Here Are 4 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average finished down slightly on Friday after three days of gains.
- Amazon.com Inc. rose 3.6% and opened at an all-time high on Friday.
- Microsoft Corp. rose 1.6% Friday after earnings topped Wall Street forecasts.
- For the week the Dow declined 0.62%, the S&P 500 dropped 0.01% and the Nasdaq slid by 0.37%.
Wall Street Overview
Stocks finished mixed on Friday, April 27, with the Nasdaq I:IXIC up 0.02% after tech giants Amazon.com Inc. (AMZN) - Get Report , Microsoft Corp. (MSFT) - Get Report and Intel Corp. (INTC) - Get Report posted stellar earnings.
Amazon.com rose 3.6% to $1,572 after the stock traded Friday at an all-time high of $1,638.10. The online retailer obliterated Wall Street's forecasts with a first-quarter earnings report that saw profits double and sales top $50 billion.
Amazon said earnings for the three months ended in March were $3.27 a share, well ahead of the Wall Street consensus of $1.24 and more than double the $1.48 reported in the same period a year earlier. Sales surged 43% to $51.04 billion, while sales at its web service division, Amazon Web Services, rose 49% to $5.44 billion.
Amazon also said it would raise the cost of its Prime membership for U.S. customers by 20%, a move that will boost the company's already robust $3.1 billion in quarter subscription revenue.
Bezos announced recently in Amazon's annual shareholder letter that Prime membership had surpassed 100 million paid members globally, the first time Amazon had released subscriber numbers for Prime.
Amazon is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio.
Microsoft reported better-than-expected earnings and revenue in its fiscal third quarter, with CEO Satya Nadella telling investors that cloud computing and digital transformation of corporations drove results.
"The intelligent cloud and intelligent edge era is already upon us," Nadella said during a conference call after the earnings were released on Thursday.
Microsoft earned 95 cents a share in the quarter, topping forecasts of 85 cents. Revenue of $26.8 billion beat expectations of $25.8 billion.
Shares gained 1.6% on Friday coming off sharp gains made soon after market opened.
Intel fell 0.6% after the chip giant's
beat analysts' estimates.
Intel reported earnings of 87 cents a share on a non-GAAP basis, compared to analysts' estimates of 72 cents, and the company's guidance of 70 cents. The company also reported first-quarter revenue of $16.1 billion beating estimates of $15.07 billion and guidance of $15 billion.
Exxon Mobil Corp. (XOM) - Get Report fell 3.8% after the energy giant posted first-quarter profit that came in below analysts' estimates, while rival Chevron Corp. (CVX) - Get Report was up 1.9% after reporting earnings of $1.90 a share in the first quarter, topping estimates of $1.48.
First-quarter GDP expanded at 2.3%, according to the Commerce Department, higher than economists' estimates that called for a reading of 2%. Consumer spending in the quarter rose 1.1%, a slowdown from growth of 4% in the fourth quarter.
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