Tech stocks are leading gains after major corporations reported strong earnings for the final quarter of 2021. Here’s what we’re watching in Wednesday’s trading:
Chart of the DayWrite to James Willhite at james.willhite@wsj.com
...Tech stocks are leading gains after major corporations reported strong earnings for the final quarter of 2021. Here’s what we’re watching in Wednesday’s trading:
- Google parent Alphabet posted another quarter of strong sales growth and said that it would do a 20-for-1 split of its stock.
- PayPal shares plunged after the payments company issued lackluster guidance for the year and said rising inflation’s effect on consumers will hit transaction volumes. Another payments company, Block, formerly known as Square, was also down.
- Chip maker Advanced Micro Devices reported revenue and a sales outlook above analysts’ forecasts. The update also boosted shares of Xilinx, a semiconductor firm AMD is planning to acquire. Fellow chip makers Nvidia and Marvell Technology posted gains.
- General Motors reported higher earnings and said it plans to accelerate the timetable for some electric-vehicle launches.
- AMC Entertainment edged down, eating into some of Tuesday’s 5% gain that came after Chief Executive Adam Aron said the quarterly results will be the company’s strongest since before the Covid-19 pandemic.
- Starbucks said holiday sales helped boost its business in its most recent quarter, though higher-than-expected inflation, a tight labor market and cost increases limited results.
- AbbVie reported earnings and gave forward guidance that beat analysts’ expectations.
- Meta Platforms, MetLife and Qualcomm are among the companies giving updates after the close.
Chart of the Day
- Activists are taking advantage of slumping stock prices to push for changes at some of the U.K.’s biggest publicly traded companies.
Write to James Willhite at james.willhite@wsj.com
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February 02, 2022 at 09:35PM
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Alphabet, PayPal, AMD, Meta, Starbucks: What to Watch in the Stock Market Today - The Wall Street Journal
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