Wall Street Breakfast Podcast: Amazon, Apple Earnings On Tap


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Apple (AAPL) Q3 preview: iPhone, India and AI all in focus. (00:34) Amazon (AMZN) analysts upbeat on upcoming outcomes: Earnings preview. (01:28) JPMorgan CEO Jamie Dimon says Fitch U.S. rankings downgrade is `ridiculous’. (02:25)

That is an abridged transcript of the podcast.

Apple is slated to report (NASDAQ:AAPL) fiscal third-quarter outcomes after the shut of buying and selling right this moment and traders shall be searching for the U.S. tech big to provide updates on the iPhone, its standing in India and any information associated to synthetic intelligence.

Wedbush Securities analyst Dan Ives, who has an outperform ranking on Apple (AAPL), mentioned that latest provide chain checks from Asia ought to present “not less than” in-line outcomes with potential for income from the iPhone to high estimates, citing a “clear uptick” in demand in China, together with greater common promoting costs.

A consensus of analysts are forecasting Apple to earn $1.19 per share on $81.82B in income.

The corporate has opened its first two official shops in India – one in Mumbai and the opposite in New Delhi – and Apple’s manufacturing companions have been constructing out capabilities within the nation.

Amazon.com (NASDAQ:AMZN) can also be set to report second-quarter earnings right this moment, with most analysts optimistic that outcomes will beat estimates.

The ecommerce retailer is predicted to report EPS of $0.35 and income of $131.6B for the second quarter. Working earnings is predicted at $4.7B, and a gross margin charge of 46.5%.

In the course of the earnings name, Amazon (AMZN) is predicted to subject its outlook for the total 12 months. Buyers may even doubtless be eyeing dialogue of AI innovation, healthcare-related alternatives and prices.

That is additionally on the heels of Prime Day in July, which shall be included within the firm’s third quarter report. AMZN famous that July 11 was the one largest gross sales day in its historical past and Prime members bought greater than 375M objects worldwide and saved greater than $2.5B, additionally a file.

Wednesday right here on Wall Avenue Breakfast we informed you concerning the Fitch downgrade of the U.S. long run ranking from AAA to AA+.

Nicely JPMorgan Chase CEO Jamie Dimon mentioned it’s “ridiculous.”

In a CNBC interview, he mentioned “It does not actually matter that a lot. The markets determine. It is not the ranking businesses that make these large choices.”

Dimon highlighted that there are a number of nations which are greater rated than the U.S., although the nations dwell below the American enterprise navy system.

“To have them be AAA and never America is form of ridiculous,” Dimon mentioned.

He went on to say that the U.S. “has the perfect financial system the world has ever seen, probably the most innovation. The credit score is sound. It needs to be the very best rated credit score on the planet.”

As well as, Dimon mentioned that the debt ceiling needs to be eradicated.

Different headlines to look out for on Looking for Alpha:

American Nicely down 6% on earnings, 2023 income outlook lower

PayPal inventory slides after in-line Q2 earnings, lively accounts quantity slips

Shopify’s gross sales beat; shares fluctuate postmarket

Airbnb earnings preview: Reporting amid a busy season, and after a tricky warning

Costco July internet gross sales soar almost 5%, comparable gross sales rise 2.5%

Salesforce mentioned to put off extra staff after January’s purge

On our catalyst look ahead to the day- Fisker (FSR) will present a primary take a look at its future product portfolio on the electrical automobile maker’s inaugural Product Imaginative and prescient Day occasion. The U.S. automaker mentioned it is going to unveil its strategic product roadmap. (Fisker evaluation)

Wall Avenue’s main averages misplaced floor on Wednesday, amid a flurry of main headlines together with the one concerning the downgrade in addition to personal payrolls.

The Nasdaq (COMP.IND) slumped 2.17%. The S&P 500 (SP500) slipped 1.38%. The Dow (DJI) retreated 0.98%.

Of the 11 S&P sectors, 9 ended buying and selling within the pink. Communication Providers, Client Discretionary and Tech, had been the three greatest losers. Client Staples and Well being Care had been the 2 gainers.

The ten-year yield (US10Y) was up 2 foundation factors to 4.07%, whereas the 2-year yield (US2Y) was down 3 foundation factors to 4.88%.

Now let’s check out the markets as of 6 am. Forward of the opening bell right this moment, Dow, S&P and Nasdaq futures are within the pink. The Dow is down 0.1%, the S&P 500 is down 0.1% and the Nasdaq is down 0.2%. Crude oil is up 0.1% at lower than $80 a barrel. Bitcoin is up 1.3%.

On the planet markets, the FTSE 100 is down 1% and the DAX is down 0.7%.

Our greatest inventory movers for the day premarket: EVgo (NASDAQ:EVGO) shares rose 13% as the corporate outperformed expectations in Q2 with top-line development of 457% Y/Y. Shares of Qualcomm (NASDAQ:QCOM) slipped greater than 8% after the semiconductor firm reported blended Q3 outcomes with weak This fall steerage.

On right this moment’s financial calendar, at 830am preliminary jobless claims and at 10am manufacturing facility orders.

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