Alcatel-Lucent posted a loss in the previous quarter
In the week ended May 5, 2017, Alcatel-Lucent (ALU) stock fell a whopping 25.3%. The company posted a loss of 1.1 million lira ($306,662.95) against a profit of 4.4 million lira one year ago.
AMD’s shares finally corrected
Advanced Micro Devices (AMD) stock fell 23.4%. While its earnings met analyst expectations, its stock probably plunged because its earnings didn’t warrant a continuation of the mammoth 280.0% rally over the last year before this week. We’ll discuss AMD’s earnings in more detail later in this series.
Akamai’s 2Q17 outlook is bleak
Meanwhile, Akamai Technologies (AKAM) stock fell 14.3% on the back of a disappointing 2Q17 outlook, although the company did just about beat earnings estimates. The company posted revenues of $609.0 million in fiscal 1Q17, which is a 7.0% improvement from fiscal 1Q16. However, the guidance for its 2Q17 revenues was $603.0 million, which contributed to the stock’s fall.
Groupon had a disappointing quarter
Groupon (GRPN) stock fell 13.8% due to disappointing numbers in fiscal 1Q17. The company’s revenues fell 4.0% on a YoY basis, after posting revenues of $673.6 million for the quarter. Analysts expected its revenues to be in the region of $722.0 million.
In the same week, the NASDAQ Composite Index (QQQ) rose 0.54% while the S&P 500 Index (SPY) inched up 0.45%. The tech sector has outperformed the broader markets on a YTD basis, as the chart above shows. The former has been one of the best-performing sectors in 2017, returning 13.3% compared to the 7.2% increase in the S&P 500 Index.
Apple's (AAPL) revenues for fiscal 2Q17 rose 5% to $52.9 billion from ~$50.6 billion in fiscal 2Q16.
Last week, Donald Trump blacklisted Chinese telecom giant Huawei Technologies amid rising US-China trade tensions.
This year has been a great one for Snapchat parent Snap (SNAP), and its stock has nearly doubled.
Coca-Cola (KO) will offer a limited edition of its of New Coke cans beginning May 23 as part of its partnership with Netflix’s (NFLX) show Stranger Things.
Clorox stock (CLX) is down about 8% since the company posted its third quarter of fiscal 2019 earnings on May 1.
JD.com (JD) recently invested ~$55 million in purchase a ~10% stake in Jiangsu Xinning Modern Logistics, a Chinese logistics company focusing on the consumer electronics supply chain.
Today, the US stock market was on a path of recovery after starting the week on a bearish note yesterday.