Stock markets took the beating from the not-so-impressive performance by technology companies this week, thanks to the virus-related uncertainty and the spike in new cases that resulted in fresh curbs in many regions including Europe.
Among the top tech firms, Apple (AAPL) on Thursday disappointed the market by reporting a double-digit fall in the sales of iPhone and withholding the guidance. The sell-off that followed the report spilled over to other technology stocks, including Facebook (FB) that issued a cautious full-year outlook.
The sentiment was also hurt by the continuing impasse over the stimulus package, which suffered a new setback after lawmakers suspended the talks. The Dow Jones Industrial Average extended the recent weakness and lost about 5% this week, shedding 86 points since the last session. Similarly, S&P 500 has dropped to 3,293.59 from 3,429.90 at the beginning of the week.
Meanwhile, it was a busy week for the corporate world, with some of the top companies publishing their latest quarterly reports. It was technology all along and the spotlight was on FAANG components Facebook, Amazon (AMZN), Alphabet (GOOGL) and Apple. Others that reported earnings this week include Microsoft (MSFT), Advanced Micro Devices (AMD), Boeing (BA), Mastercard (MA) and Visa (V).
After the hectic week, the earnings scene is getting leaner. The important firms reporting next week include PayPal (PYPL), with an earnings release scheduled for November 2, 2020. On Tuesday, Fox (FOXA) and healthcare firm Humana (HUM) are expected to unveil their quarterly numbers. Thursday will be a busy day as usual and Cigna (CI) and T-Mobile are among those reporting on that day.
Key Earnings to Watch
Key Corporate Conferences to Watch
Key Investor Days/AGMs to Watch
Key US Economic Events
The following are notable companies which have reported their earnings last week. In case if you have missed to catch 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.
For technology stocks, 2022 has been a challenging year, with companies losing significant market value amid prolonged stock selloff. In that respect, Salesforce, Inc. (NYSE: CRM) is among the worst-affected
Shares of Macy’s Inc. (NYSE: M) were down on Thursday. The stock has gained 36% over the past three months and 18% over the past one month. The company’s sales
Department store chain The Kroger Co. (NYSE: KR) on Thursday said its third-quarter sales and adjusted earnings increased year-over-year. The latest numbers also exceeded the market's expectations. Net earnings attributable to