STTG Market Recap April 24, 2014

Thursday saw some volatility in the morning as indexes popped early on the huge move in Apple (AAPL) but gave up all those gains to go negative in the 10 AM hour, before buyers stepped back in the rest of the session.  We said Tuesday the overheated market could use a few days of rest and that is what has happened these past 2 sessions.  The S&P 500 gained 0.17% and the NASDAQ 0.52% offsetting much of the losses from yesterday.

The S&P 500 is resting up just under the resistance line that connects the lows of last year; meanwhile the NASDAQ is still waiting to make a new higher high versus the peak earlier in April (dotted line below).

spx

nasdaq

It is worth noting the move in Apple (AAPL) today even though we discussed it yesterday – it is back to near year highs.

aapl

There is a lot of after hours action today having to do with earnings so let’s look over some key reports.  None of these are great charts coming into the day as investors had went away from momentum and/or growth stocks for much of the past 6-8 weeks in favor of more safe stocks, along with other sectors such as energy.

Amazon.com (AMZN) posted first-quarter earnings per share of 23 cents on $19.74 billion in revenue, compared to estimates calling for EPS of 23 cents on $19.43 billion.  Amazon announced that streams on Prime Instant Video nearly tripled year over year.  Shares are up 2%+ in the after hours to the mid $340s.

amzn

Las Vegas Sands (LVS) reported first-quarter adjusted earnings per share of 97 cents on $4.01 billion in revenue, versus estimates of EPS of 94 cents on $3.91 billion in sales.  Shares were little changed in the after hours.

lvs

Starbucks (SBUX) reported second-quarter earnings per share of 56 cents, excluding items, on $3.87 billion in revenue, versus expectations of EPS of 56 cents on $3.95 billion in sales.  Global sales at Starbucks cafes open at least 13 months rose 6 percent for the second quarter, versus analysts’ average estimate for a 5.4 percent gain.  Shares are up 1% in after hours.

sbux

Visa (V) tallied second-quarter earnings per share of $2.20, excluding items, on $3.16 billion in revenue, versus expectations of EPS of $2.18 on $3.19 billion in sales.  Shares are down 1.5% in after hours.

v

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