Friday’s Headlines: Apple Announces 4-For-1 Stock Split
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
TrueCar (TRUE) +16.2%
Teladoc (TDOC) +8.6%
Cognizant Technology Solutions (CTSH) +6.8%
Axos Financial (AX) +6.5%
Zillow (Z) +5.1%
Moving Down ⬇️
Calavo Growers (CVGW) -3.2%
Planet Fitness (PLNT) -3.2%
ServiceNow (NOW) -3.2%
American Tower (AMT) -3.2%
Nordstrom (JWN) -3.3%
1. An Apple (AAPL) a day makes investors shout ‘hooray’ it seems! Now, all terrible attempts at humor aside, the iPhone maker smashed expectations for Q2 after reporting $59.7 billion in revenue — 11% growth. Despite growth across every segment and an EPS of $2.58 versus $2.04 expected, there was even bigger news as the company announced a 4-for-1 stock split at the end of August. For every share an investor owns, they will now receive 3 more, and at its current price of around $380, shares will likely be around the $100 mark once it splits, making it more affordable. Read the official report here.
2. Apple’s stock split aside, Amazon (AMZN) was the real star of the show in yesterday’s packed earnings schedule after reporting a blowout quarter that saw profits hit $5.2 billion — $10.30 per share. Amazon reported sales of $88.9 billion, up 40% from $63.4 billion a year prior and well ahead of its own prediction of $75 billion to $81 billion. As e-commerce grew 47.8% and Amazon Web Service revenue hit $10.8 billion, its clear to see why Amazon is one of 2020’s top-performing large-cap stocks, up 60% YTD. Read the official report here.
3. Any other day and Alphabet’s (GOOG) Q2 might have been considered pretty good, but its first-ever revenue decline as a public company marred the occasion somewhat. However, the company did beat most expectations after posting revenue of $38.30 billion and EPS of $10.13, with only its cloud business missing estimates. Google’s stock has fared well during the pandemic, rising 12% YTD, though it has seen notably less growth than its Big Tech counterparts. Read the official report here.
Here are some more earnings from yesterday:
Despite his grilling from Congress, Facebook CEO Mark Zuckerberg will be happy with his company’s Q2 net income of $5.18 billion, or $1.80 a share. Revenue soared 11% for the quarter despite major ad boycotts, while monthly active users grew to 2.7 billion. Get the official report here.
Despite the closure of its factories in Q2, Ford reported an adjusted pretax loss of $1.9 billion – more than $3 billion better than expected. A faster-than-expected recovery in sales, as well as “operational execution” contributed to the company’s second-quarter performance. Get the official report here.
Mastercard proved its mettle on Thursday after posting net income of $1.4 billion, or $1.41 per share and beating Wall Street expectations. Despite these optimistic results, the company still saw second-quarter net revenue drop to $3.34 billion from $4.11 billion a year before. Get the official report here.
There are two companies in the MyWallSt shortlist that will report earnings today: