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Market indexes Thursday closed mostly in the green, albeit somewhat quietly, as our rudderless week continues. Still, any positive gains on a day’s session we’ll take. The Dow was up 0.07%, the S&P 500 +0.20% and the Nasdaq +0.36% — outpacing the group. Only the small-cap Russell 2000, which had been well outperforming the field for most of this week, fell back -1.55%.
Existing Home Sales for June came in slightly below estimates at 5.86 million, which was still a sequential gain of 1.4% and +22.9% year over year. Supply improved to its highest level since September 2020, which should have a positive impact moving forward. Median home pricing rose 23.4% from a year ago to $363,300. The homebuying window, from a mortgage-rate perspective, looks to have a bit more room to run.
Zacks Rank #2 (Buy)-rated Intel Corp. (INTC - Free Report) beat estimates on both top and bottom lines after Thursday’s close, posting $1.28 per share which outpaced the $1.06 in the Zacks consensus and the $1.23 per share reported in the year-ago quarter. Revenues easily surpassed expectations in Q2: $18.53 billion versus $17.73 billion expected, on better-than-expected gross margins of 59.2%.
Next quarter earnings guidance is for a slight bump-up from the Zacks consensus to $1.10 per share, although sales for Q3 of $18.2 billion are down a tad from the $18.3 billion our analysts had been looking for. The company last missed an earnings estimate way back in Q4 2013. Shares are falling 2% in late trading on the release; Intel shares are still up 12.6% year to date but down 7.3% from a year ago.
Twitter , switching back to reporting in the afternoons, simply crushed expectations on its bottom line for Q2: 20 cents per share far outpaced the 7 cents expected, which itself was more than 100% higher than the -$1.39 per share in that devastating Q2 2020 quarter. Revenues of $1.19 billion were also solidly ahead of the $1.06 billion expected. The company raised revenue guidance for Q3 to $1.22-1.3 billion, well ahead of estimates. Shares are up over 6% in late trading.
Snap Inc. (SNAP - Free Report) shares are also up big in the after-market following its huge beat on both top and bottom lines: 10 cents per share on $982 million in sales swept ahead of the 2 cents per share on $834 million expected. The social media major added 3 million m ore Daily Active Users than analysts had predicted, rising 13 million in the quarter to 293 million overall. Further, Q3 user growth guidance is up 21%. Shares are cranking +13.5% upon the release.
Image: Bigstock
Intel Beats, Twitter & Snap Crush Estimates
Market indexes Thursday closed mostly in the green, albeit somewhat quietly, as our rudderless week continues. Still, any positive gains on a day’s session we’ll take. The Dow was up 0.07%, the S&P 500 +0.20% and the Nasdaq +0.36% — outpacing the group. Only the small-cap Russell 2000, which had been well outperforming the field for most of this week, fell back -1.55%.
Existing Home Sales for June came in slightly below estimates at 5.86 million, which was still a sequential gain of 1.4% and +22.9% year over year. Supply improved to its highest level since September 2020, which should have a positive impact moving forward. Median home pricing rose 23.4% from a year ago to $363,300. The homebuying window, from a mortgage-rate perspective, looks to have a bit more room to run.
Zacks Rank #2 (Buy)-rated Intel Corp. (INTC - Free Report) beat estimates on both top and bottom lines after Thursday’s close, posting $1.28 per share which outpaced the $1.06 in the Zacks consensus and the $1.23 per share reported in the year-ago quarter. Revenues easily surpassed expectations in Q2: $18.53 billion versus $17.73 billion expected, on better-than-expected gross margins of 59.2%.
Next quarter earnings guidance is for a slight bump-up from the Zacks consensus to $1.10 per share, although sales for Q3 of $18.2 billion are down a tad from the $18.3 billion our analysts had been looking for. The company last missed an earnings estimate way back in Q4 2013. Shares are falling 2% in late trading on the release; Intel shares are still up 12.6% year to date but down 7.3% from a year ago.
Twitter , switching back to reporting in the afternoons, simply crushed expectations on its bottom line for Q2: 20 cents per share far outpaced the 7 cents expected, which itself was more than 100% higher than the -$1.39 per share in that devastating Q2 2020 quarter. Revenues of $1.19 billion were also solidly ahead of the $1.06 billion expected. The company raised revenue guidance for Q3 to $1.22-1.3 billion, well ahead of estimates. Shares are up over 6% in late trading.
Snap Inc. (SNAP - Free Report) shares are also up big in the after-market following its huge beat on both top and bottom lines: 10 cents per share on $982 million in sales swept ahead of the 2 cents per share on $834 million expected. The social media major added 3 million m ore Daily Active Users than analysts had predicted, rising 13 million in the quarter to 293 million overall. Further, Q3 user growth guidance is up 21%. Shares are cranking +13.5% upon the release.
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