Tesla, Microsoft, AMD Stocks Are Big Earnings Movers| Investor’s Business Daily

Dow Jones futures rose solidly late Wednesday, along with S&P 500 futures and Nasdaq futures, but that came after Wednesday’s stock market rout slammed the major indexes. After the close, Tesla (TSLA), Microsoft (MSFT), Advanced Micro Devices (AMD), Visa (V), Align Technology (ALGN) and O’Reilly Auto Parts (ORLY) were notable stocks moving on earnings.

Tesla stock soared late, while Dow Jones components Visa and Microsoft advanced. But AMD stock, Align stock and O’Reilly stock crashed.

Dow Jones Futures Today

Dow Jones futures rose 0.4% vs. fair value. S&P 500 futures advanced 0.55%. Nasdaq 100 futures popped 1.05%. Remember that action in Dow futures, Tesla stock, AMD stock and elsewhere doesn’t necessarily translate into actual trading in the next regular session. That’s often been true in the current stock market correction, with big moves intraday and after hours.

In Wednesday’s stock market trading, the Dow Jones slid 2.4%, falling below its 200-day line even with Dow giant Boeing (BA) rising on earnings. The Nasdaq composite plunged 4.4%, and the S&P 500 index lost 3.1%. All three indexes undercut Tuesday’s intraday low. The latest stock market rout wiped out all the Dow Jones and S&P 500 gains for 2018.

Bottom line: It’s a stock market correction.

Tesla Earnings

Tesla earnings came in at $2.90 a share, blowing out estimates for a 19-cent loss. Revenue soared to $6.8 billion as Tesla Model 3 output picked up.

Shares jumped 10% in late trading. Tesla stock closed down 1.9% to 288.50. Shares shot up nearly 13% Tuesday after short-seller Citron Research went long on Tesla.

Analysts likely will have questions about Model 3 production, operating costs, capital spending and more for Elon Musk in the post-earnings conference call beginning at 6:30 p.m. ET.

AMD Earnings

AMD earnings met adjusted per-share views, but sales came in light. Graphics chip sales were a weak spot.

Shares crashed 22% in late trading. AMD stock closed down 9.2% to 22.79, hitting a two-month low amid several negative chip earnings reports. The Philly Sox index tumbled 6.6% Wednesday to a 13-month low.

AMD stock ran up sharply after its last earnings report on July 25. It hit a 12-year high of 34.14 on Sept. 13. A big part of the stock’s rally stemmed from Intel (INTC), which cited delays in its next-generation chip. One reason for AMD stock’s subsequent fall was Intel indicating that it was making progress on that front. Intel earnings are due Thursday.

Microsoft Earnings

Microsoft earnings and revenue for the software giant’s fiscal first quarter were well above estimates.

Shares rose 2% late. Microsoft stock closed down 5.35% to 102.32, falling further from its 50-day line and approaching its 200-day. But the Dow Jones tech giant’s relative strength line, which tracks a stock’s performance vs. the S&P 500 index, is still near a record high.

Visa Earnings

Visa earnings topped views, but the card giant’s revenue came in light.

Shares rose 1.7% late. Visa stock closed down 3.5% to 134.26, consolidating since its Oct. 1 peak of 151.56. The Dow Jones component is trading between its 50-day and 200-day averages.

Align Technology Earnings

Invisalign maker Align Technology earnings topped forecasts, but guidance came in light. Align stock tumbled 22% in late trade. During Wednesday’s session, Align stock slid 6.7% to 290.83, losing sight of the 200-day line and hitting a five-month low.

O’Reilly Auto Parts Earnings

O’Reilly Auto Parts earnings drove past forecasts, but sales missed and the auto parts retailer gave weak EPS guidance.

Shares skidded 4% late. O’Reilly stock already closed down 5.1% to 322.83, tumbling below its 50-day line and hitting a two-month low. Shares have been working on a 351.75 flat-base buy point.

Several other notable stocks reported late Wednesday, including ServiceNow (NOW), Vertex Pharmaceuticals (VRTX), Las Vegas Sands (LVS) and many more.

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