NASDAQ Surges On Amazon, Twitter, Google, Microsoft Earnings

The tech-heavy NASDAQ stock exchange was at record highs Oct. 27 following blowout earnings by Amazon, which smashed analyst expectations with growth in its cloud sector and revenue from the Whole Foods acquisition. 

The NASDAQ exchange was at an all-time high of 6,688.74, up 2.21% for the day. The exchange is up 24% on the year compared with the broader S&P 500’s 15% YTD gains.

The NASDAQ 100, which tracks the 100 biggest stocks on the exchange, is up 27.5% on the year. Amazon earnings per share of 52 cents for the third quarter destroyed analyst expectations of 3 cents per share, with North American sales and Amazon Web Services making up for increased spending in new areas.

Revenue increased 34 percent compared with last year.

The Amazon Web Services cloud and analytics division, which offers more than 90 different services, continues to be its most profitable and drive growth, with another 42 percent in sales.

AMZN stock was up 12.74 percent on the day as of 12 pm ET. With a price to earnings ratio at 277, investors obviously expect continued and accelerated growth for the retail giant, which claims a market capitalization of 524.86 billion, despite thin margins.

There have been rumblings of Amazon entering into the primary ticketing space, and not just as a platform to move the inventory of other ticketing companies. The company is already operating in the UK

The stock’s shares are up more than 40% since January. 

Also posting big earnings reports were Microsoft, Google parent company Alphabet and micro-blogging social media platform Twitter.

MSFT stock was up just under 7% at press time, with Alphabet up 6.40% and Twitter up 5%.

Twitter posted results beating analyst expectations and produced a positive “generally accepted accounting principles” for the first time in its history, and sees the possibility of net profitability in the fourth quarter.

The stock surged yesterday by 17%. And was up 5% more this morning.

Apple stock was up more than 3% on the broader market news, but the company reports its results on its fiscal fourth quarter Nov. 2.

Live Nation stock is up a whopping 62% on the year. The company also reports its earnings Nov. 2.