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☆ Amazon shares jump 7%, approach record after earnings beat
▼ + stars: | 2024-11-01 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +3 min

Amazon shares jumped 7% on Friday and neared an all-time high after the company reported better-than-expected earnings, driven by growth in its cloud computing and advertising businesses. Revenue increased 11% in the quarter to $158.9 billion, topping the $157.2 billion estimate of analysts surveyed by LSEG. Sales in the Amazon Web Services cloud business increased 19% to $27.4 billion, coming in just shy of analysts' estimates, according to StreetAccount. That was an acceleration from 12% a year ago, but trailed growth at rivals Microsoft and Google , where cloud revenue increased 33% and 35%, respectively. The midpoint of that range, $185 billion, fell short of the average analyst estimate of $186.2 billion, according to LSEG.

Persons: Roth MKM, Brian Olsavsky, Andy Jassy, Jassy, we're, — CNBC's Ari Levy Organizations: Amazon, Revenue, LSEG, Services, Microsoft, Google, Nvidia, Meta

☆ Amazon CEO Andy Jassy says he has a secret weapon in the AI wars
▼ + stars: | 2024-11-01 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +3 min

Amazon CEO Andy Jassy said AWS gives the company a leg up in the AI race. Jassy said AWS has shown that Amazon can handle the logistics for scaling AI. AdvertisementAmazon CEO Andy Jassy on Thursday explained why he thinks the company is well-positioned to excel in AI: Amazon Web Services. Jassy talked up the cloud-computing unit on Amazon's third-quarter earnings call, defending the company's aggressive investments in AI. Amazon beat Wall Street's third-quarter expectations on revenue and earnings per share, with the stock rising 6% in after-hours trading.

Persons: Andy Jassy, Jassy, —, Sundar Pichai Organizations: Service, Web Services, Amazon, Companies, AWS, Big Tech

☆ Google employees pressure costumed execs at all-hands meeting for clarity on cost cuts
▼ + stars: | 2024-11-01 | by ( Jennifer Elias | ) www.cnbc.com time to read: +2 min

Alphabet executives, donning Halloween costumes, faced questions from concerned employees at an all-hands meeting on Wednesday, following comments on the company's earnings call suggesting that more cost cuts are coming. "There is a reality to it," said Brian Ong, vice president of Google recruiting, according to a recording of the meeting reviewed by CNBC. Ashkenazi said one of her key priorities in the new role would be to make more cuts as Google expands its spending on artificial intelligence infrastructure in 2025. Google has been restructuring its workforce to move more quickly in the AI arms race, where it faces increased competition. Within Google, employees have expressed concern that the company is preparing for more layoffs, possibly after the end of the year, according to internal correspondence viewed by CNBC.

Persons: Brian Ong, Ong, Anat Ashkenazi, Ruth Porat, Jeff Dean, Ashkenazi, Reggie Miller, Sundar Pichai, That's Organizations: Google, CNBC, Indiana Pacers, Amazon Locations: Silicon Valley

☆ 3-Stock Lunch: Apple, Amazon and Tesla
▼ + stars: | 2024-11-01 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email3-Stock Lunch: Apple, Amazon and TeslaQuint Tatro, Joule Financial founder, joins 'Power Lunch' to discuss stock plays for three stocks.

Persons: Tesla Quint Tatro Organizations: Joule Financial

☆ Wall Street kicks off historically strong month after wild October
▼ + stars: | 2024-11-01 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

The S & P 500 fell 1% in October, snapping a five-month advance. Now, Wall Street is coming into what has historically proven a strong month for stocks — which could push stocks to new heights. A CNBC analysis of FactSet data showed November has been the second-strongest month for the S & P 500 going back 10 years. Going back 20 years, the S & P 500 averages a 2.2% increase in November. Elsewhere on Wall Street this morning, analysts reacted to the latest quarterly earnings reports from megacaps Apple and Amazon .

