2021-10-28 09:41:38 UTC
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  • Twitter tanks on earnings announcement
  • After missing on earnings estimates, Twitter opens Wednesday down 9%, despite its impressive ability to weather Apple’s advertising storm.
  • Twitter saw its shares edge up in after-hours trading despite dramatically missing on earnings estimates, after impressing investors with its ability to weather Apple’s advertising storm. Twitter reported its third quarter report on Tuesday, which missed earnings expectations by a mile but showed impressive advertising revenue numbers – investors had been worried after Snap ([url=https://www.tradingview.com/symbols/NYSE-SNAP/]SNAP[/url]) last week [url=https://www.reuters.com/technology/snap-tumbles-drags-social-media-giants-apple-privacy-tweak-worries-2021-10-22/]warned[/url] just how much Apple’s recent privacy changes have taken a toll on advertising revenues across the board. Twitter [url=https://s22.q4cdn.com/826641620/files/doc_financials/2021/q3/Final-Q3'21-earnings-release.pdf]reported[/url] a loss per share of $0.54 cents compared to the $0.15 in earnings per share analysts had expected, having taken a hit from a [url=https://www.theverge.com/2021/9/20/22683828/twitter-809-million-settlement-securities-monthly-users-investors-engagement]$809.5 million legal settlement[/url] in September. Revenue came in about on par with [url=https://www.cnbc.com/2021/10/26/twitter-reports-third-quarter-revenue-growth-of-37percent-and-says-apple-changes-had-minimal-impact.html]expectations[/url] at $1.28 billion, up 37% from the year before. Twitter also saw its user count jump 13% to 211 million, and after a “modest” impact from Apple’s recent privacy changes, the company reported an increase of 41% in advertising revenue to $1.14 billion. The company [url=https://variety.com/2021/digital/news/twitter-q3-2021-earnings-1235097992/]said[/url] in the earnings release: [quote]It is still too early for Twitter to assess the long-term impact of Apple’s privacy-related iOS changes, but the Q3 revenue impact was lower than expected, and we have incorporated an ongoing modest impact into our Q4 guidance.[/quote] Analyst Justin Post from Bank of America is behind the stock based on the advertising revenue the company is exposed to through its relationship with brands, [url=https://www.thestreet.com/investing/twitter-stock-slips-bofa-affirms-buy-cuts-price-target]writing[/url]: [quote]We reiterate our buy rating as Twitter has over 80% revenue exposure to brand revenues, revenue growth showed early signs of the brand-spend recovery we anticipated, and we think the second-half brand-advertising strength is possible as events return.[/quote] Despite the optimism, Twitter fell 8% in Wednesday morning trading.
  • AMD boosts the bulls
  • AMD comes in strong with its third quarter report thanks to surging chip demand, exceeding expectations on both earnings and revenue and getting hopes up for the quarter to come.
  • AMD comes in strong with its third quarter report thanks to surging chip demand, exceeding expectations on both earnings and revenue and getting hopes up for the quarter to come. Advanced Micro Devices released its third quarter earnings on Tuesday, [url=https://ir.amd.com/news-events/press-releases/detail/1027/amd-reports-third-quarter-2021-financial-results]reporting[/url] earnings per share of $0.73 on $4.31 billion in revenue compared to [url=https://www.cnbc.com/2021/10/26/amd-earnings-q3-2021.html]expectations[/url] of $0.67 in earnings per share and revenue of $4.12 billion. Earnings are up 16% from the same period the year before, and revenue has increased a whopping 54% in that time as the global chip shortage has sent demand surging for AMD products. The results have been even [url=https://www.cnbc.com/2021/10/21/intel-intc-earnings-q3-2021.html]more impressive[/url] to analysts considering rival chip maker Intel’s ([url=https://www.tradingview.com/symbols/NASDAQ-INTC/]INTC[/url]) earnings report last week, which saw sales take a major hit amid the shortage. For a while now, AMD has been [url=https://www.marketwatch.com/story/amd-earnings-look-to-again-succeed-where-intel-disappointed-11634942264]delivering where Intel can’t[/url], taking over more of the market share with every earnings report. AMD added a cherry on top of its yummy quarter with its fourth quarter [url=https://www.reuters.com/technology/advanced-micro-devices-forecasts-current-quarter-revenue-above-estimates-2021-10-26/]guidance[/url] – the chip maker is expecting $4.5 billion in sales for the upcoming quarter, ahead of expectations of $4.25 billion, and hopes to report annual growth of 39%. AMD CEO Lisa Su said: [quote]Semi-custom revenue grew sequentially and year-over-year as demand for the latest Microsoft and Sony consoles remains very strong. We expect semi-custom revenue to increase sequentially in the fourth quarter as we further ramp supply to address the ongoing game console demand.[/quote] Cowen analyst Matthew Ramsay, who has an outperform rating and a $120 price target on the stock, said: [quote]We continue to monitor the PC market for signs of demand slowing or supply improving. We believe datacenter passing a quarter of AMD’s business could draw investor attention.We remind investors that the most important business for AMD remains datacenter, which we estimate doubled in 2020, with CEO Lisa Su noting she sees the business momentum accelerating in 2021.[/quote] AMD lifted 1% in after-hours trading.
