Diamonds and Dogs
Microsoft (MSFT) lifting all the major averages. Microsoft is up 5% following lackluster earnings. The reason for the bump is guidance and rosy forecasts for 2023 for Microsoft's public cloud business called, Azure. Azure reported 46% growth with 33% growth for both commercial bookings and the company's overall cloud business. The cloud business is now on a $100 billion run-rate, and approaching half of the company's overall revenue.
Sherwin-Williams (SHW) taking a hit following earnings. The paint company missed estimates and guided lower as demand waned particularly outside the US like Europe and China. Higher commodity pricing is also hurting profits. Sherwin said they will raise prices, but consumers may trade down instead of paying the higher prices.
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