Persons: Kamala Harris, Donald Trump, Goldman Sachs, Michael Ng, Doug Anmuth, Anmuth Organizations: Dow Jones Industrial, Nasdaq, Federal Reserve, CNBC, U.S, NBC, Apple Locations: U.S

☆ Stocks making the biggest moves premarket: Amazon, Apple, Atlassian and more
▼ + stars: | 2024-11-01 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Apple — Shares dropped 1.6% even after the technology giant surpassed top-and-bottom line estimates for the recent quarter, and showed 6% revenue growth. Avis Budget — The car rental company slipped 1.5% after posting third-quarter earnings that fell short of Wall Street's estimates. Chevron topped Wall Street's third-quarter estimates and returned more than $7 billion to shareholders during the period through buybacks and dividends. Juniper Networks posted preliminary third-quarter earnings and revenue that topped estimates, but did not provide financial guidance for 2024, citing its pending acquisition by Hewlett Packard Enterprise . Revenue of $1.33 billion topped the FactSet estimate of $1.26 billion.

Persons: Atlassian, FactSet, Abbott, Ernst, Young, Wall, LSEG, —, Jesse Pound, Sean Conlon, Pia Singh, Sarah Min Organizations: Amazon Web Services, Apple —, Intel —, LSEG, Abbott, Boeing —, . Avis Budget, Chevron, Exxon Mobil —, Exxon, Juniper Networks, Hewlett Packard Enterprise Locations: Europe, Missouri

☆ CNBC Daily Open: Big Tech needs to go beyond beating earnings expectations
▼ + stars: | 2024-11-01 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Big Tech drags down marketsMajor U.S. indexes slumped on Thursday, weighed down heavily by losses in Big Tech shares. While the company's cloud division missed revenue expectations, it's growing faster than it had in the same period last year. CNBC Pro checked in with Teng again to find out how his picks have performed, and if he has changed his mind on the stocks he's betting on.

Persons: Kevin Teng, Teng Organizations: CNBC, Big Tech, U.S, Japan's Nikkei, CSI, Apple, Amazon, P Global, PMI, Boeing, Wrise Private Singapore Locations: Asia, Pacific, Cupertino, China

☆ CNBC Daily Open: For Big Tech, beating earnings expectations is not enough
▼ + stars: | 2024-11-01 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The 12-month inflation rate was 2.1%. The core inflation rate, which excludes food and energy prices, came in at 2.7%. Big Tech drags down marketsMajor U.S. indexes slumped on Thursday, weighed down heavily by losses in Big Tech shares.

Persons: Dow Jones, Europe's, Jesse Pound Organizations: CNBC, U.S . Commerce Department, Big Tech, U.S, Apple, Amazon, Boeing, Bank of America Locations: U.S, Cupertino

☆ 'Father of the iPod' says Apple's staggered AI rollout is smart — and 'doesn't require nuclear power'
▼ + stars: | 2024-11-01 | by ( Jaures Yip | ) www.businessinsider.com time to read: +4 min

Tony Fadell said Apple's staggered rollout of its AI features is smart. Apple Intelligence features became available Monday with iOS 18.1. Apple's AI features launched on iPhones with the release of iOS 18.1 on Monday. "People were like, 'I downloaded it,' and they were like, 'Apple's AI is meh,'" Fadell said. AdvertisementDuring Apple's earnings call on Thursday, CEO Tim Cook talked more about Apple's AI strategy, which plans to release additional Apple Intelligence features in December.

Persons: Tony Fadell, Fadell, Apple's, —, Apple, Siri, Tim Cook, Cook Organizations: Apple Intelligence, Service, Apple, Google, Microsoft, Big Tech, Constellation Energy, Amazon, Amazon Web Services Locations: SMRs, Australia, Canada, Ireland, New Zealand

☆ Top Analysts Weigh in on Apple and Amazon's Earnings
▼ + stars: | 2024-11-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTop Analysts Weigh in on Apple and Amazon's EarningsMizuho's Jordan Klein and TD Cowen's Andrew Sherman discuss the key takeaways, positive and negative, from Apple and Amazon's latest earnings, and highlight other tech names on their radar.

