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Apple (AAPL) Q3 Global Smartphone Shipment To Translate To Better Revenue
How did Snap's strong results make it soar?
2.Here are the stocks mentioned by the above Tigers: $Apple(AAPL)$ $Snap Inc(SNAP)$ (Not investment advice)
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Below are Today's Key Takeaways.
Top News Move the Market
The Dow Jones Industrial Average fell 91.51 points, or 0.22%, to 42,141.54, the S&P 500 fell 19.25 points, or 0.33%, to 5,813.67 and the Nasdaq Composite fell 104.82 points, or 0.56%, to 18,607.93.
$SUPER MICRO COMPUTER INC(SMCI)$ plummeted 33% after Ernst & Young, the company's accountant, resigned, according to a securities filing. "We are resigning due to information that has recently come to our attention which has led us to no longer be able to rely on management's and the Audit Committee's representations and to be unwilling to be associated with the financial statements prepared by management, and after concluding we can no longer provide the Audit Services in accordance with applicable law or professional obligations," EY said in its resignation letter. Super Micro said it disagreed with EY's decision to resign.
$Alphabet(GOOG)$ $Alphabet(GOOGL)$ rose 2.8% after the parent of Google posted third-quarter earnings and revenue that topped analysts' estimates, driven by cloud revenue that jumped 35% from a year earlier to $11.35 billion and beat consensus of $10.88 billion. The company's cloud division has benefited from the trend to artificial intelligence, and Alphabet has spent big on its own generation-AI technology, with capital spending in the quarter rising to $13.1 billion from $8.01 billion a year earlier and higher than estimates of $12.66 billion.
$Advanced Micro Devices(AMD)$ fell 11% after the chip maker reported third-quarter earnings that met expectations but gave a revenue forecast for the fourth quarter that slightly missed expectations. AMD said it expects fourth-quarter revenue of $7.5 billion at the midpoint of its range, compared with estimates of $7.55 billion. On a conference call, CEO Lisa Su said AMD now expects data-center AI GPU revenue to "exceed" $5 billion in 2024, up from the $4.5 billion forecast she made in July, but it appeared investors wanted a larger guidance boost.
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