Jul 22, 2022 | Market Updates

During Market hours Yesterday  (Thursday – 21.07.2022):

  • The Dow (Symbol: DIA) went up +0.52%. The S&P 500 (Symbol: SPY) gained +1.02%. and the Nasdaq (Symbol: QQQ) jumped +1.44%.
  • Tesla (Symbol: TSLA) – Tesla rose +9.8% a day after the automaker reported earnings that were slightly better than Wall Street expected in the second quarter. Tesla posted adjusted earnings of $2.27 per share on $16.93 billion in revenue, compared to expected earnings of $1.81 per share on revenue of $17.10 billion, according to Refinitiv.
  • AT&T (Symbol: T) – Shares of the telecom giant plunged -7.6% after AT&T trimmed its free cash flow guidance for the full year. AT&T topped analysts’ estimates on the top and bottom lines in the second quarter, posting adjusted earnings of 65 cents a share on revenues of $29.64 billion.
  • Philip Morris (Symbol: PM) – Philip Morris’ shares gained +4.2% after the company reported quarterly earnings that beat analyst expectations. The cigarette maker also increased its growth expectations for profit going forward.
  • Discover Financial (Symbol: DFS) – Shares of Discover Financial Services slumped -8.9% after the company announced it would suspend share buybacks and had started an investigation into compliance in its student loan servicing business. The company also announced quarterly earnings that beat expectations but were overshadowed.

During Premarket hours today – (Friday – 22.07.2022):

  • American Express (Symbol: AXP) – American Express rallied +4.5% in the premarket after beating top and bottom line estimates for the second quarter. Card members registered record spending, driven by a rebound in travel and entertainment.
  • Verizon (Symbol: VZ) – Verizon fell -4.4% in the premarket after adjusted quarterly earnings fell short of estimates and the company cut its full-year forecast. Verizon is seeing its phone subscriber growth impacted by higher prices.
  • Twitter (Symbol: TWTR) – The social media stock fell -2% in premarket trading after the company reported disappointing second-quarter results. Twitter posted a loss of 8 cents, compared to an expected earnings of 14 cents, according to Refinitiv. Its revenue slid 1% year-over-year to $1.18 billion, which fell short of analysts’ projected $1.32 billion. Twitter partially blamed the revenue drop on ad industry headwinds tied to the broader macro environment, as well as uncertainty related to the pending take-over deal by Elon Musk.
  • Snap (Symbol: SNAP) – Snap tumbled -30.3% in the premarket after the Snapchat parent reported a wider-than-expected quarterly loss and its slowest sales growth since going public. It also said current quarter sales are on pace for a flat performance, compared with a year ago, amid tougher economic conditions and growing competition for digital ad dollars.

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