Persons: Jordan Klein, Cowen's Andrew Sherman Organizations: Apple

☆ Oprah just favorited Meta's Ray-Ban glasses in the latest sign the product is taking off
▼ + stars: | 2024-11-01 | by ( Katie Balevic | ) www.businessinsider.com time to read: +3 min

Oprah endorsed Meta's Ray-Ban smart glasses in her holiday gift list. Meta CEO Mark Zuckerberg said Meta's smart glasses continue to see strong demand. AdvertisementMeta's smart glasses are already outperforming expectations, and they just won a powerful endorsement as the holiday season kicks off. Oprah Winfrey listed the Ray-Ban Meta Smart Glasses in "Oprah's Favorite Things 2024," her annual gift guide on her digital platform called Oprah Daily. AdvertisementIt may provide another boost to the wave of success that Meta's smart glasses have already seen.

Persons: Oprah, Meta's Ray, Winfrey, Mark Zuckerberg, —, Oprah Winfrey, Products Winfrey, Zuckerberg, Susan Li, Francesco Milleri Organizations: Service, Meta, Products, Financial Times

☆ Mariah Carey officially kicks off the countdown to Christmas
▼ + stars: | 2024-11-01 | by ( Lisa Respers France | ) edition.cnn.com time to read: +1 min

CNN —Mariah Carey is finally ready. After recently posting some videos poking a bit of fun at her reputation as the “Queen of Christmas,” the superstar singer used Halloween to officially launch the winter holiday season. The post also served as an ad for Kay Jewelers, which supplied the bling Carey wears in the video. It’s voting season.”“All I Want for Christmas Is You” off her 1994 album “Merry Christmas” and is now considered to be a classic. Amazon Music has announced an exclusive collaboration with Carey on her brand new “Christmas Time by Mariah Carey” holiday decor and tour merch collections to celebrate the 30-year anniversary of her hit song.

Persons: Mariah Carey, Carey, Gomez Addams, “ Organizations: CNN

☆ The Brooklinen Down Comforter has held up for 1,000+ nights. Here's why it's the most comfortable duvet we've tested
▼ + stars: | 2024-11-01 | by ( Mara Leighton | Lisa Sabatini | Senior Digital Culture Reporter | ) www.businessinsider.com time to read: +5 min

Brooklinen All-Season Down Comforter (Queen) The Brooklinen All-Season Down Comforter is a soft, light, and comfortable choice that's airy and warm but remains breathable so you can use it any time of the year. Check price at Brooklinen Check price at Amazon What we like Check mark icon A check mark. Light and airy feelCheck mark icon A check mark. Smooth sateen shellCheck mark icon A check mark. The Brooklinen All-Season Down is the best all-year comforter I've found, but it's not magical.

Persons: I've, it's, Mara Leighton, you've, There's, It's, I'm, Brooklinen, I'd, haven't Organizations: Business

☆ Wealth manager for the super-rich names 3 stocks to buy before the year-end
▼ + stars: | 2024-11-01 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +5 min

Equity markets rallied this year, as investors remained bullish on Big Tech but also scooped up shares in under-the-radar companies. Year-to-date, shares in Exxon have gained 16.7%, while the stock of Barrick and Microsoft have gained around 10.8% and 15% respectively. Microsoft Teng remains bullish on Microsoft, despite Wrise making a "partial switch" and reducing its weight in the tech giant while increasing allocations to Nvidia in early August. Microsoft and and Nvidia are among the so-called Magnificent Seven stocks, which also include Alphabet , Amazon , Apple , Meta Platforms and Tesla . Nike Athletic footwear and apparel label Nike is another stock that Teng likes, despite bearish sentiments in Wall Street.

