Business and Finance News - 10.31.24

Upgrade to SKOOL PPROJEKT PREMIUM for exclusive content.

Alphabet's stock rose 6% after reporting third-quarter earnings that exceeded expectations, driven by a 35% increase in cloud revenue to $11.4 billion. The company posted $2.12 earnings per share on $88.27 billion in revenue, benefiting from growing AI adoption and expanding its AI and cloud infrastructure investments. (Yahoo! Finance)

*Alphabet (GOOGL)- Alphabet Inc. is a multinational conglomerate and the parent company of Google. It operates through various subsidiaries, primarily focusing on technology and internet-related services and products.

AMD reported third-quarter earnings that met expectations, with $0.92 EPS on $6.8 billion revenue, but its stock fell over 9% due to disappointing fourth-quarter revenue guidance between $7.2 billion and $7.8 billion. While the data center and client segments grew, gaming revenue dropped 69% year-over-year amid cooling demand for consoles and graphics cards. (Yahoo! Finance)

*Advanced Micro Devices (AMD) - AMD (Advanced Micro Devices) is a semiconductor company, primarily known for its development and manufacturing of computer processors and related technologies.

Eli Lilly missed third-quarter profit and revenue expectations due to lower-than-expected sales of its weight loss drug Zepbound and diabetes treatment Mounjaro, prompting the company to cut its full-year profit guidance. Despite rising demand, supply challenges and inventory reductions among wholesalers hindered sales, leading to a 12% drop in stock price. (CNBC)

*Eli Lilly (LLY) - Eli Lilly and Company is a global pharmaceutical company that discovers, develops, manufactures, and markets products in the areas of oncology, endocrinology, neuroscience, and immunology.

The U.S. economy grew at an annualized rate of 2.8% in the third quarter, driven by strong consumer spending and business investments, achieving what economists call a “soft landing” with inflation easing without triggering a recession. Government spending also contributed to growth, while the Federal Reserve began cutting interest rates amid signs of economic stability. (CNN)

*Gross Domestic Product (GDP) - Gross Domestic Product (GDP) is a measure of the total economic output of a country within a specific time period. It includes the value of all goods and services produced within the country's borders. GDP is used as an indicator of a country's economic health and performance.

Volkswagen reported a 42% drop in third-quarter operating profit to 2.86 billion euros, with sales slipping 0.5% year-over-year to 78.5 billion euros, driven by higher costs and restructuring efforts. The automaker recently cut its 2024 outlook, warned of potential German plant closures, and scrapped long-standing labor agreements to address financial challenges. (CNBC)

*Volkswagen (VLKPF) - Volkswagen AG is a leading global automobile manufacturer headquartered in Wolfsburg, Germany that designs, manufactures, and sells a wide range of vehicles.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 42,141.54 -91.51 (-0.22%)

• S&P 500: 5,813.67 -19.25 (-0.33%)

• Nasdaq Composite: 18,607.93 -104.82 (-0.56%)

• Russell 2000: 2,233.04 -5.05 (-0.23%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 580.01 -1.76 (-0.30%

• iShares Core S&P 500 ETF (IVV): 582.67 -1.88 (-0.32%)

• Invesco QQQ Trust (QQQ): 496.38 -3.78 (-0.76%)

• Vanguard S&P 500 ETF (VOO): 533.16 -1.61 (-0.30%)

• Vanguard Total Stock Market ETF (VTI): 286.37 -0.71 (-0.25%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.498T]: 230.10 -3.57 (-1.53%)

• Nvidia (NVDA) [3.418T]: 139.34 -1.91 (-1.36%)

• Microsoft (MSFT) [3.216T]: 432.53 +0.58 (+0.13%)

• Alphabet (GOOGL) [2.148T]: 174.46 +4.78 (+2.82%)

• Amazon (AMZN) [2.023T]: 192.73+1.90 (+1.00%)

• Meta Platforms (META) [1.497T]: 591.80 -1.48 (-0.25%)

• Tesla (TSLA) [826.75B]: 257.55 -1.97 (-0.76%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $72,294.93 (6:15PM PST on 10/30/24)

• Ethereum (ETH): $2,664.66 (6:15PM PST on 10/30/24)

• Solano (SOL): $175.89 (6:15PM PST on 10/30/24)