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Top Midday Stories: Apple Shares Fall on Weak Guidance; Amazon Q2 EPS Beats Estimates as AWS Sales Surge

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Stocks rose in midday trading Friday, erasing earlier losses as investors assessed earnings from major companies.

Apple (AAPL) reported fiscal Q3 earnings late Thursday of $2.02 per diluted share, up from $1.57 a year earlier and above the FactSet consensus estimate of $1.89. Revenue rose to $109.42 billion from $94.04 billion, topping the $109.04 billion consensus. The company expects fiscal Q4 revenue to increase 9% to 11%, below expectations. The shares fell 9.6% around midday.

Amazon.com (AMZN) reported Q2 diluted EPS late Thursday of $5.75, up from $1.68 a year earlier and above the consensus of $1.82. Revenue rose to $200.61 billion from $167.70 billion, topping the $197.04 billion consensus. Amazon Web Services sales rose 37% to $42.2 billion. The company expects Q3 revenue of $197 billion to $202 billion, trailing the $203.91 billion consensus. Amazon shares jumped 14%.

Novo Nordisk (NVO) said its drug candidate, ziltivekimab, did not reduce major adverse cardiovascular events in people with atherosclerotic cardiovascular disease, chronic kidney disease and inflammation compared with a placebo in a phase 3 trial. Novo shares fell 8.7%.

Exxon Mobil (XOM) reported Q2 adjusted EPS of $3.52, up from $1.61 a year earlier and trailing the $3.56 consensus. Revenue and other income rose to $116.02 billion from $81.51 billion, topping the $109.94 billion Wall Street estimate. Exxon shares fell 2.2%.

AbbVie (ABBV) reported Q2 adjusted diluted EPS of $3.65, up from $2.97 a year earlier and above the $3.60 consensus. Net revenue rose to $16.99 billion from $15.42 billion, topping the $16.78 billion consensus. The company expects full-year adjusted diluted EPS of $13.87 to $14.07, down from its prior guidance of $13.91 to $14.11 and compared with the $14.06 consensus. AbbVie shares fell 1.3%.

Chinese AI company Moonshot has a computing power agreement with Alibaba (BABA) to use about 20,000 Nvidia (NVDA) chips, Bloomberg reported, citing people familiar with the matter. An Alibaba spokesperson called the report "completely groundless" in an email to. Alibaba shares rose 4.8%, and Nvidia shares gained 0.9%.

Chevron (CVX) reported Q2 adjusted diluted EPS of $6.06, up from $1.77 a year earlier and above the $5.55 consensus. Revenue rose to $70.06 billion from $44.82 billion, topping the $62.72 billion consensus. Chevron shares rose 1.2%.

Price: $301.23, Change: $-32.21, Percent Change: -9.66%

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