Investing.com – Here’s a preview of the top 3 things to watch.
1. How will traders react to Amazon’s earnings miss?
Amazon.com (NASDAQ:) will likely weigh on the broader market ahead of trading after earnings and guidance, released after Thursday’s close, disappointed Wall Street. Shares fell more than 7% after hours.
Amazon blamed the miss on investments it’s making to be able to deliver products free to Amazon Prime customers in a day.
The company has made no secret of its spending plan, but the size of the earnings miss was a shock.
Amazon shares were up 1.1% in regular trading. If the postmarket decline carries through to Friday, the shares would fall to about $1,660, its lowest level since March and down 18.5% from its 52-week high reached on July 11.
But tech stocks should get some support from chip giant Intel (NASDAQ:). Intel reported strong numbers and offered an upbeat fourth-quarter outlook, taking some of the sting away from Texas Instruments’ (NASDAQ:) weak results on Wednesday.
Intel said it $1.42 a share in the quarter, a bit higher than a year ago and 15% better than the consensus estimate of analysts tracked by Investing.com. Revenue was up slightly from a year ago at $19.2 billion.
2. Consumer Confidence Update Due
There’s little top-tier economic data on the calendar tomorrow, with just consumer confidence numbers due.
The University of Michigan releases its final measure of October consumer confidence at 10:00 AM ET (14:00 GMT).
is expected to improve to a reading of 96.0, according to economists’ forecasts compiled by Investing.com.
The is forecast to show a reading of 84.8.
The data comes as many are searching for clues to whether the U.S. consumer can continue to prop up the economy after recent weakness in retail sales stoked worries that consumers were turning frugal.
3. Verizon Calls in Q3 Report
Verizon (NYSE:) reports earnings before the opening bell on Thursday, with many keen to assess whether the wireless carriers’ efforts to rope in more subscribers have paid off.
In August the carrier replaced its Go, Above and Beyond/ unlimited plans with four cheaper replacements: an entry-level Start Unlimited, Play More Unlimited, Do More Unlimited and high-end Get More Unlimited.
The wireless carrier has boosted growth by lowering the price of some of its data, which has led to some growth.
Verizon is expected to of $1.24 per share on revenue of $32.74 billion.
Earnings aside, investors will also be eager for an update on the company’s 5G wireless network rollout.
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