Persons: Kevin Teng, —, Barrick, Barrick Gold Teng, Microsoft Teng, Teng, OpenAI, AlixPartners, Walt Disney, Mickey Mouse Organizations: Big Tech, CNBC Pro, Wrise Private Singapore, Microsoft, behemoth Exxon Mobil, Barrick Gold, Exxon, Barrick, Exxon Mobil, Nvidia, Apple, Tesla, Nike Athletic, Nike, Disney, Marvel Studios, Disney Plus, 4Q, Pixar Animation Studios Locations: Asia, East, Europe, Wall Street

☆ Dominion Energy is discussing small nuclear reactors with other tech companies after Amazon agreement
▼ + stars: | 2024-11-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Dominion Energy is talking with other tech companies about developing small modular nuclear reactors, after the Virginia utility entered into an agreement with Amazon last month to look at advancing the next-generation technology. Tech companies are investing in nuclear power as they hunt for carbon-free, reliable electricity to support the growing energy needs of artificial intelligence data centers. Alphabet 's Google agreed last month to purchase power from the startup Kairos Power, a developer of small modular reactors. Small modular reactors promise to reduce capital costs and speed the deployment of nuclear plants. There is no operating small modular reactor in the U.S. right now.

Persons: Robert Blue, Blue, It's, we've Organizations: Dominion Energy, Amazon, Dominion, Tech, Talen Energy, Susquehanna, Microsoft, Constellation Energy, Google Locations: Saint Paul , Virginia, Virginia, Louisa County , Virginia, Virginia . Virginia, Pennsylvania, U.S

Companies beat expectations, with some boosted by large cloud growth. AdvertisementThe tech giants Meta, Alphabet, Amazon, Apple, and Microsoft reported earnings this week, and investors were laser-focused on the results of AI investments. Cloud is kingMicrosoft, Alphabet, and Amazon saw significant growth in their cloud businesses, fueled by increased demand. Jeremy Goldman, EMARKETER's senior director of briefings, told BI that Microsoft's cloud business had decelerated from the "breakneck pace" of previous quarters. Related storiesWhile Google reported stronger cloud growth, Microsoft still leads it in cloud market share, and both are behind Amazon Web Services.

Persons: —, Kate Leaman, Jeremy Goldman, EMARKETER's, Amy Hood, Dan Romanoff, Andy Jassy, Tracy Woo, Forrester, AWS's, Jassy, Rufus, Sundar Pichai, Pichai, Mark Zuckerberg, Hood, Michael Field, Jaejune Kim, Lisa Su, we've Organizations: Apple, Companies, Service, Microsoft, Amazon, Morningstar, Google, Amazon Web, Amazon Web Services, Investment, Big Tech, Bank of America Securities, Meta, Nvidia, SK Hynix, Samsung, AMD, Services

☆ These are the most overbought stocks as November kicks off
▼ + stars: | 2024-11-01 | by ( Pia Singh | In | ) www.cnbc.com time to read: +4 min

Investors have been accumulating shares of several big-name companies, from GE Vernova to United Airlines , during the market's recent dip. But those and other overbought stocks could be due for a pullback, according to one popular yardstick. Strong earnings from tech giants Amazon and Intel late Thursday were partly responsible for equity gains on Friday, as investors still look to megacap tech stocks for leadership. CNBC Pro screened for stocks that are considered technically overbought on the basis of their 14-day relative strength index, or RSI. Companies with a 14-day RSI above 70 are often regarded as overbought, signaling a pullback may be ahead, while a 14-day RSI below 30 often suggests a stock is oversold and could see future upside.

