The past week saw all three major averages close higher, influenced by softer retail sales and consumer price data for April. Despite the weaker-than-expected reports, Wall Street embraced the news as it hinted towards further disinflation. This outcome is crucial for any possibility of the Federal Reserve reducing interest rates by the year 2024. The
Earnings
Friday’s session in the U.S. stock market saw little movement, with the Dow surpassing the 40,000 mark for the first time. Although the Nasdaq Composite and S & P 500 reached intraday records on Thursday, they closed slightly lower. Jim Cramer described the market as “muted,” lacking significant activity in any particular sector. One standout
German technology giant Siemens recently disclosed a decrease in profit at its industrial business during the fiscal second quarter. The company reported that its industrial profit amounted to 2.51 billion euro ($2.73 billion) in the three months ending in March, representing a 2% decline from the same period last year. This figure fell short of
Cisco, a leading technology company, recently reported its earnings and revenue for the fiscal third quarter. Despite a drop in sales from the previous year, Cisco managed to exceed Wall Street’s estimates. The stock saw an increase of up to 8% in extended trading following the announcement. In terms of specifics, Cisco reported earnings per
Alibaba, the Chinese e-commerce giant, faced a significant setback in its fiscal fourth quarter as its net profit plunged, causing shares to drop. The company reported revenue of 221.9 billion yuan, falling short of the LSEG consensus estimate of 219.66 billion yuan. Additionally, net income attributable to ordinary shareholders took a major hit, declining by
In a surprising turn of events, Tencent managed to surpass analyst expectations for both revenue and profit in the first quarter. The Chinese tech giant reported a revenue of 159.5 billion Chinese yuan ($22 billion), exceeding the 158.4 billion yuan anticipated. Additionally, the profit attributable to equity holders of the company was 41.9 billion yuan,
SoftBank has announced a significant gain on its Vision Fund in the fiscal year ended March, marking a turning point for the flagship tech investment arm. This is the first time the Vision Fund has been in the black since 2021, with a profit of 128.2 billion yen after a substantial loss the year before.
Semiconductor Manufacturing International Corporation (SMIC) recently reported a first-quarter profit that fell short of expectations, highlighting the challenges faced by the company in the chip industry. SMIC acknowledged that the competition in the industry has become increasingly fierce, with pricing for commodity products following market trends. This poses a significant challenge for the company as
Arm, a British chip designer, experienced a slight decline in its stock price by more than 2% due to lackluster revenue guidance. Despite reporting a strong sales quarter driven by the demand for artificial intelligence applications, the company’s future revenue projections failed to meet investors’ expectations. The fourth-quarter revenue of $928 million marked a significant
Warner Bros. Discovery recently announced its first-quarter results, falling short of analyst expectations both in terms of revenue and loss per share. The company’s stock saw a 3% increase following the announcement. Despite having a strong streaming unit, the company reported a 7% decrease in revenue to $9.96 billion, with a net loss of $966
