Every time bears try to bet against Snap (SNAP), the stock soars. Shares indicated a “multiple top” bearish pattern to start 2024 at $17.00. After closing at $11.40, the stock will gain 25% today after posting revenue growing by 18%.
Snap posted a 3-cent profit per share on revenue of $1.19 billion.
Long-term investors will care more about Alphabet (GOOG) issuing its first-ever dividend of 20 cents a share. Additionally, the board authorized a $70 billion stock buyback. GOOG stock is up 11.43% as markets no longer worry about the Gemini AI drama.
In the last quarter, Alphabet earned $1.89 a share on revenue of $80.54 billion (+15.4% Y/Y).
Microsoft (MSFT) will gain around 4.5% today. The firm posted an EPS of $2.94, helped by sales rising by 17% Y/Y to $61.86 billion. It expects fiscal Q4 sales in the range of $63.5 billion to $64.5 billion. Intelligent Cloud and Azure are its star performers, with the latter growing by 30%-31% Y/Y.
In the gold sector where metal prices are at record highs, Newmont (NEM) may add to its 12.5% gain from Thursday. It produced 1.7 million oz. of gold in Q1. CEO Tom Palmer said on the conference call that it would sell six non-core assets. After it sheds weak performing mines, expect profit margins to expand.