Meta Platforms Advertising Miss
And, IBM's free cash flow confidence.
Today is Thursday, October 26, 2023.
The Early Bird Index today is 52.36.
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Meta Platforms Advertising Miss
Facebook parent Meta Platforms (Nasdaq: META) slipped by 3.35% in after-hours trading on Wednesday after the technology giant posted financial earnings results.
Financials: Meta reported earnings of $4.39 per share in the past quarter and revenue of $34.14 billion; both were better than expected.
Powering the Story: While ad impressions during the quarter increased by 31%, the average price per ad decreased by 6%.
Final Thoughts: Some investors are concerned about ad demand with Meta Platforms. On a bright note, the company cut its expenses by 7%.
Notable Earnings Today: Amazon (Nasdaq: AMZN), Comcast (Nasdaq: CMCSA), Royal Caribbean (NYSE: RCL), United Parcel Service (NYSE: UPS), Intel (Nasdaq: INTC), Altria Group (NYSE: MO), Ford Motor (NYSE: F), Mastercard (NYSE: MA), Southwest Airlines (NYSE: LUV), Chipotle Mexican Grill (NYSE: CMG), Boston Beer (NYSE: SAM), Harley-Davidson (NYSE: HOG), Hasbro (Nasdaq: HAS), Hershey Foods (NYSE: HSY), Hertz Global (Nasdaq: HTZ), Honeywell (NASDAQ: HON), Northrop Grumman (NYSE: NOC), Dexcom (Nasdaq: DXCM), Valero Energy (NYSE: VLO), Skechers USA (NYSE: SKX), Tractor Supply Company (Nasdaq: TSCO), U.S. Steel (NYSE: X), Merck (NYSE: MRK), Capital One Financial (NYSE: COF), Newmont Goldcorp (NYSE: NEM), Enphase Energy (Nasdaq: ENPH), A.O. Smith (NYSE: AOS), AllianceBernstein (NYSE: AB), American Tower (NYSE: AMT), Applied Industrial (NYSE: AIT), Arch Coal (NYSE: ARCH), BJ Restaurants (Nasdaq: BJRI), Boston Scientific (NYSE: BSX), Bristol Myers Squibb (NYSE: BMY), Brunswick (NYSE: BC), Bunge (NYSE: BG), Camden Property Trust (NYSE: CPT), Carlisle Cos (NYSE: CSL), Carrier Global (NYSE: CARR), CenterPoint Energy (NYSE: CNP), CMS Energy (NYSE: CMS), Chemours (NYSE: CC), Cincinnati Financial (Nasdaq: CINF), Columbia Sportswear (Nasdaq: COLM), Coursera (NYSE: COUR), Cullen/Frost (NYSE: CFR), Deckers Outdoor (NYSE: DECK), Digital Realty Trust (NYSE: DLR), Eastman Chemical (NYSE: EMN), Encompass Health (NYSE: EHC), Essex Property (NYSE: ESS), First American Financial (NYSE: FAF), Federated Hermes (NYSE: FHI), FirstEnergy (NYSE: FE), Gaming and Leisure Properties (Nasdaq: GLPI), W.W. Grainger (NYSE: GWW), Hub Group (NASDAQ: HUBG), International Paper (NYSE: IP), Juniper Networks (NYSE: JNPR), Kenvue (NYSE: KVUE), Keurig Dr Pepper (Nasdaq: KDP), Kimco Realty (NYSE: KIM), Laboratory Corp. of America (NYSE: LH), Lennox International (NYSE: LII), Linde (NYSE: LIN), Masco (NYSE: MAS), Medical Properties Trust (NYSE: MPW), Mobileye Global (Nasdaq: MBLY), Mohawk Industries (NYSE: MHK), NerdWallet (Nasdaq: NRDS), NovoCure (Nasdaq: NVCR), Olin (NYSE: OLN), Overstock.com (Nasdaq: OSTK), Peabody Energy (NYSE: BTU), PG&E (NYSE: PCG), Principal Financial Group (Nasdaq: PFG), PTC Therapeutics (Nasdaq: PTCT), Reliance Steel (NYSE: RS), Republic Services (NYSE: RSG), Seagate Technology (Nasdaq: STX), SkyWest (Nadaq: SKYW), STAG Industrial (NYSE: STAG), Terex (NYSE: TEX), Texas Roadhouse (Nasdaq: TXRH), Textron (NYSE: TXT), Tradeweb Markets (Nasdaq: TW), TRI Pointe Homes (NYSE: TPH), UDR (NYSE: UDR), Vale S.A. (NYSE: VALE), VeriSign (Nasdaq: VRSN), Vulcan Materials (NYSE: VMC), Willis Towers Watson (Nasdaq: WTW), Weyerhaeuser (NYSE: WY).
Notable IPOs Today: BlackRock Large Cap Core ETF (Nasdaq: BLCR), Goldman Sachs Nasdaq 100 Core Premium Income ETF (Nasdaq: GPIQ), Goldman Sachs S&P 500 Core Premium Income ETF (Nasdaq: GPIX).
Notable Equity Crowdfunding Campaigns Ending Today: Geogreens (SMBX), Avadain (Netcapital), Heroes of Holdem (ChainRaise).
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).
IBM's Free Cash Flow Confidence
IBM (NYSE: IBM) ticked up by 1.41% in after-hours trading on Wednesday after the software company posted strong financial results.
Financials: IBM reported earnings of $2.20 per share in the past quarter and revenue of $14.8 billion; both were better than expected.
Powering the Story: Free cash flow increased by $1 billion and the company said that it remains “confident” in its free cash flow growth expectations for the full year.
Final Thoughts: While IBM is down for the year by 3%, these are still strong results.
Ford Reaches Labor Agreement With Union
Ford (NYSE: F) ticked up by 1.82% in Wednesday’s after-hours trading after the United Auto Workers announced that it reached a labor agreement with the company to end the strike.
Final Thoughts: The stock had dropped over 7% since the strike started.
Trends to Watch
Still Winning: Bitcoin Dominance Hits Fresh 30-Month High as Ether, Altcoins Lag in Rally (CoinDesk)
Building Hype: Stocks Are Down, Bitcoin Is Way Up—Will This Time Be Different? (Decrypt)
Now That’s What I Call Earnings: ServiceNow's stock jumps 5% on strong subscription sales (MarketWatch)
Playtime is Over: Mattel sees challenging economy over holidays for toy industry (Reuters)
New Boss: Morgan Stanley chooses Ted Pick to replace James Gorman as CEO (Financial Times)
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