Earnings after the close on August 3, 2023 and before the open on August 4

What this episode covers

It is the peak of earnings season with the world’s largest company set to report after the close, but traders are a tad more interested in Amazon this quarter.  While it isn’t exactly strong, the stock is hovering over a support area.  The focus will be on when AWS growth resumes and potential upside on retail margins. Traders are anticipating a 7.1% move, which is down from the 9.5% average in recent quarters. Similarly, traders are pricing in a 3.6% move for Apple ahead of earnings, which is below the 4.8% average, with expectations primarily of just steadiness in the results, but the stock is at risk of breaking its trend line off the January lows.  Meanwhile, Coinbase is pulling back to support after breaking through $80 on heavy volume, Block is giving back its recent gains, and Airbnb is also pulling back to support while Draft Kings has failed on its acceleration out of its upward trending channel.  In total, there are approximately 300 companies set to report earnings after the close. Tomorrow, before the open, traders are most closely eying fuboTV and Nikola – two stocks that have lagged over the past year even as earnings estimates have moved higher, but Frontier Communications has shown signs of capitulation ahead of earnings.

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