US STOCKS-Apple and Alphabet pull Wall Street lower
Wall Street dropped on Friday, with Apple, Alphabet and other tech-related companies dipping despite recent strong quarterly earnings reports.
Nasdaq AMZN Amazon
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US STOCKS-S&P 500 falls, still on track for third straight month of gains
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US STOCKS-Wall Street drifts lower; S&P 500 on track for third straight month of gains
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US STOCKS-Wall Street set to take a breather; on track for weekly gains
Wall Street's three main indexes were set to fall at the open on Friday as investors hit pause after a barrage of strong earnings and upbeat economic data through the week drove the benchmark S&P 500 index to record level.
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US STOCKS-Futures retreat; main indexes on track for weekly gains
U.S. stock index futures retreated on Friday as investors hit pause after a barrage of strong earnings and upbeat economic data through the week drove the benchmark S&P 500 index to record levels.
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PREVIEW-Berkshire annual meeting to showcase Munger as he rejoins Buffett
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GLOBAL MARKETS-World shares near record high, euro upbeat on Fed, earnings
World stocks held near a record high and the euro was on course for its best month in nine as strong U.S. data and corporate earnings plus the Federal Reserve's commitment to support the economy fuelled investors' appetite for risk.
Amazon Delivers A Blowout Quarter With Strong Sales; Shares Gain
Amazon.com, Inc. (AMZN) reported better-than-expected 1Q results driven by higher revenues, which was fueled by outstanding performance in all segments. Shares of the e-commerce company rose 2.4% in Thursday’s extended trading session.
Amazon reported 1Q earnings of $15.79 per share that widely surpassed analysts’ expectations of $9.54 and more than tripled on a year-over-year basis. Adjusted net sales of $108.5 billion beat the Street’s estimates of $104.46 billion and grew 41% from the year-ago period.
The North America segment net sales surged 39% year-over-year and came in at $64.4 billion in the quarter, while International sales increased 50% to $30.6 billion. Additionally, net sales for the AWS unit were $13.5 billion, up 32%. (See Amazon stock analysis on TipRanks)
For 2Q, the company projects net sales to land between $110 billion and $116 billion, versus the consensus estimate of $108.68 billion. This would represent year-over-year growth of between 24% and 30%.
Following the 1Q results, Robert W. Baird analyst Colin Sebastian reiterated a Buy rating and a price target of $4,000 (15.2% upside potential).
Sebastian believes, “Q1 results support our near-term and longer-term positive view as Amazon’s quasi-subscription platform is benefiting from multiple and compounding tailwinds - Prime memberships, Seller services (including logistics/last-mile delivery) AWS, and advertising. AWS momentum also strong as a broader range of enterprises are adopting cloud infrastructure.”
“We also note that restrictions last year on warehouse capacity and non-essential products mean Amazon is less susceptible to tough e-commerce growth comps,” the analyst added.
Consensus among analysts is a Strong Buy based on 33 unanimous Buys. The average analyst price target stands at $4,131.19 and implies upside potential of 19% to current levels. Shares have gained 40.3% over the past year.
Additionally, Amazon scores a 9 of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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Alphabet Pops 4% After A Blowout Quarter, Google Cloud & Ad Revenues Outperform
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GLOBAL MARKETS-World shares near record high on Fed, earnings, but Asia slips
World stocks held near a record high as strong U.S. economic data, robust corporate earnings and the Federal Reserve's commitment to continue supporting the economy fuelled investors' appetite for risk.
GLOBAL MARKETS-Asian shares slip but economic optimism keeps world shares near record high
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Amazon Earnings Demolish Expectations: 5 Metrics You Should See
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Amazon (AMZN) Q1 2021 Earnings Call Transcript
Image source: The Motley Fool.
These 2 Stocks Could Send the Market to New Records on Friday
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Amazon expects spring windfall as U.S. economy reopens, posts record profits
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Amazon Q1 Profit Trounces Street View, Sales Surge 44%
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