Tesla posts large net loss, announces CTO is stepping down: Morning Brief

Thursday, July 25, 2019

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WHAT TO WATCH

It’s another earnings bonanza today. Tech giants Alphabet (GOOGL) and Amazon (AMZN) and coffee chain Starbucks (SBUX) take center stage after the market close.

Alphabet’s second-quarter results will be closely watched, after the company shocked investors when it reported sharp revenue deceleration in the first quarter. Analysts polled by Bloomberg expect Alphabet adjusted earnings of $13.97 per share on $30.84 billion in revenue. Alphabet shares have been underperforming its mega-cap tech peers as well as the broader market in 2019.

Fellow tech behemoth Amazon also drops quarterly results after the bell. Amazon is expected to report adjusted earnings of $8.14 per share on $62.46 billion in revenue. Amazon Web Services (AWS), retail results and margins will be the focal points when Amazon reports.

In addition, coffee giant Starbucks is expected to report fiscal third-quarter adjusted earnings of 73 cents per share on $6.68 billion in revenue, according to data compiled by Bloomberg. Same-store sales, a key industry metric, is expected to have risen 4.5% in the Americas. Investors will be paying close attention to sales in the U.S. and China.

Other notable earnings reports scheduled for today include 3M (MMM), Anheuser-Busch InBev (BUD), Astrazeneca (AZN), Bristol-Myers Squibb (BMY), Comcast (CMCSA), Hershey (HSY), Raytheon (RTN), Southwest Airlines (LUV), World Wrestling Entertainment (WWE) before market open. Alaska Air (ALK), BJ’s Restaurants (BJRI), Boston Beer (SAM), Expedia (EXPE), Mattel (MAT), MGM Resorts (MGM) will report after the market close.

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TOP NEWS

FILE - This Sept. 30, 2016, file photo shows the logo of the Tesla Model S on display at the Paris Auto Show in Paris. Tesla Inc. reports earnings Wednesday, Feb. 7, 2018. (AP Photo/Christophe Ena, File)

Tesla posts wider-than-expected Q2 loss: Tesla (TSLA) posted disappointing results on the top and bottom lines in second quarter results, even after the company reported record deliveries during the same period. Here were the main numbers from the Palo Alto, California–based company’s report, versus consensus estimates compiled by Bloomberg. [Yahoo Finance]

Also: Tesla CTO JB Straubel is stepping down

Facebook beats Q2 expectations, says FTC has opened an antitrust investigation: Facebook (FB) on Wednesday announced its Q2 2019 earnings, beating analysts' expectations on the top line. Importantly, in its earnings release Facebook disclosed that the FTC has opened an antitrust investigation into the company. [Yahoo Finance]

Nissan confirms 12,500 job cuts worldwide: Nissan plans to axe around 12,500 jobs worldwide in a huge cost-cutting drive, more than doubling the number of previously announced job losses as the car maker saw its profits almost wiped out. Shares of the Japanese car giant (NSANY) shares fell 2% in Tokyo as Nissan said it will cut its product lineup by 10% “to improve product competitiveness” amid sluggish sales. [Yahoo Finance UK]

Nike explores sale of surfwear brand Hurley: Nike Inc. (NKE), the world's largest sportswear maker, is exploring options for its surfwear brand Hurley International, including its possible divestment, according to people familiar with the matter. [Reuters]

Also: Nike unveils major sneaker innovation that was 10 years in the making [Yahoo Finance]

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