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Shridhar Mahato
Feb 01, 2023 5:20AM ET
thanks for life
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Dow futures tick lower, Snap tanks 14.5% after earnings
© Reuters.
By Oliver Gray
Investing.com - U.S. stock futures fell during Tuesday’s extended trade after major benchmark indices closed higher as market participants monitored a batch of fresh earnings results ahead of the closely watched Federal Reserve interest rate decision on Wednesday.
By 18:45 ET (23:45 GMT) Dow Jones futures fell 0.2%, S&P 500 futures dipped 0.3%, and Nasdaq 100 futures lost 0.5%.
In extended deals, Snap (NYSE:SNAP) fell 14.5% after reporting Q4 EPS of $0.14 versus $0.11 expected on revenue of $1.3 billion which was in line with expectations.
Match Group (NASDAQ:MTCH) fell 9.6%, reporting Q4 EPS of $0.30 versus $0.46 expected. Revenue was reported at $786 million versus $786.89M expected.
Electronic Arts (NASDAQ:EA) dipped 10.4% after the company reported Q3 EPS of $0.73 versus $0.50 expected on revenues of $2.34B versus 2.48B expected.
Western Digital (NASDAQ:WDC) fell 6.8% after reporting Q2 loss per share of $0.42 versus expected losses of $0.14, while revenues came in at $3.11B versus $2.99B expected.
Advanced Micro Devices, Inc. (NASDAQ:AMD) added 1.5% after the company reported Q4 EPS of $0.69, slightly above $0.67 expected, on revenues of $5.6B versus $5.52B expected.
Ahead in Wednesday’s session, U.S. Federal Reserve policymakers are set to deliver their interest rate decision, as growing evidence of cooling price pressures boosts market expectations of a 25 basis point hike. In addition, ADP nonfarm employment, the ISM manufacturing PMI, and JOLTs Job Openings data will also be closely monitored.
Meanwhile, earnings results from companies including Meta Platforms Inc (NASDAQ:META), Alibaba Group Holdings Ltd (NYSE:BABA), and T-Mobile US Inc (NASDAQ:TMUS) are set to be released on Wednesday.
During Tuesday’s regular trade, the Dow Jones Industrial Average added 369 points or 1.1% to 34,086.04, the S&P 500 gained 58.8 points or 1.5% to 4,076.6, and the Nasdaq Composite lifted 190.7 points or 1.7% to 11,584.6.
On the bond markets, United States 10-Year rates were at 3.512%.
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Comments (3)
MW Locks
Jan 31, 2023 11:29PM ET
SNAP actually missed on revenue, 1.3b vs 1.31b. More importantly they failed to provide guidance for Q1 because their outlook is apparently so bleak. When reporting financial news it's helpful to include corporate guidance, especially when they have none.
WDC actually missed on EPS, badly, -0.42 vs -0.14. When reporting financial news it's helpful to include the minus sign when there is one.
EA actually reported Q4 earnings today, not Q3, again missing badly 2.55 vs 3.05. When reporting financial news it's helpful to include the actual quarterly results, not the previous one.
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Ronald Warren
Jan 31, 2023 10:08PM ET
I don't get it! All these companies beat and they're selling off.
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MW Locks
Jan 31, 2023 10:08PM ET
No, they didn't. Would help if article actually provided the numbers right.
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Maryus Quaestor
Jan 31, 2023 10:08PM ET
yeah the numbers don't make sense. Maybe companies casting out before the dip?
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MW Locks
Jan 31, 2023 10:08PM ET
Sloppy reporter, that or maybe ChatGPT is on the fritz
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RobinHdJr
Jan 31, 2023 10:08PM ET
Earnings is a perception game. In the era of bailouts, bad news was good news if it meant qualifying for stimulus. In the era of rate hikes, good news is bad news if it becomes ammo for Fed to dramatically hike rates. Without govt entanglement, everything would make intuitive sense... bad earnings would equate to sell off, positive earnings surprise would equate to buy in.
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MW Locks
Jan 31, 2023 10:08PM ET
This is the correct analysis. Unfortunately, however, they have been kicking the can down the road for the better part of 20 years now and it's far too late to reverse course. The actual cost of 2008 bank bailouts and Fed QE experiment may be coming due.
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