  • The DoJ has it in for Apple
  • News hits that Apple is likely to be the subject of a lawsuit following a probe by the U.S. Department of Justice.
  • News hits that Apple is likely to be the subject of a lawsuit following a probe by the U.S. Department of Justice. A months-long probe into Apple and its alleged antitrust behaviour from the DoJ is looking increasingly likely to end in a [url=https://www.theinformation.com/articles/apple-very-likely-to-face-doj-antitrust-suit]lawsuit[/url], mounting on news that Russian regulators are also [url=https://www.macrumors.com/2021/10/27/russia-investigation-app-store-behavior/]investigating[/url] the App Store’s monopoly.
  • The good news piles up
  • Just after lighting the EV market on fire with its brand new $1 trillion valuation, Tesla reaches yet another record high on the back of a bullish Morgan Stanley report.
  • Just after lighting the EV market on fire with its brand new $1 trillion valuation, Tesla reaches yet another record high on the back of a bullish Morgan Stanley report. Tesla popped just under 7% on Tuesday to a new record high of $1,094.94, just one day after crossing the $1,000 mark and becoming the first automaker to ever hit a [url=https://www.tradingview.com/symbols/NASDAQ-TSLA/history-timeline/#teslas-feeling-on-top-of-the-world-2021-10-26]$1 trillion[/url] market cap. The boost came on the back of [url=https://www.bloomberg.com/news/articles/2021-10-25/tesla-target-hiked-at-morgan-stanley-after-extraordinary-sales]bullish coverage[/url] from Morgan Stanley, which boosted its price target on the stock by over a third. Analyst Adam Jones reiterated his Overweight rating on Tesla, increasing his price target by $300 thanks to the company showing manufacturing leadership. Jones [url=https://www.thestreet.com/markets/tesla-stock-leaps-on-morgan-stanley-price-target-boost-to-1200]said[/url]: [quote]The Tesla you see today is the product of pre-COVID, sub $100 billion Tesla. The Tesla you'll likely see over the next 12 to 18 months would demonstrate the capabilities of the trillion dollar Tesla, emphasizing step-changes in manufacturing, cost reduction ... expansion in capacity, model lineup and services offerings.[/quote] It’s been a week of [url=https://www.bloomberg.com/news/articles/2021-10-25/tesla-target-hiked-at-morgan-stanley-after-extraordinary-sales]good news[/url] for Tesla, who in addition to a new milestone also inked a deal for 100,000 vehicles with Hertz and had its Model 3 named the most popular cart in Europe. After its initial pump, Tesla ended Tuesday down 0.63%.
  • Icc1977 / Wikimedia Commons
  • Crypto trading slump weighs down HOOD earnings
  • Online brokerage Robinhood releases its third quarter earnings, which are brought down by a sharp decline in crypto trading on the platform, sending shares sinking over 11% in Wednesday morning trading.
