Wall Street analysts expected the first quarter to be bad, as investors continue to bite their nails over the prospect of a recession, but after a tidal wave of quarterly financial results from corporate America last week, led by online retail behemoth Amazon.com Inc., there are signs of a little less anguish.
Wall Street analysts’ expectations for 2023 overall have shown flashes of optimism too. Butters added that while earnings-per-share estimates for full year slipped by 0.2% through April, they rose 0.4% over the past week as big names flooded the earnings docket. One of the biggest names last week was Amazon AMZN , which Butters said was the biggest contributor to expected profit growth for the S&P 500 index this year.
“As Apple is a leading player in nearly everything regarding tech and consumer technology, we believe the company will step up its AI efforts over the coming months with a dramatic increase in pressure on this topic since the beginning of this year,” they said. “We continue to see China related risks as the most significant for the stock and expect the company to accelerate its effort to diversify its footprint,” D.A. Davidson analyst Tom Forte said in a research note on Thursday. “To illustrate Apple’s dependence on China, 95% of its AirPods, iPads, iPhones, and Macs are manufactured there.”
Several entertainment giants will also report, as the industry consolidates and investors press streaming platforms for more profit — potentially via fewer shows and movies, or more of the same shows and movies, and more ads. Warner Bros. Discovery Inc. WBD , World Wrestling Entertainment Inc. WWE , which is planning to combine with UFC, and meme-stock AMC Entertainment Holdings Inc. AMC are expected.
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