A fresh wave of optimism swept through markets towards the end of the week after the latest employment data showed the economy added nearly one million new jobs last month and the jobless rate dropped to a new low.
Leading stock indexes extended last week’s rally and set new records. The S&P 500 index added around 20 points during the week, while the Dow Jones Industrial Average stayed above the 35,000-mark.
Earlier, professional services provider Accenture expanded its portfolio further by adding IT consulting firm LEXTA to its fold. Meanwhile, the bidding war for Veoneer reached the next level after chipmaker Qualcomm offered a whopping $4.6 billion for the Swedish auto parts company, outbidding closest contender Magna International.
Foot Locker expanded its foothold in the Asia-Pacific and North America with the acquisition of Atmos brand owner Text Trading Company and footwear retailer Eurostar, respectively. In another deal involving leading apparel brands, Levi Strauss agreed to acquire the active-wear brand Beyond Yoga.
Thriving on the sharp increase in online content consumption, thanks to the virus-induced shutdown, Take-Two Interactive, Activision Blizzard, and Electronic Arts reported robust second-quarter numbers early in the week – the first two game publishers on Monday and Tuesday respectively and the third one on Wednesday.
The main events that elicited investor interest on Wednesday were the quarterly releases of CVS Health, General Motors, and streaming platform Roku. Dropbox, Virgin Galactic, and Beyond Meat unveiled their second-quarter data on Thursday.
The second-quarter earnings release of AMC Entertainment, which created a buzz recently after the stock price shot up in a social media-driven buying spree, is due on August 9. The financial reports of Tyson Foods and software firm Trade Desk are on tap before the opening bell. The next day, Chesapeake Energy Corp. and cybersecurity firm McAfee will be reporting after the market’s close.
Key Earnings to Watch
Monday: Scientific Games Corp., Village Farms International, Air Products & Chemicals, Power Corporation of Canada, Tegna, Tyson Foods, Barrick Gold, Planet Fitness, comScore, Everbridge, and Avaya Holdings
Key US Economic Events
The following are notable companies which have reported their earnings last week. In case if you have missed catching up on their performance, click the respective links to skim through the transcripts to glean more insights.
If you want to listen to how management responds to analyst questions and the tone they use, you can head over to our YouTube channel to listen to conference calls on the go.
Starbucks Corporation (NASDAQ: SBUX) reported first quarter 2023 earnings results today. Consolidated net revenues increased 8% year-over-year to $8.7 billion, in line with projections. Global comparable store sales increased
Alphabet Inc. (NASDAQ: GOOGL, GOOG) on Thursday reported a 1% increase in fourth-quarter 2022 revenues, with strong contributions from the cloud business. The company, which owns the largest internet search
Harley-Davidson, Inc. (NYSE: HOG) reported fourth quarter 2022 earnings results today. Revenue increased 12% year-over-year to $1.14 billion. Net income attributable to Harley-Davidson, Inc. rose 94% YoY to $42 million,