  • Online brokerage Robinhood releases its third quarter earnings, which are brought down by a sharp decline in crypto trading on the platform, sending shares sinking over 10% in after hours trading. Shares of Robinhood lost ground in after hours trading on Tuesday after the popular platform [url=https://investors.robinhood.com/news/news-details/2021/Robinhood-Reports-Third-Quarter-2021-Results/default.aspx]released[/url] its second earnings as a public company, which came with a huge miss on revenue expectations and disappointing guidance. Robinhood reported losses per share of $2.06 on revenues of $364.9 million, missing on both ends compared to [url=https://www.coindesk.com/business/2021/10/26/robinhood-shares-fall-as-crypto-trading-revenue-declines-sharply/]expectations[/url] of $0.67 in losses per share on revenue of $423.9 million. Average revenue per user actually decreased 36% to $64, and funded accounts fell to 22.5 million with only 660,000 new accounts opened – compared to 5 million in the second quarter, there’s been a clear [url=https://www.ft.com/content/4d67862d-5b4b-4c96-be4f-749a3e1b7962]decrease in trading demand[/url] post-pandemic. While revenue was up 35% from the same period the year before, the numbers were way below expectations thanks to a dramatic [url=https://www.fnlondon.com/articles/robinhood-posts-revenue-drop-on-dampened-crypto-trading-20211027]drop in crypto trading[/url] activity in the third quarter. Crypto transactions brought in only $51 million in revenue for Q3, down a whopping 78% from the quarter before as people returned to their post-pandemic norms and the retail trading boom sizzled out after an unprecedented first half to the year. Robinhood execs have said that the Q2 boom was unsustainable anyway, and going forward the company is looking for more sustainable and solid growth. Robinhood CFO Jason Warnick [url=https://www.cnbc.com/2021/10/26/robinhood-third-quarter-earnings-2021.html]said[/url]: [quote]Q2 was kind of one of those idiosyncratic market events where there’s this massive interest specifically in doge. We love it when those moments happen. It’s a great way to bring a lot of new customers onto the platform. But we’re really thinking about investing in crypto over the long term. And so it’s you know, frankly, it’s gonna be impossible for us to accurately predict ... revenue on a quarter-to-quarter basis.[/quote] Going forward, the company said that it forecasts revenue of less than $325 million for the fourth quarter, saying that the pressure from this quarter is likely to continue on through the end of the year. Mike Bailey, an analyst at FBB Capital Partners, said in a note to clients, added his [url=https://www.bloomberg.com/news/articles/2021-10-26/robinhood-crypto-trading-craters-as-revenue-misses-estimates]two cents[/url]: [quote]If this quarter is a hint of what’s to come, in terms of volatility, I would expect sentiment and the valuation multiple to drop. The Robinhood sales miss contrasts with the more favorable trading revenue for the big banks and brokers, which may have led investors to anticipate higher trading volumes for Robinhood.[/quote] Prices spiralled down over 11% in Wednesday morning trading.
  • Google sails ahead to beat earnings expectations
  • Alphabet releases third quarter earnings that beat on both the top and bottom lines, boasting impressive advertising numbers despite Apple’s privacy changes.
  • Snap ([url=https://www.tradingview.com/symbols/NYSE-SNAP/]SNAP[/url]) got big tech investors [url=https://www.reuters.com/technology/snap-tumbles-drags-social-media-giants-apple-privacy-tweak-worries-2021-10-22/]worried[/url] last week after the social media giant warned just how much Apple’s recent privacy changes have taken a toll on advertising revenues across the board, but Google managed to buck the trend to report strong numbers. Alphabet beat on both the top and bottom lines, [url=https://abc.xyz/investor/static/pdf/2021Q3_alphabet_earnings_release.pdf?cache=f1ba3f6]reporting[/url] earnings per share of $27.99 on revenue of $65.12 billion (its highest revenue in 14 years), [url=https://www.cnbc.com/2021/10/26/alphabet-goog-earnings-q3-2021.html]exceeding expectations[/url] of $23.48 in earnings per share on revenue of $63.34 billion. Its cloud unit was part of the reason revenue came in so high, having seen a 45% jump to $4.99 billion thanks to heavy investment in the segment as it tries to keep up with Amazon ([url=https://www.tradingview.com/symbols/NASDAQ-AMZN/]AMZN[/url]) and Microsoft ([url=https://www.tradingview.com/symbols/NASDAQ-MSFT/]MSFT[/url]). CEO Sundar Pichai [url=https://www.ft.com/content/273aeecb-57a8-40f8-a2ba-8a21a635b289]said[/url]: [quote]This quarter’s results show how our investments there are enabling us to build more helpful products for people and our partners. Ongoing improvements to Search, and the new Pixel 6, are great examples. And as the digital transformation and shift to hybrid work continue, our Cloud services are helping organizations collaborate and stay secure.[/quote] Clearly their actions have seen some positive return, and Scott Kessler, an analyst with Third Bridge, [url=https://www.ft.com/content/273aeecb-57a8-40f8-a2ba-8a21a635b289]said[/url]: [quote]What Google has been doing, in terms of focusing on and offering products around analytics and (artificial intelligence) and (machine learning), that was really a differentiator for them.[/quote] All eyes were Google’s [url=https://www.barrons.com/articles/alphabet-stock-price-google-earnings-51635280754?tesla=y]advertising revenue[/url] after Apple changed the way that social media platforms could use data to target consumers a few months ago, which the company seems to have overcome to boast a 43% jump in ad revenue to $53.13 billion – $7.21 billion of which was thanks to YouTube advertising revenue. Facebook’s ([url=https://www.tradingview.com/symbols/NASDAQ-FB/]FB[/url]) earnings on Monday also [url=https://www.reuters.com/technology/facebook-ad-revenue-seen-feeling-brunt-apple-privacy-changes-2021-10-25/]cited[/url] the changes, but Google’s advantage is that it owns the Android operating system, which gives it a treasure chest of personal data on a bunch of people and leaves it less reliant on Apple. Alphabet lifted in Tuesday after-hours trading.
