Stock rally continues; Tech titans at new highs; Facebook revamps search
Wall Street (^GSPC) (^DJI) (^IXIC) is building on yesterday’s rally with technology stocks back in vogue.
Investors are applauding stronger-than-expected results from three tech titans and another rate cut by China’s central bank.
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The cloud effect
Microsoft (MSFT) reported a beat on both its top and bottom lines. The tech giant’s strategy to shift to the cloud is paying off as cloud sales jumped 8% last quarter
Alphabet (GOOGL), parent company of Google, delivered stronger-than-expected earnings and revenue in the third quarter thanks to a big jump in searches on mobile phones and tighter spending habits. The company also surprised investors with its first stock buyback of $5.1 billion.
Amazon (AMZN) surprised the Street with a profit for the second quarter in a row. Revenue also surpassed estimates as it benefited from strong sales in North America and explosive growth in its cloud computing business. Amazon also said its expects to see a record holiday season.
Procter & Gamble (PG) reported better-than-expected earnings as cost cuts helped profits. However, sales disappointed as they were short of forecasts. Revenue fell nearly 12% in the third quarter due to weak demand for its products and a stronger dollar. P&G has been shedding the number of items it sells and refocusing its business on its core brands like Tide and Bounty.
Skechers (SKX), the footwear maker posted adjusted earnings per share that topped estimates. But revenue missed forecasts as it saw sluggish sales growth in the U.S. The company also blamed legal expenses and currency headwinds for the shortfall in sales.
Facebook adds power to search tool
Facebook (FB) is revamping its search tool. The social media site will now let users search all public Facebook posts, not just those that belong to friends and groups. Facebook's search will also suggest news posts as you start typing.
