The us equity rally is being supported by better NTM earnings as well as multiple expansion, the latter driven mostly by Tech.
Source: Barclays, TME
Earnings for the Week of February 5, 2024
source : earnings whispers
US Earnings season UPDATE
Q4 GAAP EPS +16% higher than a year ago after 46% of S&P 500 companies have reported. Note that Beats are rewarded like never before. We have seen sharp moves for positive surprises led by large cap constituents. Source. Factset, TME
The performance differential between Nasdaq 100 (Tech) and Russell 2000 (us small-caps) is extreme.
Yet the earnings gap between Mega Cap Tech Stocks and Small Caps has widened to all an all-time high. Source: Barchart
Mentions of Job Cuts in Earnings Calls Hits Pandemic Peak
Layoffs are being mentioned on US earnings calls at the HIGHEST rate since the pandemic, according to Bloomberg. Source: Bloomberg, Genevieve Roch-Decter, CFA
In 1997, Apple lost $1 billion. Today? $1 billion in profit every 3 days.
Source: Jon Erlichman
Amazon on Thursday reported fourth-quarter results that sailed past analysts’ estimates, and gave strong guidance for the current quarter.
The stock climbed more than 8% in extended trading. $AMZN Amazon Q4 FY23: • Revenue +14% Y/Y to $170B ($3.7B beat). • Operating margin 8% (+2pp Y/Y). • FCF $37B TTM. AWS: • Revenue +13% Y/Y to $24.2B. • Operating margin 30% (+5pp Y/Y). Q1 FY24 Guidance: • Revenue ~$138-$143B ($142B expected).
BREAKING: Meta stock, $META, soars 13% after beating earnings expectations and announcing a quarterly dividend with a $50 billion stock buyback.
The stock has added $130 billion in market cap in just 15 minutes. For the first time in history, $META now has a market cap of $1.1 trillion. It is officially the 7th largest public company in the world. Source: Barchart, The Kobeissi Letter
