The Federal Reserve's decision to maintain the interest rates at 5.25-5.50% has spurred a positive sentiment in the markets, causing speculation that the anticipated year-end rate hike might not take place. The Russell 2000 index, despite showing a -4.66% dip year-to-date, gained +0.40% on Thursday. Other indices including the Dow, S&P, and Nasdaq also posted gains with the Nasdaq leading at +1.64%, buoyed by tech firms such as AMD (NASDAQ:AMD).
In the realm of corporate earnings, Qualcomm (NASDAQ:QCOM) beat Q4 expectations with earnings of $2.02 per share and revenues of $8.67 billion, surpassing the projected $8.55 billion. A significant +15% surge in its automotive business led to a +3.5% rise in after-market shares. Consequently, the company adjusted its guidance to $2.25-2.45 per share.
Airbnb (NASDAQ:ABNB)'s Q3 earnings report showed significant earnings of $6.63 per share due to a one-time income tax benefit and revenues of $3.40 billion. However, shares fell -3.7% following lower than expected Q4 revenue guidance.
e.l.f Beauty also surpassed estimates with revenues of $215.5 million, which resulted in its stock climbing nearly +6%. The current-year EPS estimates for the company rose to earnings of $2.47-2.50 per share.
PayPal (NASDAQ:PYPL) beat Q3 estimates with sales of $7.4 billion, slightly above the expected $7.39 billion, leading to a +1.6% rise in shares and forecasting a +4.8% increase in holiday sales, with full-year earnings guided up to $4.98 per share.
Mondelez (NASDAQ:MDLZ) outperformed Q3 expectations with earnings of 82 cents per share and revenues of $9.03 billion, resulting in a +3.25% boost in shares. This marks a consistent trend for the company, which has only missed earnings once in the past 5 years.
On the other hand, Etsy (NASDAQ:ETSY)'s Q3 report showed earnings of 64 cents per share beating expectations, but its $636.3 million sales fell short, leading to a more than -50% year-to-date drop and -3% after-market fall in shares. The CEO described the situation as an "incredibly challenging environment".
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.