Squawk on the Street
SOTS 2nd Hour: Apple’s Surprise Sales, Amazon’s Cloud Dreams, and Boeing’s Light At The End Of The Tunnel 11/1/24
Nov 1, 2024
Dan Ives, an analyst at Wedbush Securities, supports his bullish perspective on Apple despite concerns over holiday iPhone demand. Andy Jassy, CEO of Amazon, praises strong earnings and discusses the company's AI investments driving growth. Kelly Ortberg, Boeing's CEO, addresses striking workers and presents a new contract proposal. Steve Leisman and Jan Hatsias analyze the mixed October jobs report, shedding light on labor market challenges and Federal Reserve implications, while insights into Amazon's promising future come from John Blackledge.
43:16
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Quick takeaways
- Amazon's strong quarterly performance, driven by efficiency improvements and significant growth in advertising, positions it for continued growth in the tech sector.
- Despite record iPhone sales, Apple's stock decline reflects investor concerns over future revenue guidance and uncertain market conditions, particularly in China.
Deep dives
Market Reactions and Key Movers
The financial markets experienced a rally following some positive earnings reports, with Amazon leading the charge with nearly a 7% increase following a strong quarter performance. The company's better-than-expected profitability was driven by efficiency improvements, particularly in their retail business, highlighting a margin expansion from 5.6% to 5.9%. In contrast, Apple, despite reporting record quarterly sales, saw a decline in its stock price due to weaker service revenue guidance and uncertain iPhone sales for the upcoming holiday season. Other key players, such as Chevron and Exxon, also showed gains post-earnings, with Chevron announcing significant cost-cutting measures of $2 to $3 billion by 2026.
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