All Eyes on Big Tech Earnings as Nasdaq Extends Gains

Alphabet, Amazon.com, and Apple will report earnings after the close

Deputy Editor
Feb 2, 2023 at 12:07 PM
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The Nasdaq Composite (IXIC) is extending this morning's gains, up 346 points as Meta Platforms (META) stock's post-earnings surge boosts the tech-heavy benchmark. Wall Street is eyeing reports from Alphabet (GOOGL), Amazon.com (AMZN), and Apple (AAPL), due out after the close today, with all three boasting gains before results. 

The Dow Jones Industrial Average (DJI), meanwhile, is down triple digits, while the S&P 500 Index (SPX) is modestly higher. The Fed's 0.25 percentage point interest rate hike is still fresh in investors' minds, with gold prices climbing to a nine-month high before retreating. 

Continue reading for more on today's market, including: 

  • Tesla ramps up production amid strong demand.
  • Analysts upgrade FedEx stock after cost-cutting measures
  • Plus, GOOS seeing red-hot options activity; and 2 stocks moving opposite ways after earnings.

mmc Feb2

Options traders are targeting Canada Goose Holdings Inc (NYSE:GOOS), after the apparel retailer's disappointing fiscal third-quarter results and annual forecast. So far, 15,000 calls and 29,000 puts have crossed the tape, with overall volume running at 15 times the intraday average. The April 22 put is the most popular, followed by the 19 put in the same monthly series, with new positions opening at the latter. At last glance, GOOS was down 20.2% at $19.68, as the security adds to its 36% year-over-year deficit.

GOOS Feb2

Align Technology Inc (NASDAQ:ALGN) is up 27.1% at $358.97 at last glance, after its fourth-quarter results marked its first quarterly win in a year. No fewer than six analysts lifted their price targets after the event, including Evercore ISI to $375 from $230. Since the start of the year, ALGN is already up 70.4%. 

HanesBrands Inc (NYSE:HBI) is moving toward the bottom of the New York Stock Exchange (NYSE) today. The company's fourth-quarter profits of 7 cents per share were in line with analyst estimates, while revenue came in above expectations. The retailer's dividend cut and dismal profit and net sales forecast is weighing on shares, however. Year-over-year, the equity is down 57.3%. 

 

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