Today is Thursday, August 3, 2023.
The Early Bird Index today is 57.65.
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PayPal's New Operating Margin
PayPal Holdings (Nasdaq: PYPL) dropped 7.4% in after-hours trading on Wednesday after the fintech giant posted mixed financial results.
Financials: PayPal reported earnings of $1.16 per share in the past quarter, which was expected. Revenue reached $7.3 billion, which was better than expected.
Powering the Story: Paypal’s gross margin was 21.4%, which was lower than expected, and investors did not like it. The number of active accounts was also lighter.
Final Thoughts: PayPal’s stock is down for 2023 and has missed the big tech rally. The company still doesn’t know who will replace outgoing CEO Dan Schulman.
Notable Earnings Today: Amazon.com (Nasdaq: AMZN), Apple (Nasdaq: AAPL), Anheuser-Busch InBev (NYSE: BUD), Dropbox (Nasdaq: DBX), ConocoPhillips (NYSE: COP), Warner Bros. Discovery (Nasdaq: WBD), Cheniere Energy (NYSE American: LNG), Cheniere Energy Partners (NYSE American: CQP), GoPro (Nasdaq: GPRO), Coinbase Global (Nasdaq: COIN), Wayfair (NYSE: W), Block (NYSE:SQ), ConocoPhillips (NYSE: COP), Airbnb (Nasdaq: ABNB), Expedia Group (Nasdaq: EXPE), Papa John's (Nasdaq: PZZA), DraftKings (Nasdaq: DKNG), Planet Fitness (NYSE: PLNT), Moderna (Nasdaq: MRNA), Cloudflare (Nasdaq: NET), Hasbro (Nasdaq: HAS), Fortinet (Nasdaq: FTNT), Cigna (NYSE: CI), Shake Shack (NYSE: SHAK), Regeneron (Nasdaq: REGN), Wish (Nasdaq: WISH), Air Lease (NYSE: AL), Air Products (NYSE: APD), Amgen (Nasdaq: AMGN), Atlassian (Nasdaq: TEAM), Bausch Health (NYSE: BHC), Becton Dickinson (NYSE: BDX), Bloom Energy (NYSE: BE), Booking Holdings (Nasdaq: BKNG), Brookfield Infrastructure (NYSE: BIP), Canada Goose (NYSE: GOOS), Cars.com (NYSE: CARS), Cohu (Nasdaq: COHU), Constellation Energy (Nasdaq: CEG), Corteva (NYSE: CTVA), CubeSmart (NYSE: CUBE), Cummins (NYSE: CMI), DaVita (NYSE: DVA), Denbury (NYSE: DEN), Dine Brands (NYSE: DIN), El Pollo Loco (Nasdaq: LOCO), Extra Space Storage (NYSE: EXR), Floor & Decor (NYSE: FND), Gildan Activewear (NYSE: GIL), Gilead Sciences (Nasdaq: GILD), GoDaddy (NYSE: GDDY), Hilton Grand Vacations (NYSE: HGV), Huntington Ingalls (NYSE: HII), Hyatt Hotels (NYSE: H), InterDigital (Nasdaq: IDCC), ITT (NYSE: ITT), Kellogg (NYSE: K), Kratos Defense and Security (Nasdaq: KTOS), Lamar Advertising (Nasdaq: LAMR), MasTec (NYSE: MTZ), Magellan Midstream (NYSE: MMP), Microchip (Nasdaq: MCHP), Monster Beverage (Nasdaq: MNST), Opko Health (Nasdaq: OPK), Parker-Hannifin (NYSE: PH), Physicians Realty Trust (NYSE: DOC), Pitney Bowes (NYSE: PBI), Portillo's (Nasdaq: PTLO), Qualys (Nasdaq: QLYS), Quanta Services (NYSE: PWR), Rocket Companies (NYSE: RKT), Ryan Specialty Group (NYSE: RYAN ), Southwestern Energy (NYSE: SWN), Starwood Property Trust (NYSE: STWD), Stryker (NYSE: SYK), Synaptics (Nasdaq: SYNA), Tempur Sealy International (NYSE: TPX), Trimble (Nasdaq: TRMB), Vulcan Materials (NYSE: VMC), WestRock (NYSE: WRK), WW (Nasdaq: WW), Yelp (NYSE: YELP).
Notable IPOs Today: MIRA Pharmaceuticals, Inc. Common Stock (Nasdaq: MIRA).
Notable Equity Crowdfunding Campaigns Ending Today: Kliken (StartEngine), Tau Lotus (StartEngine), GELAT’OH (SMBX), Legion Works (StartEngine).
Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), Nonfarm Productivity (8:30 a.m. ET), Unit Labor Costs (8:30 a.m. ET), S&P Global US Services PMI (9:45 a.m. ET), S&P Global Composite PMI (9:45 a.m. ET), ISM Non-Manufacturing PMI / Employment (10:00 a.m. ET), Factory Orders (10:00 a.m. ET).
Qualcomm's Handset Chip Sales
Photo by Maxence Pira / Unsplash
Qualcomm (Nasdaq: QCOM) declined by 6.94% in Wednesday’s after-hours trading after reporting mixed financial results and announcing that its handset chip sales fell by 25%.
Final Thoughts: Qualcomm, up 25% this year, is trying to overcome its inventory woes.
Shopify’s Sinks Due to Impairment Cost
Despite posting better-than-expected financial results on Wednesday, Shopify (NYSE: SHOP) ticked down by 0.58% in after-hours trading.
Final Thoughts: Investors were not pleased about the $1.6 billion operating loss, which included $1.7 billion from an impairment cost. The stock is up 74% in 2023.
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Trends to Watch
Hoodwinked: Robinhood Posts Surprise Profit. The Stock Is Falling. (Barron’s)
Half Bad: Litecoin Plunges 6% to Fresh Monthly Lows on Halving Day (CoinDesk)
Our House: Zillow Defies Sluggish US Housing Market to Beat Earnings Expectations (Bloomberg)
Delivered: DoorDash hits record for orders, revenue in second quarter (Associated Press)
Clean Win: Clorox stock rallies 7% after company tops views, outlook also comes above forecast (MarketWatch)
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