While the jury is still out on whether June 16, 2022, marked a bottom that the markets won’t return to this year, stocks have been rallying.
The S&P 500 dropped six times in seven sessions amid a widespread sell-off and growing recessionary concerns in response to global central banks’ actions to combat increasing inflation following the Federal Reserve’s highest rate hike since 1994.
The Fed issued an aggressive 75-basis point rate hike in June, it issued an additional 75-basis point rate hike in July and is considering a third rate hike in September.
Since June 16, the S&P 500 has climbed 15.04%, supported by the index’s heaviest stocks including Apple and Amazon, both of which have soared above 15%.
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Take a look at how much these six name-brand stocks have rallied since June 16.
Apple Inc AAPL
June 16: $129.04
Aug. 11: $169.61
Apple delivered its most recent earnings report in late July beating on both the top and bottom lines. EPS came in at $1.20 and total bookings stood at $83 billion. CEO Tim Cook did not give formal guidance for the next quarter, but said, “In terms of an outlook in the aggregate, we expect revenue to accelerate in the September quarter despite seeing some pockets of softness.”
Tesla Inc TSLA
June 16: $639.30
Aug. 11: $870.45
Tesla issued its most recent earnings in mid-July, beating on consensus estimates on top and bottom lines. Total revenues came in at $16.9 billion and EPS of $2.27. The company also increased its cash position from $800 million to $18.3 billion during the quarter by selling some of its Bitcoin BTC/USD holdings.
Tesla shareholders approved a 3-1 stock split which will take effect on Aug. 25.
Netflix Inc NFLX
June 16: $173.35
Aug. 11: $246.99
Netflix dealt its most recent earnings in mid-July that showed it lost fewer subscribers than the company foresaw in the first quarter. Total revenues came in at $7.97 billion and EPS was $3.20. The company said it expects to add around 1 million users in the third quarter.
The streaming service plans to launch its ad-supported tier in early 2023.
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Amazon.com, Inc. AMZN
June 16: $103.66
Aug. 11: $141.97
Amazon’s late-July earnings report showed 7% revenue growth, aided by an uptick in Amazon Web Services bookings, with total revenues coming in at $121.23 billion versus the $119.09 billion estimate. The company lost $3.9 billion in the quarter due to its investment in plug-in truck maker Rivian Automotive Inc RIVN.
The company gave positive forward guidance, saying it expects to bring in between $125 billion and $130 billion in the third quarter.
PayPal Holdings Inc PYPL
June 16: $71.23
Aug. 11: $100.01
PayPal delivered its second-quarter earnings in early August that showed total bookings of $6.81 billion, ahead of analyst estimates. The company generated $339.8 billion in total payments volume, up from $311.0 billion in the second quarter of 2021.
The company also announced a new chief financial officer and a nearly $2 billion investment from Elliott Management Corp. activist investors.
Block Inc SQ
June 16: $57.51
Aug. 11: $87.88
Block issued its earnings in early August, beating on top and bottom lines. Total revenues came in at $4.4 billion, while EPS was $0.18. The company generated $755 million of gross profit in the second quarter, an increase of 29% year-over-year and 30% on a three-year CAGR basis.
Block owns payment systems Square, CashApp and Afterpay. It owns web hosting service Weebly and music streaming service Tidal.
Image and article originally from www.benzinga.com. Read the original article here.