Fast Money Blog- 5/5/23

This week on Wall Street was dominated by earnings releases from Apple Inc, and several more major companies. The good news is that the stock market is continuing its bullish trend and rewarding positive earnings.

On Tuesday, May 2nd, both Advanced Micro Devices, Inc. (AMD) and Starbucks Corporation (SBUX) released their earnings reports. 

AMD announced top-line revenue for Q1 2023 of $5.4 billion, down 9% year-over-year, mostly due to a drop in PC sales. 

However, this company has a tendency to produce higher top-line revenue as the year progresses. 

I still think AMD is a great date and a strong hold. 

Overall, Q2 earnings for Starbucks were positive with the company reporting top-line revenue of $8.7 billion, up 14% year-over-year.

Global comparable store sales for the quarter increased 11% year-over year. 

Clearly SBUX is a winner. However, if you are a long-term shareholder you are going to have to be patient. 

On Thursday, May 4th, Apple, Inc. (AAPL) released its Q2 2023 Earnings with quarterly revenue of $94.8 billion, down 3% year-over-year. 

However, Wall Street reacted positively to the news that Apple’s main earner, iPhone, brought in $51.3 billion in revenue for the quarter, up 2% year-over-year.

The Services segment reached $20.9 billion, up from $19.8 billion in Q2 2022. 

This news saw Apple stock rally almost 5% on Friday, May 5th, to a nine-month high of $173.57 at Friday’s close. This in turn pulled both the Dow Jones Industrial Average and the S&P 500 higher. 

I still view Apple stock as a shining star in the Dow and a strong buy. 

So far, Q2 earnings have been positive for all WI stocks, including Visa, Mastercard and Microsoft.

I see the market overall slowly going higher from here. 

Tyrone Jackson, The Wealthy Investor