Wednesday’s Headlines: Wall Street Braces For Major Tech Earnings

Wednesday’s Headlines: Wall Street Braces For Major Tech Earnings

Here were the biggest movers in the MyWallSt shortlist last night:

Moving Up ⬆️

Nordstrom (JWN) +7.2%

Duluth Trading (DLTH) +6.3%

Under Armour (UAA) +6.0%

Axos Financial (AX) +5.3%

Hain Celestial (HAIN) +3.9%

Moving Down ⬇️

Zoom Communications (ZM) -3.0%

Match Group (MTCH) -3.3%

Tesla Motors (TSLA) -4.5%

Spotify (SPOT) -5.1%

Shopify (SHOP) -5.6%

1. An air of nervous anticipation has descended on Wall Street this morning as the market braces for earnings reports from both Tesla (TSLA) and Microsoft (MSFT) on Wednesday. The pair are classified among a small group of tech giants which have driven the market’s rally of late, with fears emerging that poor results could stall this growth. Tensions are already high after Snap (SNAP) and United Airlines (UAA) disappointed after the bell yesterday, with stock futures dipping into the red this morning. Read the full story here.

2. Despite seeing its largest decline in quarterly revenue in 30 years, Coca-Cola (KO) saw shares jump 2.3% after beating estimates on earnings per share. There was no hiding from the 28% decline in global net sales though, as its net income of $1.78 billion, or $0.41 per share, fell from $2.61 billion, or $0.61 per share a year earlier. However, CEO James Quincey stated that Q2 was likely the year’s most challenging quarter, and though he did not provide full-year guidance, he did outline a plan for the company to cut costs and prioritize its most profitable products. Read the full earnings report here.

3. Consumers don’t appear to like robots as much as they love Coke, as iRobot (IRBT) shares fell 4% after-hours despite blowing EPS estimates out of the water and beating on revenue. The famous ‘Roomba’ maker reported EPS of $1.06 versus much-lower estimates of $0.29 on top of a revenue beat of $279.9 million versus $265.07 million expected. Despite a host of other positive growth metrics, investors were unimpressed with the company’s guidance that revenue for Q3 would likely be flat to slightly more than the previous year. Get the full report here.

Earnings today

There are 4 stocks in the MyWallSt app that will report earnings today:

  • Align Technology

  • Chipotle Mexican Grill

  • Microsoft

  • Tesla

JamieJamie

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