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Nasdaq Surges on Tech Earnings

Thursday, October 24, 2019 09:22 AM | Brad Spears

First Look

Major indices are higher ahead of the open Thursday morning, with the Nasdaq leading the way. Shares of Tesla (TSLA) are up 17.5% in the pre-market after posting quarterly earnings that beat earnings per share estimates and reporting GAAP profitability and positive free cash flow. Paypal (PYPL) is up 8.4% after reporting EPS and revenue in-line with analysts' estimates. Spirit Airlines (SAVE), Comcast (CMCSA), and Microsoft (MSFT) are all up from the close after earnings reports. Shares of Twitter (TWTR) are down 18.9% after the company's quarterly report missed both EPS and revenue estimates. The company also issued downside guidance for Q4. Ebay (EBAY) is down 7.8% after issuing downside guidance for Q4, despite beating EPS expectations and reporting revenues in-line with analysts' estimates. Investors will also be looking for earnings figures from Amazon.com (AMZN), which reports after the bell today. The Nasdaq is up 0.61%, the S&P 500 is up 0.21%, the Dow Jones is up 0.18%.

Today's Sentiment

Neutral

Quote of the Day

I am certain there is too much certainty in the world.
Michael Crichton

Daily Action Trade

Stocks on the Move

Paypal Holdings Inc (PYPL), Lam Research Corporation (LRCX) and Applied Materials, Inc. (AMAT) are moving higher this morning, while Twitter Inc (TWTR), eBay Inc (EBAY) and Ford Motor Company (F) are headed lower. Applied Materials, Inc. (AMAT), 8x8, Inc. (EGHT) and Reliant Bancorp Inc (RBNC) were upgraded by analysts this morning, while eBay Inc (EBAY), iRobot Corporation (IRBT) and Ford Motor Company (F) were downgraded.

International Markets

Stocks in Asia are mixed. The Hang Seng is up 0.87%, the Nikkei 225 is up 0.55%, the Australia ASX All Ordinaries is up 0.27% the Shanghai SE Composite Index is down -0.02% and the Mumbai Sensex is down -0.11%. In Europe stocks are up. The FTSE 100 is up 0.79%, the DAX is up 0.48%, the CAC 40 is up 0.36% and the Euro Stoxx 50 is up 0.31%.

Futures & Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is down -0.02 at 55.95 per barrel. Brent crude is up 0.04 at 61.21 per barrel. Natural Gas is up 0.04 at 2.32. Precious metals are mixed this morning. Gold is down -2.2 at 1493.5 per ounce. Platinum is up 5.63 at 922.1 while silver is down -0.03 at 17.55. The dollar is mixed compared to the major currencies today. The greenback is up against the euro, down against the Yen and up against the Pound.

Put/Call Ratio

Yesterday, 992,236 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 662,944 put contracts. The single-session put/call was 0.67 while the 20-day moving average is now at 0.67.

Today's Economic Calendar

No. What's Happening? Period Release Time
1 Initial Claims 10/19 08:30
2 Continuing Claims 10/12 08:30
3 Durable Goods Sep 08:30
4 Durable Orders Sep 08:30
5 New Home Sales Sep 10:00
6 EIA Natural Gas Inventories 10/19 10:30

Earnings Expected Today

AEP, AFL, AMZN, AZN, BAX, CMCSA, COF, DHR, DOW, GILD, HSY, ILMN, INTC, MMM, NOC, RTN, TWTR, V, VLO

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