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Breakfast Bites - Earnings create risk-on
Ayesha Tariq
October 24, 2024
Rise and shine everyone.
The big news is still earnings across the globe, starting with Tesla yesterday. Tesla surged 12% after-hours following its strong earnings report, with better-than-expected gross and operating margins, profitability exceeding estimates, and raised production guidance.
Markets are overall looking better this morning, than yesterday.
Source: Finviz
In South Korea, chip-maker Hynix reported record profits, thanks to demand for AI servers, but revenues missed expectations. The stock initially fell but recovered to end +2%. Hyundai Motors dropped -4% following a Q3 operational profit miss. Meanwhile, South Korea’s Q3 GDP advance came in weaker than expected, with slowing IT exports cited as a contributing factor.
Japanese chip-makers Tokyo Electron and Advantest saw gains of +1.9% each, benefiting from positive sentiment in the tech sector.
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