In Wednesday’s premarket, the Dow Jones industrials traded down 0.37%, the S&P 500 was down 0.21% and the Nasdaq traded down 0.06%. The FOMC interest rate decision due in the afternoon was keeping trading enthusiasm in check.<\/p>\n
After U.S. markets closed Tuesday, AMD beat analysts’ consensus estimates for earnings per share (EPS) and revenue. Net income fell by 98% year over year in the fourth quarter on higher costs and PC sales. Data center (server) revenue was up 42% year over year, and PC revenue tumbled 71%. First-quarter revenue guidance was in line with expectations, but PC and gaming revenue is expected to decline and growth in the server and embedded segments is expected to continue growing. Shares traded up 3.3% Wednesday morning.<\/p>\n
Snap beat the consensus earnings estimate but missed on revenue. First-quarter revenue is expected to be between 2% and 10% lower than in the year-ago quarter. Demand for advertising is neither better nor worse, but advertisers are cautious about making long-term commitments. The stock traded down about 15% early Wednesday.<\/p>\n
Before markets opened on Wednesday, Altria reported mixed results, beating the EPS estimate but missing on revenue. The Marlboro maker also announced a $1 billion share buyback. Shares traded up about 0.8%.<\/p>\n
Enterprise Products Partners reported better-than-expected EPS but missed on revenue, even though the energy infrastructure firm’s sales rose 20% year over year. Two noncash charges shaved $288 million off the company’s revenue. Shares traded down 0.2%.<\/p>\n
Peloton also beat the consensus EPS estimate and missed on revenue. The company issued in-line guidance for the current quarter. The stock traded up 5.8%.<\/p>\n
T-Mobile’s report was also mixed, beating the EPS estimate and falling short on revenue. The company added 314,000 new post-paid accounts to reach a record 1.4 million subscribers for the quarter. The company said it expects 5.0 million to 5.5 million postpaid additions in 2023. Shares traded down by 0.4%.<\/p>\n
Meta Platforms is expected to report results after markets close Wednesday, and then Bristol-Myers Squibb, ConocoPhillips, Merck and Sirius XM the following morning.<\/p>\n
Three mega-caps with market values above $1 trillion are all scheduled to report quarterly results after Thursday’s closing bell.<\/p>\n
\t\t\t<\/p>\n \t\t\t\tALSO READ: Is War With China Coming in 2025? Buy Big-Dividend Defense Stocks Now Just in Case Over the past 12 months, the parent of Google, Alphabet Inc. (NASDAQ: GOOGL), has posted a share price decline of about 27%. The stock’s 52-week high will celebrate its birthday on Thursday. After that rolls off, the stock falls pretty steadily to a 52-week low in early November.<\/p>\n The company has announced that 12,000 employees will be fired to cut costs. Analysts are going to want to know if those layoffs will be enough to boost earnings or if more cost-cutting is in order. Alphabet also faces headwinds in Europe, advertiser spending and a longer-term threat to its Google search engine from ChatGPT.<\/p>\n Sponsored: Find a Qualified Financial Advisor<\/b><\/p>\n Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.<\/p>\n
\n\t\t\t<\/strong><\/p>\nAlphabet<\/h2>\n