Are the Recession Bells Still Ringing?
Jim Cramer wrote about how a recession is being taken off the table for now?
"Is the big theme of this moment that we are taking a recession back off the table? It sure seems like it. A lessening in trade tensions with China and a possible resolution with Brexit might be driving things but we are also getting some anecdotal evidence from this quarter's earnings season that is telling us not to be too negative," wrote Cramer.
But, with the Fed meeting coming up next week, should we start listening for the recession bells? Here's what Cramer had to say.
Real Money stock of the day Amazon disappointed investors after releasing earnings last night.
Amazon reported earnings of $4.23 per share on revenue of $69.98 billion. Analysts were expecting the company to report earnings of $4.62 per share on revenue of $68.81 billion. And for the seasonally strong fourth quarter, Amazon said it expects revenue of $80 billion to $86.5 billion, below an $87.39 billion consensus estimate.
The big miss for Q3 was the company's AWS segment, which reported revenue of $9 billion, falling short of FactSet's consensus $9.1 billion estimate.
Intel earnings were also released after the bell Thursday.
Adjusted earnings per share for the third quarter came in at $1.42, beating Wall Street's estimates of $1.33 and rising 1% year-over-year. Revenue was $19.2 billion, beating analysts expectations of $18.048 billion. Revenue was flat year-over-year.
Datacenter revenue was $6.4 billion, beating estimates of $5.6 billion. Client Computing revenue was $9.7 billion, against expectations of $9.59 billion. Internet of Things revenue was $1 billion, missing estimates of $1.124 billion.
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