Feb 7th, 2024 – On Wednesday, the S&P500 increased by 0.82% to close at 4995,06. Dow Jones and Nasdaq also increased by 0.4% and 0.95% to finish at 38.677,36 and 15.756,64 respectively.
After markets closed, Walt Disney (DIS) announced their first-quarter earnings that topped estimates. Estimated earnings per share was $0.99 while the actual amount was $1.22. Another piece of good news was that the company expects to cut costs by at least $7.5 billion by the end of 2024. Moreover, they declared $4.60 forecasted earnings per share for 2024 which is 20% higher than 2023. Investors also appreciated their plan to take a $1.5 billion stake in Epic Games and to start their ESPN streaming service in fall 2025. The share price of Disney increased by 7% just after the announcements. (In extended trading hours)
Arm (ARM) reported third-quarter earnings better than expected. The chip designer company, which is also benefiting from the AI boom, has increased by more than 30% after markets closed. Here are the numbers; earnings per share 29 cents vs 25 cents estimates and revenue $824 million compared to $761 million expected.
One of our portfolio holdings, Toyota (TM) (Purchased 0.5 units @ $186.34) increased by almost 10% after the automobile giant raised its operating profit forecast by 9% and announced third-quarter earnings that past analyst estimates. The weakening yen (decreased by %10 against the US dollar in 2023) contributed to the global sales of Toyota. Toyota retook its world’s top-selling automaker title with a record annual sales of 11.2 million vehicles in 2023.
The share price of Snap (SNAP) has slid by 35% after missing revenue estimates and expressing concerns about a slowing advertisement revenue caused by the conflict in the Middle East.
Author: Kaan Pinar