Amazon stock drops as profit misses expectations: Morning Brief

Friday, July 26, 2019

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WHAT TO WATCH

Market participants will get a first look at U.S. economic growth in the second quarter – and investors are expecting to see a slowdown.

Here are the main numbers economists are anticipating from Friday’s gross domestic product report from the Bureau of Economic Analysis, based on Bloomberg-compiled estimates:

  • Gross domestic product (GDP): 1.8% vs. 3.1% in Q1

  • Personal consumption: 4.0% vs. 0.9% in Q1

  • Core PCE QoQ: 2.0% vs. 1.2% in Q1

Friday’s GDP report, released at 8:30 a.m. ET, will also include annual revisions to the data spanning back to 2014.

Consensus economists are looking for economic activity in the second quarter to have decelerated both over last quarter and last year, as ongoing geopolitical tensions took a bite out of trade-related data, and as business investment softened during the period.

If realized, a 1.8% GDP growth rate would mark the slowest pace since early 2017.

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TOP NEWS

FILE PHOTO: The logo of the web service Amazon is pictured in this June 8, 2017 illustration photo. REUTERS/Carlos Jasso/Illustration/File Photo

Amazon stock drops as profit misses expectations, revenue rises: Amazon (AMZN) reported mixed second quarter results on Thursday, which sent its shares lower as profit fell short of Wall Street’s estimates, even as revenues surpassed analyst explications. [Yahoo Finance]

Alphabet revenue beats expectations as Google ad sales climb: Alphabet (GOOGGOOGL), the parent company for search giant Google, reported sales results that topped consensus expectations, rebounding after posting soft top-line results in the quarter prior. [Yahoo Finance]

Intel beats on top and bottom line, sets $1B deal with Apple: Intel (INTC) reported its Q2 earnings after the bell on Thursday that beat analysts’ expectations on the top and bottom line. [Yahoo Finance]

Also

Starbucks soars to all-time high on strong earnings. Starbucks (SBUX) delivered fiscal third quarter results on Thursday that topped analysts expectations. The closely-followed same store sales number came in at 6% globally, beating forecasts of 4.2%. In the U.S., Starbucks posted same store sales growth of 7%, while the China/Asia Pacific business saw an increase of 5%. [Yahoo Finance]

T-Mobile poised to win U.S. OK for Sprint deal: T-Mobile US Inc. (TMUS) is set to win U.S. antitrust approval for its takeover of Sprint Corp. (S) on Friday, according to a person familiar with the matter, moving the wireless carriers a step closer to completing a deal that has been more than a year in the making. [Bloomberg]

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