Wall Street Breakfast: Alphabet, Amazon, Apple

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 3 February 2023

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Apple (AAPL) would've grown in 'vast majority' of markets if not for FX headwinds: Cook. Alphabet (GOOG) (GOOGL) CEO Pichai touts AI, but says business is 'more challenging'. Amazon (AMZN) stock moves lower on mixed earnings result (update). January nonfarm payroll report should show slower growth, but will it suit the Fed?

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Show links:

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Transcript

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0:00.0	Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning.
0:07.0	Good morning. Today is Friday, February 3rd, the first Friday in February, also known as Wear Red Day, I'm your host Julie Morgan.
0:16.2	Our top stories.
0:18.0	Apple, Amazon, and Alphabet.
0:20.4	All three are in the red before the market after reporting a mixed bag of earnings.
0:25.8	The jobs report is due out today.
0:28.0	Seeking Alpha, contributor Leo Nellison said the numbers could highlight once again that underlying inflation is too high to ignore.
0:36.8	And activist Ryan Cohen has reportedly taken a stake in Nordstrom.
0:41.2	Shares of the department store are up 30% on the news. We begin with
0:46.7	tech. Apple is down nearly 4% pre-market. Thursday the tech giant posted first quarter results that were worse than expected due in part to significant supply constraints.
0:58.0	For the period ending December 31st, Apple earned $1.88 per share on revenue of $17.15 billion.
1:07.6	This fell short of analyst's projections for a profit of $1.95 cents per on 121.65 billion in revenue.
1:16.0	If you remember before Christmas, Apple warned that the iPhone 14
1:19.7	pro would be supply constrained due to the COVID-19 pandemic and its drastic impact on China.
1:25.7	CEO Tim Cook said during the company's conference call that Apple would have grown in the vast
1:30.5	majority of the markets it operates on a year over year basis if not for the significant
1:35.8	800 basis point foreign exchange headwind.
1:38.8	He also noted that iPhone production is now back to where Apple wants it to be.
1:44.0	Alphabet shares are down nearly 5% pre-market.
1:48.0	Thursday, the Google Parent Company reported fourth quarter earnings and sales that fell short of expectations as revenue from
1:54.8	advertising declined from a year ago.
1:57.5	Alphabet said that for the quarter ended December 31st it earned $1.05 a share versus the 1.20 cents expected.
	...

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