Financialbuzz.com: 'Wild Volatile Market Swings' Earnings Recap Week Ending Oct. 26th, 2018

NEW YORK, October 26, 2018 /PRNewswire/ --

U.S. stocks had a shaky week after the Dow Jones Industrial Average plummeted to 25,574.85, falling 3.7% and erasing year to date gains. However, The Dow Jones rebounded on Thursday, jumping over 500 points, or 2.04%, after stronger-than-expected earnings reports. The Nasdaq Composite fell by 5.3% throughout the week, but opened 3.5% stronger on Thursday. The S&P 500 Index fell by 4.4% and also opened stronger, gaining 2.2%. Concerns over slowing global economies and weaker earnings drove stocks lower throughout the week. Weaker earnings by Caterpillar, 3M and AT&T also contributed to the loss early on in the week. Despite the market dragging down, Boeing, Microsoft, Tesla, Twitter and Shopify smashed their quarterly earnings, leading the strong opening on Thursday morning. Amazon and Alphabet both reported their financial results on Thursday after hours, and both companies missed estimates. Amazon shares plummeted 8.42%, while Google shares fell by 4.2% during after-hours. Microsoft Corporation (NASDAQ: MSFT), Tesla, Inc. (NASDAQ: TSLA), Amazon.com, Inc. (NASDAQ: AMZN), Alphabet Inc. (NASDAQ: GOOGL), Chipotle Mexican Grill, Inc. (NYSE: CMG).

The stronger earnings seemed to suppress investors' fear of the bearish market throughout the month of October. Fears regarding global policies and growth still remain among investors however. Although tech companies like Microsoft and Twitter were able to recover losses from earlier in the week, Amazon and Google's weaker than expected earnings could continue to drag the market down. "From a valuation standpoint, the market is very affordable after Wednesday's declines, and the economic fundamentals remain really solid," Randy Frederick, Managing Director of active trading and derivatives at Charles Schwab, told MarketWatch. He warned, however, that investor sentiment is cautious, as markets wait for more information on the health of the global economy, trends in global trade policy, and the results of upcoming elections. "This volatility is going to hang around until at least the midterms."

Amazon.com, Inc. (NASDAQ: AMZN) on Thursday reported third quarter revenue that fell short of analysts' estimates, sending its stock down roughly 5% in after-hour trading. The e-commerce giant said revenue rose 29% to USD 56.6 Billion in the quarter ended September 30^th, 2018, missing analysts' estimates of USD 57.1 Billion. Net income jumped more than 10-time to USD 2.8 Billion from USD 256 Million in the same period a year ago. Operating income rose to USD 3.7 Billion in the third quarter, compared with operating income of USD 347 Million in third quarter 2017.

Alphabet Inc. (NASDAQ: GOOGL) reported financial results for the third quarter on Thursday. Google's parent company beat earnings estimates but fell short of revenue expectations, sending its shares down as much as 4.4% in after-hours trading. Alphabet's revenue increased 21% to USD 33.7 Billion in the third quarter, missing analysts' expectation of USD 34.04 Billion. The advertising business accounted for most of revenue, reaching USD 28.95 Billion. Net income was USD 9.19 Billion, or USD 13.06 per share, in the third quarter, compared to USD 6.73 Billion, or USD 9.57 per share, in the same period a year ago.

Microsoft Corporation (NASDAQ: MSFT) reported its quarterly earnings report on Wednesday and surpassed analyst' estimates, sending shares 5.8% higher on Thursday. Revenue across the Company's segment showed strong growth, especially in its cloud segment. For their first quarter, Microsoft reported earnings per share of USD 1.14, topping analysts' estimates of USD 96 cents. Revenue was reported at USD 29.08 Billion, also beating analysts' estimates of USD 27.9 Billion.

Tesla, Inc. (NASDAQ: TSLA) reported its quarterly financial results and crushed analysts' earnings estimates, sending shares 10.2% higher on Thursday. The stronger than expected earnings were due to Tesla's Model 3 delivery and production, allowing it to return to profitability. For the third quarter, Tesla reported revenue of USD 6.82 Billion, increasing 128.9% year over year and topping estimates of USD 6.33 Billion. The Company reported an adjusted earnings per share of USD 2.90, increasing from a loss of USD 2.92 per share last year and smashing analysts' estimates of an earnings per share loss of 19 cents.

Chipotle Mexican Grill, Inc. (NYSE: CMG) on Thursday reported third quarter earnings that beat analysts' expectation. However, same-store sales fell short of analysts' estimates. Shares of the Company were up about 1% in the after-market trading. Revenue increased 8.6% to USD 1.2 Billion in the quarter ended September 30^th, 2018. The Company said the increase was driven by new restaurant openings and a 4.4% increase in comparable restaurant sales. The Company opened 28 new restaurants during the quarter and closed or relocated 32. Net income for the third quarter of 2018 was USD 38.2 Million, or USD 1.36 per diluted share, compared to net income of USD 19.6 Million, or USD 0.69 per diluted share, in the same period a year ago.

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