Google, Amazon, and Intel earnings miss expectations, computing power hardware stocks extend decline, Eoptolink falls over 10%

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October has finally come to an end. Here's hoping next month treats us stock and fund investors a little better.

During today's session, Taylor thought things were about to stabilize and nearly got ready to shout "Great Miracle Day," but then the market kept falling into the close.

Let's take a look at what happened.

On October 30, the market opened lower in the morning and then rebounded. The three major indexes turned positive in the afternoon and then fell again. By the close, the Shanghai Composite Index was down 1.44%, the Shenzhen Component Index was down 2.73%, and the ChiNext Index was down 4.13%.

Fewer than 1,000 stocks in the market rose, while 4,602 stocks fell.

Consumer stocks led by baijiu strengthened. Qingdao Foods hit its fifth consecutive limit-up, and more than ten stocks including Huangtai Liquor, Luzhou Laojiao, Gujing Gongjiu, and Yingjia Gongjiu hit the limit-up.

Pharmaceutical and medical stocks rallied, with Wanbang Pharmaceutical, Baihua Pharmaceutical, Aoyang Health, Lingrui Pharmaceutical and others hitting the limit-up.

Computing power hardware stocks extended their decline, with Eoptolink and Victory Giant Technology falling more than 10%.

Today's decline was mainly triggered by the earnings reports of several tech companies, and the selloff then spread to Asian markets.

First, overnight, a sharp drop in Google parent Alphabet's stock weighed on U.S. tech stocks. Previously, Google's search revenue growth in the third fiscal quarter slowed because of the lower profitability of AI search.

Second, Amazon's earnings report.

Amazon Web Services revenue growth reached its highest level in years. But that was still not enough to dispel investors' concerns about artificial intelligence. In the third quarter, Amazon's total revenue rose 12% to $201.9 billion, and net profit was $20.7 billion. Both figures were below analysts' expectations surveyed by FactSet. Free cash flow over the past 12 months fell sharply, with a net outflow of $42.4 billion.

Affected by this, Amazon's stock plunged 7% in premarket trading. EM_StockImg_Start

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Third, Intel's earnings report.

Intel's reported third fiscal quarter results were disappointing, and it expects personal computer sales to continue slowing. The company's stock plunged more than 20% in premarket trading tonight. The pressure on the personal computer business largely comes from persistently high memory chip prices. Intel expects this pressure to continue through 2028.

Intel expects fourth fiscal quarter revenue to be between $15 billion and $16 billion, with adjusted earnings per share of 25 cents. Analysts surveyed by FactSet had previously expected the company's fourth fiscal quarter revenue to be $17.29 billion, with adjusted earnings per share of 45 cents. EM_StockImg_Start

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Fourth, the third-quarter reports of some A-share companies last night also fell short of expectations.

Affected by the earnings reports of multiple tech companies, Asian markets plunged collectively today, and stock index futures linked to the tech-heavy Nasdaq index fell 2.4% during the Asian session.

(Source: China Fund News) Middle of article body Embedded advertisement