Good Evening! On Thursday, stocks continued to sustain a weeklong rally, as the producer price data offered additional evidence of a decline in inflation and companies commenced the earnings season with stronger performance than anticipated by analysts.
The S&P 500 experienced a 0.85% increase, while the Dow Jones saw a small gain of 0.14%. The Nasdaq Composite experienced significant gains, increasing by 1.58%.
EARNINGS ARE BACK
The shares of PepsiCo, Inc. (PEP) experienced an increase due to the company’s impressive performance in its Q2 earnings report, surpassing expectations in terms of revenue and profit. This resulted from price increases across its diverse product offerings and the introduction of new innovations within the Frito-Lay division.
- Revenue: $22.3 Billion vs. $$21.68 Billion Expected
- Organic Sales Growth: +13% vs. +9.75% Expected
- Earnings Per Share: $2.09 vs. $1.96 Expected
What was the global Sale footprint of Pepsi? PepsiCo experienced widespread sales gains across its global operations, particularly in Europe and its Africa, Middle East, and South Asia division, which exhibited the most significant organic growth gains. On top of that, the Frito-Lay North America division demonstrated notable advancements, while the Quaker Foods unit is the only one lagging behind the minimal 2% growth.
THE BEST TIME OF THE YEAR
Amazon (AMZN) recorded its highest sales figures to date during the initial 24-hour period (July 11) of its annual Prime Day event.
How much did consumers save? According to Amazon, customers made purchases exceeding 375 million items on the initial day of discounted offers, resulting in a cumulative savings of $2.5 billion. The renowned shopping event is progressively perceived as a gauge of the consumer’s condition, which has been afflicted by inflation, elevated interest rates, and the near recommencement of student loan repayments.
How much did Amazon make? According to data from Adobe Analytics, the aggregate sales for a single day reached a substantial amount of $6.4 billion, exhibiting a growth of approximately 6% compared to the previous year. The sales figures for the second day of the event indicate a notable level of robustness, amounting to a total of $6.3 billion.
Other companies want in! This year signified the ninth occurrence of Amazon’s popular deal event. According to Michael Greene, the Senior VP of Global Vertical Strategy at Criteo, Prime Day has generated a “halo” effect of discounts throughout the e-commerce sector since its establishment in 2015.