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Earnings Carnage

I made an appearance on the TD Ameritrade Network recently to discuss earnings for American Express and energy company Schlumberger that you can see by clicking lost $52.17 billion in market value after Xi Jinping claimed a third term as China’s leader. As you can see on the adjacent chart, the Chinese stock market has given back much of the gains from the last decade.

  • There are now four regional manufacturing indices that negative which signals the economy is slowing. Specifically, Richmond, Kansas City, New York and Philadelphia.

Earnings Highlights

  • Apple: The iPhone maker reported record revenue in the September quarter, offering a bright spot during a challenging week of earnings reports from tech giants.
  • Intel: The chip maker posted a 20% drop in third-quarter sales and lowered its full-year outlook. It has embarked on an aggressive cost-cutting push including targeted job cuts.
  • Amazon: The e-commerce company projected sales in the current quarter would be far below expectations, sending its stock plunging 13% off hours.
  • A day after reporting dismal earnings, Meta shares lost nearly a quarter of their value, knocking it off the list of the 20 most valuable US companies.
  • Ford Motor: The auto maker swung to a third-quarter loss because of a hefty charge associated with the shutdown of its autonomous-driving venture Argo AI. 
Paul McCarthy of Kisco Capital, LLC

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Regards,

Paul J. McCarthy III

President, Kisco Capital

Paul McCarthy

Mr. McCarthy is the President and founder of Kisco Capital.