Stocks rebound ahead of tech earnings
On Thursday, stocks across the board regained some of the ground they lost in the recent sharp sell-off. The Dow and TSX both gained half-a-percent while the S&P rose 1.19% and the Nasdaq popped 1.64%. However, the big news came before and after the closing bell as several mega-tech names offered a parade of quarterly reports.
Apple rose 3.71% during the session but shed even more after hours. Though Apple beat in revenues and EPS, iPhone and Chinese sales disappointed and CEO Tim Cook did not offer guidance. Amazon boasted 37% sales growth and a strong EPS beat, but delivered disappointing guidance. Amazon rose 1.52% during Thursday but slipped nearly that much after hours. Twitter rallied 8% during the day but plunged around 15% after the bell because it missed on expected user growth though the company topped Q3 earnings.
The big winner Thursday was Pinterest which rocketed 27% after reporting a stellar beat late Wednesday. Shopify‘s earnings blew past estimates, too, but it lost nearly 5% Thursday. Strong ad revenues lifted Facebook‘s Q3 though FB barely moved after hours after rallying almost 5% during the day’s session. Notable losers on Thursday were Peloton and Zoom Video, which both gave back 5%. Rising Covid cases continue to pressure oil prices, which were down around 3.5%, though Canadian energy names like Whitecap Resources recovered 4%.
🍎 Apple +3.71%
📦 Amazon.com +1.52%
🐦 Twitter, Inc +8%
🅿 Pinterest Inc. +27%
🛍 Shopify Inc. -5%
🕵️♂️ Facebook +5%
🏋️♂️ Peloton Interactive -5%
📹 Zoom Video Communications Inc. -5%
🛢 Whitecap Resources +4%