2 weeks Ago
The stock market is trading mixed midday. The S&P 500 added 0.25% while the tech-heavy Nasdaq Composite gained 0.
69%. The Dow Jones Industrial Average lost 0.17%.
The Russell 2000 Index dropped 0.54%. This will be the busiest week of the earnings season.
Alphabet, Snap, Reddit, Chipotle, and Advanced Micro Devices are all set to release their quarterly earnings after the market closes today. 💰💸 Don’t miss the move: SIGN UP for TheStreet’s FREE Daily newsletter 💰💸 Meta Platforms and Microsoft will follow with their reports on Wednesday, while Apple is scheduled for Thursday. S&P 500 big stock movers today Five S&P 500 stocks making big midday moves are: The worst-performing five S&P 500 stocks with the largest midday drop are: Stocks also worth noting include: Bloomberg/Getty Images AMD pops ahead of Q3 earnings Advanced Micro Devices stock gained 3% before the company’s Q3 earnings, which will come out later this afternoon.
Analysts expect AMD to report adjusted earnings per share of 92 cents and revenue of $6.71 billion for the September quarter, according to FactSet. In July, the company provided a Q3 revenue outlook of around $6.
7 billion. Related: Analyst updates AMD stock forecast before earnings Investors will be watching AMD's data center revenue, which rose to $2.8 billion in Q2.
Analysts expect it to hit a record $3.52 billion in Q3, driven by growing demand for AMD’s AI chips. In July, CEO Lisa Su highlighted AMD’s strong revenue growth ahead.
“We are well positioned to deliver strong revenue growth in the second half of the year led by demand for Instinct, EPYC and Ryzen processors,” she said. Ford tumbles despite earnings beat Ford Motor shares fell nearly 9% despite slightly topping Wall Street expectations. Ford reported adjusted earnings per share of 49 cents for the third quarter, surpassing the expected 47 cents.
Revenue came in at $43.07 billion, exceeding analysts' estimates of $41.88 billion.
Related: Analyst reacts to news of top Ford executive's departure However, the automaker adjusted its 2024 earnings forecast to the lower end of its prior guidance, now expecting adjusted earnings before interest and taxes (EBIT) of around $10 billion, down from the previously forecasted range of $10 billion to $12 billion. “Our focus continues on cost and quality, which are holding back our progress and represent tremendous upside potential,” Ford CFO John Lawler said, adding that the company has achieved the $2 billion cost reduction plan in areas like materials, freight, and manufacturing. PayPal falls after revenue miss PayPal shares dropped 3% after the company reported a miss on Q3 revenue and issued lower-than-expected guidance for Q4.
In the third quarter, PayPal reported earnings per share of $1.20, beating Wall Street's estimate of $1.07.
However, revenue came in at $7.85 billion, slightly missing the expected $7.89 billion.
PayPal forecasted "low single-digit growth" in revenue, while analysts anticipated 5.4% growth. More Tech Stocks: PayPal CEO Alex Chriss, now one year into his tenure, has focused on profitable growth and better monetizing acquisitions like Braintree and Venmo.
Despite the mixed Q3 results, PayPal’s stock has gained more than 40% since Chriss took over. “We're leaning into our competitive advantage, a two-sided network of hundreds of millions of consumers and tens of millions of merchants around the world to evolve from a set of disparate payment products and point solutions into a powerful commerce platform,” Chriss said during the earnings call. Related: Veteran fund manager sees world of pain coming for stocks.
