The Nasdaq Composite index jumped near 1% on October 27, 2023, boosted by strong earnings updates from Amazon and Intel. Amazon’s cloud computing business, AWS, showed signs of stabilizing after a period of slower growth, while Intel forecast fourth-quarter revenue and margins above analysts’ estimates.
The Nasdaq’s gains were also supported by a rise in technology stocks, which have been under pressure in recent months. The Technology Select Sector SPDR Fund (XLK) rose 1.5% on the day.
Other notable movers on the Nasdaq included:
- Ford Motor Company (F): Ford withdrew its full-year earnings forecast due to supply chain disruptions and rising costs. The stock fell -9.6%.
- Tesla (TSLA): Tesla shares rose 2.9% after the company announced that it had delivered 343,830 vehicles in the third quarter, beating analysts’ expectations.
Overall, the Nasdaq’s gains on October 27 were a positive sign for investors, who have been concerned about a potential recession in the United States. The strong earnings updates from Amazon and Intel suggest that some of the largest companies in the world are still able to grow their businesses despite the challenging economic environment.
FintechZoom Analysis
The Nasdaq’s jump on October 27 was a welcome relief for investors after a volatile few weeks. The index has been under pressure since June, as rising interest rates and concerns about a recession have led to a sell-off in tech stocks.
However, the strong earnings updates from Amazon and Intel suggest that some of the largest companies in the world are still able to grow their businesses despite the challenging economic environment. This is a positive sign for investors, and it could help to support the Nasdaq in the coming weeks and months.
It is important to note that the Nasdaq is still down significantly from its all-time highs. However, the recent gains suggest that there may be some light at the end of the tunnel for tech investors.
What’s Happening with Amazon Stock?
Amazon Stock is increasing today +7.80%.
Amazon reported strong earnings today, October 27, 2023. The company beat analysts’ expectations on both revenue and earnings per share. Revenue for the third quarter was $143.1 billion, up 13% from a year ago. Earnings per share were 94 cents, beating the consensus estimate of 58 cents.
Amazon’s strong earnings were driven by growth in its online retail business, its cloud computing business (AWS), and its advertising business. Online retail sales grew 15% from a year ago, while AWS revenue grew 27%. Advertising revenue grew 23%.
Amazon CEO Andy Jassy said in a statement that the company had a “strong quarter” and that it is “in the best position we’ve ever been in” heading into the holiday season.
Amazon’s strong earnings are a positive sign for the overall market. The company is one of the largest and most important companies in the world, and its strong earnings suggest that the economy is still growing despite the challenging environment.
Here are some key takeaways from Amazon’s earnings report:
- Revenue of $143.1 billion, up 13% from a year ago
- Earnings per share of 94 cents, beating the consensus estimate of 58 cents
- Online retail sales grew 15% from a year ago
- AWS revenue grew 27% from a year ago
- Advertising revenue grew 23% from a year ago
- Amazon is “in the best position we’ve ever been in” heading into the holiday season
Overall, Amazon’s earnings report was very positive. The company is performing well across all of its businesses, and it is well-positioned for continued growth in the future.
And About Intel Stock Today?
Intel Stock is increasing today +10.2%.
Intel also reported strong earnings today, October 27, 2023. The company beat analysts’ expectations on both revenue and earnings per share. Revenue for the third quarter was $14.2 billion, up 8% from a year ago. Earnings per share were 41 cents, beating the consensus estimate of 22 cents.
Intel’s strong earnings were driven by growth in its Client Computing Group (CCG), which includes laptop and PC processors. CCG revenue was $7.9 billion, up 3% from a year ago. Intel also saw strong growth in its Data Center Group (DCG), which includes server processors. DCG revenue was $5.8 billion, up 1% from a year ago.
Intel CEO Pat Gelsinger said in a statement that the company had a “strong quarter” and that it is “making progress on our transformation.” He also said that Intel is “well-positioned for continued growth in the future.”
Here are some key takeaways from Intel’s earnings report:
- Revenue of $14.2 billion, up 8% from a year ago
- Earnings per share of 41 cents, beating the consensus estimate of 22 cents
- Client Computing Group (CCG) revenue was $7.9 billion, up 3% from a year ago
- Data Center Group (DCG) revenue was $5.8 billion, up 1% from a year ago
- Intel is “making progress on our transformation” and “well-positioned for continued growth in the future”
Overall, Intel’s earnings report was very positive. The company is performing well across all of its businesses, and it is well-positioned for continued growth in the future.
