Amazon Plus Google Power Wall Street

Video: Preview the day’s action on Wall Street before the opening bell with the Morning Report as Amazon Plus Google Power Wall Street. Dow, Nasdaq and S&P futures are flat.  Crude is up 1% on hopes of an output cut extension.

Blowout tech earnings drive Wall Street
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Here are some Morning Headlines:

U.S. stock futures were mixed this morning, even as after-the-bell earnings from Alphabet (GOOGL) and Amazon (AMZN) sent those stocks surging in the premarket. The Nasdaq closed at another new high on Thursday. (CNBC)

The S&P 500 could be back to an all-time high soon, possibly today. Ahead of the final trading day of April, the S&P and the Dow were less than 1 percent from records, as Dow stocks Exxon Mobil (XOM) and Chevron (CVX) report earnings this morning. General Motors (GM) reported better-than-expected quarterly profit and revenue. (CNBC)

Amazon reported first-quarter sales and earnings that topped estimates, as the company’s e-commerce and cloud-computing businesses continued to take share from rivals. (CNBC)

Google-parent Alphabet managed to buck backlash over its ad platform in the first quarter, reporting better-than-expected quarterly earnings and revenue. Hardware and cloud also grew substantially. (CNBC)

Microsoft’s cloud business is growing almost twice as fast as Amazon’s, with Google far behind. However, Microsoft blamed Surface sales for its revenue miss. Earnings beat expectations. (CNBC)

Intel (INTC) reported lower-than-expected quarterly revenue due to an unexpected slowdown in growth in its data center business. The chipmaker, however, did beat estimates on earnings. (CNBC)

Qualcomm cut its Q3 fiscal guidance today, noting that Apple has informed the company that it will withhold future royalty payments “until its dispute with Qualcomm is resolved.” (CNBC)

Starbucks (SBUX) reported earnings that matched expectations but revenue and same-store sales that missed forecasts. Kevin Johnson became CEO earlier this month, taking over from longtime chief executive Howard Schultz. (CNBC)

Earnings Calendar

Here is this week’s earnings calendar provided by Earnings Whispers as Amazon Plus Google Power Wall Street. Following are brief summaries of the companies reporting earnings this morning:

Amazon Plus Google Power Wall Street

Exxon Mobil beat Wall Street’s expectations as first quarter earnings more than doubled profits in the year ago period on rising oil prices and cost cutting. Shares were up 1.6 percent following the release. The world’s most valuable publicly traded energy company posted profits of $4 billion, or 95 cents per share, for the quarter, compared with analysts’ EPS estimates for 85 cents. The Irving, Texas-based oil giant earned $1.8 billion, or 43 cents a share in the year ago period. (CNBC)

General Motors — The auto maker’s quarterly results easily topped Wall Street’s expectations, posting earnings per share of $1.70 on revenue of $41.2 billion. Analysts polled by Reuters expected GM to post earnings of $1.48 per share on sales of $40.752 billion. The automaker posted strong sales in its trucks and SUV segments. (CNBC)

Information Credit: News headlines and quotes were taken from CNBC in the writing of this post. Photo Credit: Amazon.com

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