Persons: Nicole DeBlase, DeBlase, FactSet, Estée Lauder, Dr Pepper Organizations: GE Vernova, United Airlines, Dow, Nasdaq, Amazon, Intel, CNBC Pro, Companies, GE, FactSet, Electric, Deutsche Bank, Pharmaceuticals, eBay Locations: United, U.S, Chicago, China

☆ This common mistake can tank a salary negotiation in minutes, says hiring expert: 'It looks like a cash grab'
▼ + stars: | 2024-11-01 | by ( Morgan Smith | ) www.cnbc.com time to read: +3 min

The secret to a successful salary negotiation isn't what you ask for, but how you do it. Explaining why you deserve a higher salary makes the conversation more collaborative than confrontational. It also shows the hiring manager that you're invested in the role and have done your homework, Broda adds. Ultimately, "hiring managers are on your side in salary negotiations," says Broda. Take CNBC's new online course How to Negotiate a Higher Salary.

Persons: Adam Broda, Broda Organizations: Amazon, CNBC, LinkedIn

☆ Here are Friday's biggest analyst calls: Nvidia, Apple, Amazon, Berkshire Hathaway, Intel, Datadog, Uber & more
▼ + stars: | 2024-11-01 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Citi reiterates Amazon as buy Citi said the e-commerce giant has "multiple catalysts for growth" following earnings on Thursday. Gordon Haskett upgrades Uber to buy from hold The firm said investors should buy the dip in Uber following earnings on Thursday. Goldman Sachs initiates Penguin Solutions as buy Goldman called Penguin a "high performance hardware solutions for enterprise AI at an attractive valuation." Wells Fargo downgrades Estee Lauder to equal weight from overweight Wells downgraded the stock following a disappointing earnings report on Thursday. KeyBanc upgrades Atlassian to overweight from sector weight KeyBanc upgraded the software company following earnings.

Persons: Goldman Sachs, Gordon Haskett, Goldman, Wells, Estee Lauder, it'll, Atlassian, Kinder Morgan, Morgan Stanley, Arista, Datadog, it's, CFRA, Berkshire Hathaway, Jefferies Organizations: Apple, Apple Intelligence, Citi, Amazon, Penguin Solutions, Penguin, Suncor Energy, " Bank of America, Nvidia, Artificial, TAM, Bank of America, UBS, Intel, Mizuho, IDA, Energy Locations: Asia

☆ Upside expected for Amazon as fulfillment efficiency increases margins, says Cowen's Blackledge
▼ + stars: | 2024-11-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUpside expected for Amazon as fulfillment efficiency increases margins, says Cowen's BlackledgeJohn Blackledge, senior internet analyst at Cowen, joins CNBC's 'Squawk on the Street' to discuss his buy rating for Amazon, expectations for the stock, and more.

Persons: Cowen's Blackledge John Blackledge Organizations: Cowen

☆ Amazon said its shoppers keep choosing cheap items – and that's good for business
▼ + stars: | 2024-11-01 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +3 min

Amazon's customers are buying cheap products, the retailer's top execs said in its Thursday earnings call. Amazon reported a strong third quarter, beating earnings expectations. While these items "often have a lower average selling price," Olsavsky said that these buying patterns are still a net positive for Amazon. Representatives for Amazon did not respond to a request for comment from Business Insider, sent outside business hours. Its net sales for the quarter hit $158.9 billion, outperforming analyst expectations of $157.3 billion.

Persons: execs, —, we're, Andy Jassy, Brian Olsavsky, Olsavsky, Jassy, Wells Fargo Organizations: Service, Amazon's, Amazon, Business Locations: North America

☆ Nvidia to edge out Intel in Dow Jones Industrial Average
▼ + stars: | 2024-11-01 | by ( Lloyd Lee | Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +3 min

Nvidia is replacing Intel in the Dow Jones Industrial Average, S&P Dow Jones Indices said Friday. AdvertisementNvidia is joining the Dow Jones Industrial Average, the S&P Dow Jones Indices said on Friday, replacing its rival Intel, which held the position for 25 years. AdvertisementThe Dow Jones Industrial Average, or DJIA, is made up of 30 blue-chip companies, from Amazon to Walt Disney Co., and is often used as a benchmark for the broader US economy. Since 1999, Intel has held its position on the DJIA to reflect the state of the larger semiconductor industry. AdvertisementNow, with its entrance into the DJIA, it only underlines the mainstream acceptance of Nvidia as a market leader.

