIM ETF Trust (NYSE Arca: PAAA).
Notable Equity Crowdfunding Campaigns Ending Today: Hippos & Hashbrowns (SMBX), Nine Spoons Artisan Soups (SMBX).
Notable Economic Events Today: Building Permits (8:00 a.m. ET), New Home Sales (10:00 a.m. ET), Crude Oil Inventories (10:30 a.m. ET), FOMC Statement / Fed Interest Rate Decision (2:00 p.m. ET).
Microsoft Azure Growth Slows
Photo by Windows / Unsplash
Microsoft (Nasdaq: MSFT) posted mixed financial results on Tuesday, causing shares to drop by 3.76% in after-hours trading.
Financials: Microsoft reported earnings of $2.69 per share in the past quarter and revenue of $56.2 billion; both were better than expected.
Details: While revenue for Azure (Microsoft’s cloud) grew 26%, that unit had 40% growth in the same period last year. That means that Azure's growth has slowed.
Final Thoughts: Microsoft is up 46% this year thanks to its AI investments. Can the stock keep that up in the second half of 2023? It’s hard to do that if Azure's growth slows.
Snap’s Ad Demand Problem
Despite posting better-than-expected financial results on Tuesday, shares of Snap (NYSE: SNAP) decreased by 19.34% after the company gave a weak outlook and said that “forward visibility of advertising demand remains limited.”
Final Thoughts: Despite the rough outlook, Snap is still up in 2023.
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Trends to Watch
To the Moon: Bitcoin Stuck Below $30K Before Likely Fed Rate Hike, While DOGE Spikes 7% (CoinDesk)
Come Together: Banc of California and PacWest to merge, raise $400 million in equity (Reuters)
No Strike: UPS reaches tentative contract with 340,000 unionized workers, potentially dodging calamitous strike (The Associated Press)
Charged: Visa earnings benefit from ‘resilient’ spending, though stock dips as growth slows (MarketWatch)
Below Estimates: Texas Instruments Guidance Falls Short on Weak Chip Demand. The Stock Is Dropping. (MarketWatch)
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