Futures point to a positive open
U.S. stock futures were trading on Friday morning thanks to a flurry of impressive tech earnings that were reported yesterday.
As of 5:50 a.m. ET, futures tied to the blue-chip Dow indicated a gain of 36 points to 26,254, while the S&P 500 futures rose 7.87 points to move to 3,256.62.
The tech-heavy Nasdaq added an impressive 102.5 points at 10,896.5 as market participants hailed quarterly numbers from a number of companies.
Apple shares jump on earnings beat and stock split announcement
Apple (NASDAQ: AAPL) saw its stock rally as much as 6.3% in the pre-market trading session Friday after the company announced strong earnings and sales, and a 4-for-1 stock split.
The iPhone maker had fiscal third-quarter sales of $59.7 billion, up 11% from a year earlier. Profit stood at 2.58 per share, versus $2.18 per share in the same period last year. Analysts were looking for profit of $2.04 a share and revenue of $52.25 billion.
The 4-for-1 stock split, its first since 2014, is expected to take place at the close of business on August 24. Trading is scheduled to begin on a split-adjusted basis on August 31.
In a press release late Thursday, the company said it approved the split to make “the stock more accessible to a broader base of investors.”
Apple stock was up $24.23 to $408.99 per share in pre-market trading.
Amazon posts huge revenue, earnings growth
Amazon (NASDAQ: AMZN) shares are also in focus today after the company’s second-quarter results crushed analyst estimates as e-commerce swelled amid the coronavirus pandemic.
The online retail behemoth saw its profit for the latest quarter jump to $5.2 billion, or $10.30 a share from $5.22 a share a year ago, as more people shopped online during the pandemic.
Company-wide revenue grew 40% to $88.9 billion from $63.4 billion in the earlier-year period. Analysts had called for profit of $1.46 a share on revenue of $81.53 billion.
“This was another highly unusual quarter, and I couldn’t be more proud of and grateful to our employees around the globe,” Amazon CEO Jeff Bezos said in a press release on Thursday.
As of writing, Amazon shares were trading 5.44% higher to $3,218 each in Friday’s pre-market trading session.
Facebook soars as advertising revenue and subscribers top Street forecasts
Facebook (NASDAQ: FB) shares are also moving higher after the social media titan easily surpassed expectations as its user base and ad revenue grew further during the second quarter.
The company, which has been under intense pressure for its policies around policing false information and hate speech on its platforms, reported Q2 revenue of $18.69 billion. That is higher than the $17.4 billion analysts expected.
Earnings came in at $1.80 per share, surpassing expectations of $1.39 per share. Daily active users (DAUs) jumped 12% year-over-year to 1.79 billion while monthly active users (MAUs) rose 12% to 2.7 billion. Analysts were looking for 1.74 billion DAUs and 2.63 billion MAUs.
Facebook stock was up $15, up 6.4% to $249.5 a share in pre-market trading.
