- US stocks opened lower
- Disappointing earnings from Amazon (AMZN.US),
- Apple (AAPL.US) released weak guidance for Q3
- Robinhood (HOOD.US) recorded massive revenue drop
US indices launched today's session lower with the Nasdaq on pace for the worst month since March 2020 as investors digested disappointing results and more important next quarter earnings estimates from Amazon and Apple. The shares of Amazon tumbled more than 10% after reporting a surprise loss because of its investment in Rivian and issuing weak revenue guidance for Q2 2022. Also today's PCE core inflation reading showed that price pressures are still elevated which may force FED to take steeper actions. In turn prospects of faster rate hikes puts pressure on the whole tech-sector.
Yesterday US100 managed to break above the upper limit of the local 1:1 structure and almost completely erased recent losses. Currently the index is testing local resistance around 13435 pts. Should break higher occur, the next target for buyers is located around key resistance at 13750 pts which is marked with previous price reactions. On the other hand, if sellers manage to regain control, another downward impulse towards support at 13000 pts may be launched. Source: xStation5
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Robinhood (HOOD.US) stock fell nearly 10.0% in premarket after retail brokers revenue plunged 39.0% compared to last year and the company announced it will no longer provide revenue guidance. CEO Vlad Tenev said that the company saw its customers with smaller accounts trade less when the market fell. The company also laid off 9% of its employees.
Robinhood (HOOD.US) stock has been falling sharply in recent months and the latest quarterly results also support bearish sentiment. Nevertheless, the price managed to bounce off from the all-time low around $9.20 and is currently testing local resistance at $10.15. Source: xStation5
Intel (INTC.US) stock fell over 4.50% in premarket% as weak revenue guidance overshadowed better than expected quarterly results.
Apple (AAPL.US) stock fell over 2.0% in premarket after the tech giant reported Q1 revenue at $97.28 billion (exp. $93.89 billion), thanks to solid iPhone revenue ($50.57 billion vs $47.88 billion expected). EPS came in at $1.52 (exp. $1.43). Company said that it will increase buybacks by $90 billion, however CFO Luca Maestri said supply chain issues would hurt third-quarter sales by as much as $8 billion.
Roku (ROKU.US) stock jumped over 4% before the opening bell after the digital media player manufacturer posted quarterly revenue of $733.7 million, which easily beat market estimates of $718 million.
Tesla (TSLA.US) stock rose over 2.0% in premarket after Elon Musk said he is not planning to sell additional stocks in order to finance acquisition of Twitter (TWTR.US). Meanwhile, the social media giant's stock still trades 10% below Musk's offer, as investors remain skeptical whether the deal will be finalized.
