The Federal Reserve's decision to maintain the interest rates at 5.25-5.50% has spurred a positive sentiment in the markets, causing speculation that the anticipated year-end rate hike might not take place. The Russell 2000 index, despite showing a -4.66% dip year-to-date, gained +0.40% on Thursday. Other indices including the Dow, S&P, and Nasdaq also posted gains with the Nasdaq leading at +1.64%, buoyed by tech firms such as AMD (NASDAQ:AMD).
In the realm of corporate earnings, Qualcomm (NASDAQ:QCOM) beat Q4 expectations with earnings of $2.02 per share and revenues of $8.67 billion, surpassing the projected $8.55 billion. A significant +15% surge in its automotive business led to a +3.5% rise in after-market shares. Consequently, the company adjusted its guidance to $2.25-2.45 per share.
Airbnb's Q3 earnings report showed significant earnings of $6.63 per share due to a one-time income tax benefit and revenues of $3.40 billion. However, shares fell -3.7% following lower than expected Q4 revenue guidance.
e.l.f Beauty also surpassed estimates with revenues of $215.5 million, which resulted in its stock climbing nearly +6%. The current-year EPS estimates for the company rose to earnings of $2.47-2.50 per share.
PayPal (NASDAQ:PYPL) beat Q3 estimates with sales of $7.4 billion, slightly above the expected $7.39 billion, leading to a +1.6% rise in shares and forecasting a +4.8% increase in holiday sales, with full-year earnings guided up to $4.98 per share.
Mondelez (NASDAQ:MDLZ) outperformed Q3 expectations with earnings of 82 cents per share and revenues of $9.03 billion, resulting in a +3.25% boost in shares. This marks a consistent trend for the company, which has only missed earnings once in the past 5 years.
On the other hand, Etsy (NASDAQ:ETSY)'s Q3 report showed earnings of 64 cents per share beating expectations, but its $636.3 million sales fell short, leading to a more than -50% year-to-date drop and -3% after-market fall in shares. The CEO described the situation as an "incredibly challenging environment".
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