NEW YORK, July 28, 2017 /PRNewswire/ --
U.S. equities hit all-time highs during Thursday's trading
session, but the major benchmarks gave up their gains in the
afternoon and closed lower. The S&P 500 Index slipped 0.1
percent to 2,475.43 on Thursday and the Nasdaq Composite closed
0.63 percent lower to 6,382.19, while the Dow Jones Industrial
Average gained 86.94 points to 21,797.95. Recent strong earnings
results from technology companies sent the Nasdaq index to record
highs before Thursday's decline. The tech-heavy Nasdaq is one of
the best-performing indexes this year. The composite index gained
18.53 percent year-to-date, outperforming the S&P 500 and the
Dow Jones. Alphabet Inc. (NASDAQ: GOOGL), Advanced Micro Devices,
Inc. (NASDAQ: AMD), Facebook, Inc. (NASDAQ: FB), PayPal Holding,
Inc. (NASDAQ: PYPL), Amazon.com, Inc. (NASDAQ: AMZN)
Art Hogan, Chief Market
Strategist at Wunderlich Securities in New York, said in a Reuters report, "The
general sentiment of the market coming into the day was that
transportation stocks are telling us something that we're not
paying attention to. You've got a general feeling a lot of good
news is priced in to this market. That holds with technology. The
problem with momentum stocks, once they start heading in a
direction they get there violently and that's what we're seeing
today."
Alphabet Inc. (NASDAQ: GOOGL) on Monday reported
second-quarter financial results that beat analyst estimates.
Shares still fell as the company's profit was hit by a European
anti-trust fine as well as weak key metrics. Revenue rose 21
percent to $26.01 billion in the
second quarter, compared with $21.5
billion a year earlier. The company accounted the entire
$2.7 billion fine during the quarter
as it earned $5.01 per share. Wall
Street analysts had expected Alphabet to post earnings of 4.49 per
share on $25.6 billion in revenue.
Cost per click, a metric that calculates how an advertiser pays
Google when the ad is clicked, dropped 23 percent from a year
ago.
Advanced Micro Devices, Inc. (NASDAQ: AMD), an American
chip company, on reported better-than-expected second-quarter
earnings and raised its full year guidance, sending its shares up
over 8 percent during Tuesday's after-hours trading session. The
company reported a 19 percent increase in revenue to $1.22 billion, compared to analysts' expectations
of $1.16 billion, and beat on EPS by
2 cents. Advanced Micro Devices
raised its full year forecast, betting on demand for its graphics
chips and Ryzen processors and expecting annual revenue to increase
by 'a mid to high teens percentage' rather than its previous
outlook of low double-digit percentage revenue growth.
Facebook, Inc. (NASDAQ: FB) shares surged
to all-time high after the company posted much higher
second-quarter profit due to strong growth in its mobile
advertising business. Shares of Facebook rose over 5 percent in
extended trading on Wednesday. The company said revenue jumped 44.7
percent to $9.32 billion in the
second quarter, beating analysts' estimates of $9.2 billion. Net income was $3.9 billion, or $1.32 a share, compared with $2.3 billion, or 78
cents, a year earlier. Most of the revenue came from mobile
advertising sales, which came at $8
billion, higher than analysts' expectation of $7.68 billion. Facebook now has more bargaining
power in its advertising business. The company's Chief Financial
Officer said the average price of an ad rose 24 percent.
PayPal Holding, Inc. (NASDAQ: PYPL) on
Wednesday released second quarter earnings that top analysts'
estimates and raised its guidance for the full year. The company
announced a revenue growth of 18 percent, up to $3.136 billion and non-GAAP EPS growth of 27
percent. The company now expects full year adjusted earnings per
share between $1.80 and $1.84.
Dan Schulman, President and CEO of
PayPal said, "Our strong results reflect PayPal's transformation
from a single product to a platform company, from a vendor to a
strategic partner to both merchants and ecosystem players, and from
a checkout option to an increasingly more central way for consumers
to manage and move their money."
Amazon.com, Inc. (NASDAQ: AMZN) reported second quarter
financial results that missed analyst expectations. Share
value fell sharply as the company reported an EPS of $0.40 which was way below analyst expectations of
$1.42. Amazon reported net
income of $197 million that was a
large decrease from the second quarter results from a year ago of
$857 million. Operating income
fell 51% to $628 million, compared to
second quarter financial results in 2016 of $1.3 billion. "Our teams remain heads-down
and focused on customers," said Jeff
Bezos, Amazon Founder and CEO.
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