  • GameStop calls in the NFT experts
  • GameStop is diving headfirst into its NFT feature and assembling the best of the best to build the platform, sending prices popping in Tuesday trading.
  • GameStop is diving headfirst into its NFT feature and assembling the best of the best to build the platform, sending prices popping in Tuesday trading. GameStop has recently unveiled [url=https://www.coinspeaker.com/gamestop-nft-marketplace-ethereum/]plans[/url] for a new NFT marketplace, and given the competitive market at the moment, the company is going all in on making sure it’s top quality. The meme stock is bringing together a team of experts, and social media was scattered with retail trading fans praising the company for the move. Redditor u/Donnybiceps [url=https://cointelegraph.com/news/redditors-cheer-as-gamestop-assembles-team-of-nft-experts]said[/url]: [quote]NFT is the future and those who haven’t climbed the GME despite knowing all of these pointers should blame themselves for not thinking it through.[/quote]
  • Luke Jones / Unsplash
  • ‘Crypto’s General Store’
  • Coinbase pops on Tuesday morning after Citi initiates bullish coverage on its stock, calling it “Crypto’s General Store”.
  • Popular crypto trading platform Coinbase was on the receiving end of [url=https://www.coindesk.com/business/2021/10/26/citi-initiates-coverage-of-coinbase-with-415-price-target-says-buy-cryptos-general-store/]bullish coverage[/url] from Citi on Monday, which assigned a buy rating and a $145 price target to the stock, and advised clients to Buy what they referred to as the “[url=https://cryptobriefing.com/citi-targets-415-for-cryptos-general-store-coinbase/]crypto general store[/url]”. The optimism was based on the increased institutional adoption of crypto, which Coinbase gives consumers direct access to. The $145 price target is a premium of just under 40% from its Monday closing price, and comes despite the threat of a [url=https://techcrunch.com/2021/09/22/coinbase-to-propose-a-federal-regulatory-framework-for-crypto-to-u-s-officials-within-the-next-month/]regulatory crackdown[/url] on the crypto sector. Citi analysts said: [quote]To a degree, we think rising regulations could be a positive for Coinbase’s competitive positioning, particularly versus business models that predominantly rely on markets being unregulated[/quote] Despite its early morning pop, Coinbase ended the day down 1.86% and continued its losses into Wednesday morning trading.
  • Cloud services bring in the big bucks for MSFT
  • Microsoft smashes revenue expectations with its first fiscal quarter earnings thanks to its booming cloud services segment.
