US stocks close with big gains (but still falls short of the tumble yesterday)


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Earnings after the close

  • S&P closes up 49.47 points or 1.86% at 2705.57
  • Nasdaq closes up 209.93 or 2.95% at 7318.33
  • Dow closes up 401 points or 1.63% at 24984.55

The gains helped to take some of the sting out of the 3% decline in the S&P yesterday and the 4.4% decline in the Nasdaq.
That’s the good news. 
The after-hours news is not so good. Amazon beat on the top line but fell short on the bottom line. The same is true for Alphabet.   Intel did beat on the top and bottom line.  

  • Amazon is trading down to $1680. The price closed at $1782 up $117 on the day
  • Alpahabet is trading at $1064 in after hour trading.  The price closed at $1103, up $46 on the day.
  • Intel is up to $46.30 after closing at $44.40

Forcategory these high flyers, although the earnings beat, the trade du jour is to react to the pieces. 
For example Amazon earnings beat estimates by $5.75 vs $3.11 but revenues missed by $56.6B vs $57.10B. The AWS came in as expected at $6.7B.  
For Alphabet EPS $13.06 vs 10.42Revenues $33.7B vs $34.4B
Meanwhile, its «other revenues» category, which includes its cloud business and hardware sales came in at $4.64 billion, or a 25.5 percent increase year-over-year. That’s  less than last quarter where the category increased its revenues 36.5 percent year-over-year.he
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