We are now entering the busiest week of this earnings season, with reports lined up from five constituents of the “Magnificent 7." Alphabet (GOOG) will release its September quarter earnings on Tuesday, followed by Meta Platforms (META) and Microsoft (MSFT) the next day. Apple (AAPL) and Amazon (AMZN) will step into the confessional on Thursday, leaving only Nvidia (NVDA) to report, with those earnings due out next month.
Notably, the Nasdaq Composite ($NASX) finally hit a new record high on Friday, with a little nudge from Tesla (TSLA) - which started the earnings season for Magnificent 7 stocks with a bang. While Tesla’s revenues missed estimates, and the bottom-line beat was largely driven by higher sales of regulatory credits, the most important takeaway from the earnings call was the rosy outlook provided by CEO Elon Musk. While the billionaire used the word “guess” way too often and the delivery forecast sounded tough to achieve, he had something to please both short-term as well as long-term investors during the earnings call, making it a rockstar performance.
