Today is Friday, July 28, 2023.
The Early Bird Index today is 58.05.
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Intel Returns to Profitability
Strong financial results for Intel (Nasdaq: INTC) show that the semiconductor company is roaring back, with the shares jumping by 7.84% in after-hours trading on Thursday.
Financials: Intel reported earnings of 13 cents per share in the past quarter and revenue of $12.9 billion; both were better than expected.
Details: Revenue declined in the client computing business unit as well as in the data center unit, networking, and Mobileye.
But: Revenue for Intel’s Foundry Services, which involves manufacturing, jumped 307%.
Outlook: Intel expects revenue of $12.9 billion to $13.9 billion in the current quarter, which also exceeded expectations.
Final Thoughts: Intel is up 29% in 2023, including a 2% boost in the last 30 days. The company has survived brutal conditions in the semiconductor industry and is now riding the PC wave of recovery.
Notable Earnings Today: Exxon Mobil (NYSE: XOM), Procter & Gamble (NYSE: PG), Chevron (NYSE: CVX), Charter Communications (Nasdaq: CHTR), Centene (NYSE: CNC), Booz Allen Hamilton (NYSE: BAH), AstraZeneca (Nasdaq: AZN), Colgate-Palmolive (NYSE: CL), Newell Brands (Nasdaq: NWL), Chart Industries (NYSE: GTLS), Aon (NYSE: AON), Barnes Group (NYSE: B), Church & Dwight (NYSE: CHD), Franklin Resources (NYSE: BEN), Newmark Group (Nasdaq: NMRK), Saia (Nasdaq: SAIA), Sanofi (Nasdaq: SNY), T. Rowe Price (Nasdaq: TROW), W.P. Carey (NYSE: WPC), WisdomTree (NYSE: WTC).
Notable IPOs Today: N/A.
Notable Equity Crowdfunding Campaigns Ending Today: White Label Chocolate (SMBX), Pon de Joy (Mainvest), Copperworks Distilling Company (StartEngine), Iki Marketplace (Mainvest), Trade Street Social (Vicinity).
Notable Economic Events Today: Core PCE Price Index / PCE Price Index (8:30 a.m. ET), Employment Cost Index (8:30 a.m. ET), Personal Spending (8:30 a.m. ET), Michigan Consumer Expectations / Sentiment (10:00 a.m. ET).
Roku Tames 'Muted' Ad Market
Photo by Glenn Carstens-Peters / Unsplash
Roku (Nasdaq: ROKU) produced better-than-expected financial results on Thursday and shares surged by 8.58% in after-hours trading.
Financials: Roku reported a loss of 76 cents per share in the past quarter and revenue of $847 million; both were better than expected.
Details: Active accounts grew by 1.9 million and streaming hours totaled 25.1 billion; both were better than expected.
Outlook: The company expects to hit revenue of $815 million in the current quarter, which also exceeded expectations.
Final Thoughts: Roku’s stock was already up by 68% this year before Thursday’s financial results were announced. While Roku is still not profitable, it is growing. This is also impressive because Roku wrote on Thursday that “TV advertising remains muted industry-wide.”
Enphase Faces Macroeconomic Conditions
Enphase Energy (Nasdaq: ENPH) dropped 12.86% in after-hours trading on Thursday after reporting lower-than-expected revenue in the quarter “due to macroeconomic conditions” in the United States.
Final Thoughts: Enphase’s stock is down 34% this year as the energy market suffers. The company also posted lower-than-expected guidance for the current year.
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Trends to Watch
Driving Full Speed: Ford raises full-year guidance after solid earnings beat (CNBC)
Dropped Call: T-Mobile Stock Slips Despite Earnings Beat (Barron’s)
Unstable: Bitcoin Wobbles, Then Regains Its Balance Above $29.2K; ETH, DOGE, MATIC Fall (CoinDesk)
Game Over: GameStop CFO to quit in second top executive exit in two months (Reuters)
Taylor Swift Wave: Live Nation Revenue Soars Amid Strong Concert Demand This Year (The Hollywood Reporter)
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