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Market News FAANG earnings' week, technology stocks soar

FAANG earnings' week, technology stocks soar

Asian stocks develop individually, Japanese stocks fall for 3 consecutive days, Korean stocks rise 0.6%

Eden
2020-10-28
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The earnings season is in full swing and will reach its peak on Thursday, when all FAANG stocks (except Netflix) will announce third-quarter results.


Analysts expect that Facebook (FB.US)'s performance will exceed expectations. The analyst expects Facebook's total revenue to increase by 14% over the same period last year to US$20.16 billion, which is higher than the US$19.76 billion forecast announced by FactSet. This figure also shows that, compared with the 11% growth affected by the epidemic in the previous quarter, the company's growth this quarter is even greater. GAAP earnings per share for the third quarter are expected to be US$2.04, exceeding Wall Street’s estimate of US$1.89.


Japanese stocks closed down 67 points
The Japanese stock market fell on Wednesday for the third consecutive trading day. The surge in new crown cases in Europe and the United States has raised concerns that the already hit global economy will be further hit.


The Nikkei index N225 closed down 0.29% to 23,418.51 points, and the Topix stock index TOPX closed down 0.31% to 1,612.55 points. The Australian stock market rose 6 points, or 0.11%, to close at 6,057 points. Australia's third quarter consumer price index (CPI) increased by 0.7% year-on-year, and is expected to rise 0.6%, while the previous value is down 0.3%; quarter-to-quarter growth is 1.6%, is expected to rise 1.5%, and the previous value is down 1.9%.

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