Nasdaq Explodes After Alphabet and Amazon Beat While J.C. Penney Hits Retail
The Nasdaq enjoyed its best one-day percentage gain of the year and traded at an all-time intraday high. Powerhouse earnings from the likes of Alphabet Inc. (GOOGL) - Get Report and Amazon.com Inc. (AMZN) - Get Report drove the bulk of gains.
Alphabet shares had their best one-day percentage gain since 2015 after breezing past quarterly estimates. Revenue surged 23%, while per-share earnings beat estimates by more than $1.
Microsoft Corp. (MSFT) - Get Report also topped profit and sales estimates over its fiscal first quarter. Sales in its productivity unit, which includes Office products, rose by 28%, while its intelligent cloud business increased 14%.
J.C. Penney Co. (JCP) - Get Report traded at all-time lows after issuing a profit warning for its third quarter and full year. The retailer anticipates a third-quarter loss more than double estimates and for full-year adjusted earnings a fraction of previous forecasts.
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