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2 Mega-Cap Stocks That Reported Earnings Last Week and Missed Sales Estimates -Breaking

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© Reuters. 2 Megacap Stocks with Missed Sales Estimates and Earnings Reports

Octuary saw the benchmark indices see their highest monthly gains since last January, thanks to strong third-quarter earnings reports from many companies. However, Amazon (AMZN), a mega-tech player, and Apple (AAPL), missed sales estimates due to supply chain issues. Read on, let’s discuss.
The S&P 500 reported its best month since November 2020, rising to record highs in October. Of the S&P 500 companies that reported earnings in October (approximately 50% did), more than 80% beat Wall Street analysts’ estimates, despite global supply chain issues.

Investors were disappointed by the recent results from some large tech companies. Apple Inc. (NASDAQ) was unable to meet analyst expectations due to a shortage of semiconductor chips for iPhones, iPads and Macs. This shortage was worse than anticipated and resulted in the company spending $6 billion. Amazon.com, Inc., NASDAQ: also experienced a poor quarter, which saw a decline in sales growth. The company also expects that its current quarter will see an increase in costs due to supply shortages and labor costs, as well as high shipping costs.

Additionally, Democratic Senator Amy Klobuchar, Democratic, introduced bipartisan legislation to rein in tech. It would prohibit tech companies from advertising on their platforms their products or services. This bill is the latest of a series of bills that Republicans and Democrats have brought to restrain the power of mega-sized corporations.

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