Earnings movers: Intel, Amazon fly up in late trade after rough day session for Big Tech
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Intel (NASDAQ:INTC) and Amazon (NASDAQ:AMZN) marched higher late Thursday as investors embraced their quarterly financial updates, with the share-price gains coming after tech stocks suffered in the regular session.
Heading into after-hours trade, the Nasdaq Composite (COMP:IND) sank 2.76%, its worst day since early September. The S&P 500’s (SP500) Information Technology sector slumped 2.2%, leading the S&P 500 (SP500) down 1.86%, resulting in a loss for October.
Downside pressure points were Microsoft (MSFT) and Meta (META), losing 6.1% and 4.1%, respectively. Each company surpassed quarterly expectations for top- and bottom-line results, but Microsoft (MSFT) trimmed its revenue view for its Azure cloud segment. Meanwhile, analysts expressed concerns over Meta’s (META) heavy capital-spending plans, including for artificial intelligence (AI) processes.
In Thursday’s late-trading session:
Intel (INTC) +9.3% to $23.51 as Q3 results and guidance came in largely ahead Street projections, and the company showed progress on its restructuring.
Amazon (AMZN) +4.6% to $195.16, with Q3 operating income above expectations and solid guidance for the holiday quarter.
Apple (NASDAQ:AAPL) -2% at $221.40 as the iPhone and Mac maker’s fiscal fourth-quarter topped expectations, but revenue of $24.97B from its key Services division fell short of the $25.27B consensus estimate.
Here are a few S&P 500 (SP500) ETFs: (SPY), (VOO), (IVV), and (SDS).