Earnings Reports from AMZN, AAPL, ROKU, INTC, XOM and CVX

Market Rebellion

This article was last updated on 07/29/2022.

Good morning Rebels! Happy Friday! What an incredible week it has been for the bulls. We saw 175 companies in the S&P 500 report earnings — many of them missed on several metrics, and yet as long as there was something positive about the report, many of them still managed to put up gains on the news. Thursday night’s earnings were a great example. 

July 28-29 Earnings Results

Amazon — Investors look past the short term EPS miss

AMZN Revenue: $121.2B v $119.7B Expected (Beat)

AMZN EPS: -$0.20 v $0.15 Expected (Miss)

Despite the EPS miss, AMZN is currently higher by more than 10% in the premarket. 

Apple — Earnings beat, CEO upbeat

AAPL Revenue: $83B v $82B Expected (Beat)

AAPL EPS: $1.20 v $1.14 Expected (Beat)

Apple CEO Tim Cook said that he has yet to see any evidence of macroeconomic impact on the iPhone business. Apple rose 2.5% off the news.

Roku — Roku investors go broku after steep earnings miss

ROKU Revenue: $764M v $804M Expected (Miss)

ROKU EPS: -$0.82 v -$0.78 Expected (Miss)

Roku also lowered guidance. Roku is currently the number one holding in Cathie Woods flagship ETF, ARKK, with a higher spot than Tesla. Ark Funds bought 584,540 shares of Roku for more than $46 million dollars just two days ago, and have issued a 2026 price target of $605 in the name. Currently, shares of Roku are down by more than 25% in the premarket, now trading well below their previous 52 week low.

Intel — Earnings miss leads to stock decline, investors hope 5-year low provides support

INTC Revenue: $15.3B v $17.9B Expected (Miss)

INTC EPS: $0.29 v $0.69 Expected (Big Miss)

The question on chip investors minds: Has the demand for semiconductors slowed, or are AMD and Nvidia taking over? And will the chips act give any boost to Intel, or is its impact already priced in?

Intel is down 11.03% on the news, placing the share price almost directly on top of its 52 week (and 5 year) low. A break below that level could get ugly. But CEO Pat Gelsinger doesn’t think that’ll happen. Pat said, he is “confident this is the bottom”.

If Thursday night was all about tech, Friday morning earnings were all about energy.

Exxon and Chevron — Record profits, impressive YoY comparisons.

Exxon Earnings: Beat

XOM EPS: $4.14 v $3.89 Expected (Beat)

Revenue: $115.68B v $94.22B Expected (Beat)

Total earnings in 2022 Q2: $17.9B vs Total earnings in 2021 Q2: $4.7B

Exxon is higher by 2.28% in the premarket.

Chevron Earnings: Beat

EPS: $5.82 v $5.03 Expected (Beat)

Revenue: $68.76B v $57.69B Expected (Beat)

Total earnings in 2022 Q2: $11.62B vs Total earnings in 2021 Q2: $3.08B

Chevron is higher by 3.07% in the premarket.

Unusual Options Activity

For more quick takes on this morning’s market-moving news, check out 60 Seconds With Jon Najarian!

https://twitter.com/jonnajarian/status/1552999497571225601

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