Diamonds and Dogs
Amazon (AMZN) having a good day. Amazon is up 11% today and up over 30% from the June lows following earnings. Earnings were actually not great, reporting a quarterly loss as sales rose 7% year over year to $121.23 billion, ahead of estimates. Their best department, Amazon Web Services or their company's cloud computing arm, grew 33% in the quarter. Barron's recently made the case that Amazon shares could eventually double or triple as the company unlocks more value in particular from Amazon Web Services.
Not all tech is higher. Intel (INTC) the former chip juggernaut is down 8% after missing earnings by a wide margin, as sales fell 17.3% to $15.3 billion, missing estimates by 14%. The company also lowered guidance as well. Management is hoping this quarter is the bottom with the company rebuilding from here. Intel will benefit from the $52 billion CHIPS Act that will allow them to build more plants cheaply in the US.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.