Tech shares fall, Clorox recall and more: Wednesday's 5 things to know
Tech earnings continue to be high on the agenda with Meta reporting as well as major companies like Boeing and Ford
SlateStone Wealth chief market strategist Kenny Polcari and Sarge986 president Stephen Guilfoyle review Big Tech earnings on 'The Claman Countdown.'
Here are the key events taking place on Wednesday that could impact trading.
ALPHABET DISAPPOINTS: Google parent Alphabet shares are down 6.5% in premarket trading after revenue grew 6% to $69.1 billion, but the tally fell short of Wall Street estimates. The growth was the slowest since 2020 as reported by Dow Jones.
"We’re sharpening our focus on a clear set of product and business priorities," said Sundar Pichai, CEO of Alphabet and Google. "We are focused on both investing responsibly for the long term and being responsive to the economic environment."
It marked the first time Alphabet’s year-over-year quarterly revenue has risen by less than 10% since the April-June period of 2020.
GOOGLE PARENT COMPANY ALPHABET SAYS IT’S CURBING HIRING PACE
Signage sits outside Google headquarters in Mountain View, Calif. (AP Photo/Marcio Jose Sanchez, File / AP Newsroom)
Google's ad sales weakened even more dramatically than Alphabet's overall revenue. Ad revenue totaled $54.5 billion, up just 2.5% from the same time last year.
The company earned $13.9 billion, $1.06 per share, a 27% drop from the same time last year. Both revenue and earnings per share fell below projections of analysts surveyed by FactSet.
MICROSOFT'S MIXED QUARTER: Shares are 5.6% lower in premarket trading after the software giant reported revenue of $50.12 billion, higher than the same-period a year ago and besting Wall Street estimates of $49.6 billion.
Profits, however, fell short at $2.35 per share or $17.56 billion, less than $20.51 a year-ago and short of Wall Street's $2.71 per share target.
Microsoft logo on building. (Daniel Pier/NurPhoto / Getty Images)
That's a 14% drop in profit for the July-September quarter compared to the same time last year, reflecting a weak market for personal computers affecting its Windows business.
CLOROX PRODUCT RECALL: Shares were down 1% in premarket trading after recalling certain Pine-Sol cleaning products in connection to a bacteria exposure risk, the Consumer Product Safety Commission (CPSC) said Tuesday.
CLOROX RECALLING CERTAIN PINE-SOL CLEANING PRODUCTS
Regulators said consumers should "immediately stop" using certain Pine-Sol cleaning products due to the possibility of them containing bacteria. They should take pictures of the UPC and date codes before disposing of them, the CPSC said.
Customers can visit pinesolrecall.com to request a reimbursement
EARNINGS REPORTS: Another busy day ahead for earnings, with Dow member Boeing kicking things off in the morning. Also watch for results from pharmaceutical powerhouse Bristol-Myers Squibb, packaged food processor Kraft Heinz, aerospace/defense giant General Dynamics, and a slew of other big names all reporting ahead of the opening bell.
After the closing bell the spotlight will shine on Facebook parent Meta Platforms, with automaker Ford Motor, the world's largest equipment rental company United Rentals, and managed care colossus Molina Healthcare among the many names that will be clamoring for attention.
FILE - A for sale sign stands in front of a house in Westwood, Massachusetts. (AP Photo/Steven Senne, File / AP Newsroom)
NEW HOME SALES: The Census Bureau is expected to say that sales of new single-family homes tumbled 13.9% in September to a seasonally adjusted annual rate of 585,000.
CLICK HERE TO READ MORE ON FOX BUSINESS
That would follow a massive and surprise surge of 28.8% the previous month, as buyers rushed into the market before mortgage rates, already at levels not seen since the Great Recession, moved even higher.