11/18/2023 0 Comments 20 cheap stocks to buy now![]() ![]() ![]() Its results for the latest quarter fell short of forecasts, and it disclosed it was working with regulators to resolve an accounting error dating back to 2007 that misclassified some credit card accounts. The biggest loss in the S&P 500 came from Discover Financial, which slid 15.9%. They buckled when customers suddenly pulled their deposits, all at once. It also said average deposits decreased 2.1% from earlier this year, though its profit topped expectations.īanks have been under heavy scrutiny since three failed earlier this year, hurt by the heavy weight of high interest rates. Truist Financial sank 7.1% after reporting weaker revenue than expected. It also said customers added $2 billion in deposits, or 3.2%, over the last three months, which it called a “solid’ number. rose 10% after reporting stronger profit and revenue for the latest quarter than expected. Nvidia fell 3.3%, though it remains 211.5% higher for the year so far.Īcross the rest of Wall Street, companies reported a mixed set of results. ![]() Other huge winners from early this year also slid. If big tech stocks don’t produce the profits to justify the big moves, it could put the rally at jeopardy. Netflix is still up 48% for the year so far, and Tesla has more than doubled. Big Tech stocks have rallied hard this year and been the primary reason for the S&P 500’s big gains. Tesla and Netflix are two of the first huge tech-oriented companies to report their profits for the spring, and a lot is riding on the results. One important measure for the company, how much revenue it makes from paid memberships on average, fell during the quarter from a year earlier. ![]() At the same time, you may choose to invest for value, meaning you need to be far more patient.Netflix sank 8.4% despite also reporting stronger profit than expected. This is when you decide whether you want to hold the stock or cash out because you feel it cannot continue to grow as anticipated.
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