Persons: Dow, —, missteps, Pat Gelsinger, Jensen Huang, Jensen, Dan Ives Organizations: Nvidia, Intel, Dow Jones, Service, Walt Disney Co, Amazon Web Services, Corporate Finance Institute Locations: Amazon, Silicon Valley, Susquehanna

☆ Nvidia to join Dow Jones Industrial Average, replacing rival chipmaker Intel
▼ + stars: | 2024-11-01 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

Nvidia is replacing rival chipmaker Intel in the Dow Jones Industrial Average, a shakeup to the blue-chip index that reflects the boom in artificial intelligence and a major shift in the semiconductor industry. Intel shares were down 1% in extended trading on Friday. Nvidia shares rose 1%. Nvidia's market cap has swelled to $3.3 trillion, second only to Apple among publicly traded companies. Intel shares have fallen by more than half this year as the company struggles with manufacturing challenges and new competition for its central processors.

Persons: Jensen Huang, Sherwin Williams, Dow Jones, Dow Organizations: Nvidia, EIFO, NVIDIA, Vilhelm, Intel, Dow Jones, Dow Inc, Apple, Companies, Microsoft, Meta, Google, Dow, Amazon, Walgreens Boots Alliance, AMD Locations: Kastrup, Denmark

☆ Two Washington Post writers who resigned over Bezos’ non-endorsement join The Atlantic
▼ + stars: | 2024-11-01 | by ( Brian Stelter | ) edition.cnn.com time to read: +3 min

New York CNN —Two veteran writers who resigned from The Washington Post over its non-endorsement decision are joining The Atlantic. Robert Kagan and Danielle Allen are coming aboard as contributing writers, The Atlantic’s editor-in-chief Jeffrey Goldberg said Friday. Kagan, a Post opinion editor-at-large and senior fellow at the Brookings Institution, resigned within minutes of learning the news. More than 250,000 Post customers cancelled their subscriptions in the wake of the non-endorsement, according to reporting by NPR and the Post. For The Atlantic, the Post imbroglio is also an opportunity to attract talent.

Persons: Robert Kagan, Danielle Allen, Jeffrey Goldberg, Jeff Bezos, Donald Trump, Bezos, board’s, Kamala Harris, Kagan, “ Bezos, ”, “, Goldberg, Harris, ” Goldberg, Allen, Trump, Barack Obama, ” Allen Organizations: New, New York CNN, The Washington Post, Atlantic, Post, Amazon, Brookings Institution, Trump, NPR, CNN, Harvard University, Washington Locations: New York

☆ Stocks making the biggest moves midday: Intel, Amazon, Boeing, Chevron and more
▼ + stars: | 2024-11-01 | by ( Pia Singh | In | ) www.cnbc.com time to read: +4 min

The company posted earnings of $1.88 per share, excluding items, on revenue of $52.28 billion. Analysts polled by FactSet called for adjusted earnings per share of $1.62 on revenue of $50.90 billion. Intel — Shares popped 9% after the chipmaker topped third-quarter earnings estimates and shared upbeat quarterly guidance. The company posted adjusted earnings of 17 cents per share on $13.28 billion in revenue. Chevron also returned a record of more than $7 billion to shareholders in the quarter through buybacks and dividends.

Persons: Health —, Cardinal, FactSet, Atlassian, Donald Trump, Ernst, Ernst & Young, Avis, —, Alex Harring, Brian Evans, Michelle Fox Theobald, Sean Conlon, Samantha Subin Organizations: Health, Boeing —, Intel, Amazon, Web Services, Apple —, Trump Media & Technology Group, Communications, Abbott Laboratories, Abbott, Ernst &, Avis Budget, LSEG, Chevron Locations: Europe, buybacks

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