  • Microsoft smashes revenue expectations with its first fiscal quarter earnings thanks to its booming cloud services segment. The pandemic fuelled a run on cloud computing as the world moved into their own living rooms, and that momentum has continued into the third quarter for Microsoft. The tech giant beat on both the top and bottom lines with its first quarter 2022 [url=https://www.microsoft.com/en-us/investor/earnings/fy-2022-q1/press-release-webcast]release[/url], reporting earnings per share of $2.27 on revenues of $45.32 billion, above [url=https://www.cnbc.com/2021/10/26/microsoft-msft-earnings-q1-2022.html]forecasts[/url] of $2.07 in earnings per share on $43.97 billion in revenue. The company boasted net income that saw a 48% jump to $20.5 billion, and revenue was up 22% from the same period last year – its [url=https://www.ft.com/content/273aeecb-57a8-40f8-a2ba-8a21a635b289]highest growth[/url] in revenue since 2014. Microsoft's Cloud services were the [url=https://www.ft.com/content/273aeecb-57a8-40f8-a2ba-8a21a635b289]star of the show[/url], delivering just under $17 billion in revenue, beating expectations of $16.51 and up over 30% from the same period last year. Going forward, Microsoft is forecasting revenues between $50.15 billion and $51.05 billion, above expectations of $48.92 billion, [url=https://www.ft.com/content/273aeecb-57a8-40f8-a2ba-8a21a635b289]saying[/url]: [quote]We expect healthy broad-based growth in our Azure consumption business consistent with recent trends and our user business, while continuing to benefit from Microsoft 365 momentum to see a moderation of growth rates given the size of the install base.[/quote] Analysts and investors were pleased, to say the least, with Jefferies analyst Brent Thill [url=https://www.ft.com/content/273aeecb-57a8-40f8-a2ba-8a21a635b289]gushing[/url]: [quote]I don’t know how much better it can get from Microsoft. To grow at that rate, at their size, is insane. I have no other way to put it.[/quote] Sentiment about FY22 Q2 is equally as positive in the market, with Microsoft and its Azure unit – which saw 50% growth in the first fiscal quarter – expected to be one of the biggest benefactors of the global switch over to the Cloud. Dan Ives of Wedbush [url=https://www.ft.com/content/273aeecb-57a8-40f8-a2ba-8a21a635b289]added[/url]: [quote]With workforces expected to have a heavy remote focus, we believe the cloud shift is just beginning to take its next stage of growth globally.[/quote] Microsoft lifted 2% in after-hours trading on Tuesday.
  • A cross-border spending spree
  • Visa crushes its third quarter earnings thanks to a jump in cross-border payments, but shares sink as investors react to modest guidance.
  • Visa beat both the top and bottom lines with its third quarter earnings release, reporting earnings per share of $1.62 on revenue of $6.56 billion, compared to [url=https://www.cnbc.com/2021/10/26/stocks-making-the-biggest-moves-after-hours-robinhood-microsoft-amd-more.html]expectations[/url] of $1.54 in earnings per share and $6.53 billion in revenue. The better-than-expected numbers were [url=https://www.bloomberg.com/news/articles/2021-10-26/visa-gains-after-bigger-than-expected-jump-in-overseas-spending]driven[/url] by an impressive rebound in post-pandemic spending, specifically in international credit card spending cross border spending volume – which increased 37% in the quarter to hit its highest levels since the pandemic began. Visa CEO Alfred Kelly [url=https://s1.q4cdn.com/050606653/files/doc_financials/2021/q4/Visa-Inc.-Fourth-Quarter-and-Full-Year-2021-Financial-Results.pdf]said[/url]: [quote]Our performance was driven by the continuation of the recovery in many global economies and the increased diversification of our revenue with new flows and value added services. Looking ahead, Visa is even better positioned for the future as cross-border travel recovers and we continue to drive the rapid growth of digital payments and enable innovation in money movement globally.[/quote] International spending is a [url=https://www.pymnts.com/earnings/2021/visa-x-border-payments-volumes-surge-38/]particularly lucrative[/url] area for Visa thanks to the high fees it’s able to charge. Going forward though, the payments company warned that border closures are still [url=https://www.marketwatch.com/story/visa-tops-earnings-expectations-boosts-dividend-11635280796]looming large[/url], and spending may lose momentum if in-bound travel to the U.S. doesn’t resume soon. Chief Financial Officer Vasant Prabhu [url=https://www.bloomberg.com/news/articles/2021-10-26/visa-gains-after-bigger-than-expected-jump-in-overseas-spending]cautioned[/url]: [quote]Cross-border travel is recovering well, but it’s still well below pre-Covid levels, with the pace of recovery depending on border openings. Covid variants are still with us and vaccination rates remain low in large parts of the globe. With these factors as the backdrop, forecasting the trajectory of the return to normalcy remains difficult.[/quote] Visa lost 4% in Wednesday morning trading.
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