Amazon stock sinks after holiday forecast and cloud growth, profit disappoint; $150 billion in market cap at risk
Amazon.com Inc. predicted Thursday that holiday sales and profit...
Amazon.com Inc. predicted Thursday that holiday sales and profit would come in well lower than analysts expected as cloud growth slowed and Amazon Web Services profit missed expectations by nearly $1 billion, sending shares south in after-hours trading.
Amazon AMZN, -4.06% executives guided for fourth-quarter operating profit of break-even to $4 billion and holiday sales of $140 billion to $148 billion, while analysts on average were expecting operating income of $5.05 billion on revenue of $155.09 billion, according to FactSet. AWS sales of $20.54 billion grew 27.5% from the year before, the lowest growth rate for the pioneering cloud-computing product in records dating back to the beginning of 2014, and lower than analysts’ average estimate of $21.2 billion; AWS operating income of $5.4 billion handily missed analysts’ average estimate of $6.37 billion, according to FactSet.
U.S. natural gas futures were little changed on Thursday (down 6.4 cents at $6.05 MMBtu @10:53 ET) as...
U.S. natural gas futures were little changed on Thursday (down 6.4 cents at $6.05 MMBtu @10:53 ET) as the market waited for direction from a federal report expected to show a smaller-than-usual storage build last week when colder than normal weather boosted heating demand.
Energy stocks continue their recent strong performance, with the benchmark energy index higher by more...
Energy stocks continue their recent strong performance, with the benchmark energy index higher by more than 1%. Further gains in energy prices, with oil up around 1%, and S&P 500 futures up 0.22% as better-than-expected earnings outside of mega-cap technology and third-quarter U.S. GDP has risen by a better-than-expected 2.6% are underpinning risk sentiment. Energy earnings continue to ramp up.
Oil rose on Thursday, extending a rally of nearly 3% in the previous session, as optimism over record U.S. crude exports and signs that recession fears are abating outweighed concern over slack demand in China. Figures on Wednesday showed record U.S. crude exports, a hopeful sign for demand, even as crude stocks rose
Markets: Plunging tech stocks dragged the market ...
Markets: Plunging tech stocks dragged the market down with them yesterday, snapping a three-day winning streak. Up next for the economy: The third-quarter GDP report drops today, which is sure to set off another frantic round of investors’ favorite game, “try to read Jerome Powell’s mind.”
ExxonMobil, Chevron, New Fortress Energy and other energy companies have recently unveiled plans to pursue...
ExxonMobil, Chevron, New Fortress Energy and other energy companies have recently unveiled plans to pursue hydrogen projects in the US that may qualify for tax credits under the Inflation Reduction Act. ExxonMobil's hydrogen site in Baytown, Texas, is expected to be among the largest in the world.
