Yiwen Lu11/1/24

US stocks rebound but still finish with weekly loss

The S&P 500 added 0.4% on Friday, while the Nasdaq 100 advanced 0.7%. Both indexes finished the week down more than 1% after a midweek slump fueled by a swoon in tech stocks. However, the Russell 2000 rose 0.6% on the day and finished the week up 0.1%.

Bonds fell sharply again, reversing a rally in the morning following the latest jobs report; nonfarm payroll growth for October was 12,000, well below expectations. Treasury 10-year yields advanced 10 basis points to 4.38%. The payroll number was the last major economic data release before the Federal Reserve’s November 7 meeting.

Sector performance was mixed. The utilities sector lost 2.2%, the most among all 11 major sectors, on sales misses of AES Corp., which was down 9.9%.

Technology stocks had a rebound today, led by Amazon’s 6.2% gain following an upbeat earnings report. That’s thanks to AI, which is growing faster than its cloud-computing business. But Apple, which also reported on Thursday, dipped 1.3%. Intel climbed 7.8% as Wall Street found relief in its better-than-expected earnings, despite the company posting huge losses. Super Micro Computer plunged another 10.5% on a prolonged slide following the resignation of its auditor, wiping out all of its gains this year.

Oil finished modestly higher on Friday on continued reports of Iran threatening to retaliate against Israeli strikes, but still ended the week lower.

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Match Group earnings beat Wall Street's expectations

Match Group is rising more than 4% in post-market trading Tuesday after reporting Q1 earnings that beat Wall Street's expectations. The dating-app conglomerate reported:

Revenue of $864 million (compared to analyst estimates of $854.8 million, guidance for $850 to $860 million).
Adjusted EBITDA of $343 million (estimate: $317.3 million, guidance for $315 to $320 million).
Adjusted EPS of $0.68 (estimate: $0.61).
Number of current paying users = 13.5 million (estimate: 13.6 million).

The company has been seeking to diversify its user base. “Winning women is critical to us,” Rascoff told the Financial Times, speaking about the app Tinder in April. “[Achieving] gender parity is very challenging, but we absolutely need to do a better job of driving outcomes for women."

Though Match doesn't disclose gender breakdowns, market intelligence platform Sensor Tower estimates that 75% of Tinders users are men.

Match also sees queer men as part of this effort to grow its user base. In April, the dating app company invested 100 million in Sniffies, a competitor to Grindr.

For Q2 2026, Match Group expects total revenue of $850 to $860 million, in line with analyst estimates of $856 million.

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Max Knoblauch6m

Lucid reports worse-than-expected Q1 loss, revenue

Luxury EVmaker Lucid reported its first-quarter earnings after markets closed on Tuesday. Its shares fell more than 2% after hours, following a 6.5% drop at close.

For Q1, Lucid reported:

An adjusted loss of $2.82 per share, compared to the $2.53 loss per share expected by Wall Street analysts polled by FactSet.
$282.5 million in revenue, versus the $358.5 million consensus.

Last month, Lucid announced that it produced 5,500 vehicles in Q1 and reaffirmed its full-year production guidance of between 25,000 to 27000 vehicles.

The company also highlighted its upcoming midsize SUV, with “expected pricing starting under $50,000.” The vehicle is expected to launch before the end of the year and compete with Rivian’s R2 and Tesla’s Model Y.

Q1 marks the first earnings report for new CEO Silvio Napoli, who took over for interim CEO Marc Winterhoff (who’d led the company for more than a year following Peter Rawlinson’s exit). Lucid recently announced an expansion of its robotaxi partnership with Uber, which is now its second-largest shareholder after Saudi Arabia’s PIF sovereign wealth fund.

Lucid shares have had a long stretch of poor performance amid various dilutive events and a broader contraction across the EV industry. The stock is down about 80% from a recent high in July 2025 and down about 40% year-to-date. As of Tuesday afternoon, the company’s roughly $2.1 billion market cap is less than a quarter of the approximately $9.5 billion that Saudi Arabia’s PIF has sunk into it.

markets

Matt Phillips12m

Networking stock Arista dives, despite better-than-expected Q1 earnings, revenue

Switch and router maker Arista Networks dove late Tuesday despite reporting beter-than-expected first-quarter revenue and earnings. The networking equipment and software maker reported:

Adjusted earnings per share of $0.87 vs. Wall Street expectations for $0.81, according to FactSet.
Sales of $2.71 billion vs. an expected $2.62 billion, per FactSet data.
A non-GAAP Q2 gross margin, a measure of how profitable a company’s core products are to produce, of 62.4% vs. previous guidance of 62% to 63%.
Guidance for Q2 sales of approximately $2.8 billion vs. the $2.46 billion expected on Wall Street.

Arista is a significant beneficiary of the AI buildout, with the shares rising roughly 150% over the last two years.

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Astera Labs soars after better-than-expected Q1 results and Q2 guidance

The hot run for Astera Labs is getting fresh life from a solid set of Q1 results along with Q2 sales guidance that exceeded even the most bullish analyst’s forecast.

For Q1, the firm reported:

Revenues of $308.4 million (estimate: $292.2 million, guidance for $286 million to $297 million)
Adjusted earnings per share of $0.61 (estimate: $0.54, guidance for $0.53 to $0.54).

For Q2, management anticipates:

Revenues of $355 million to $365 million (estimate: $310.3 million)
Adjusted earnings per share of $0.68 to $0.70 (estimate: $0.55).

Shares more than doubled since the S&P 500 bottomed on March 30 in a massive catch-up trade after investors spent a good chunk of 2026 bidding up networking companies with higher optics exposure. Its offerings are used in Nvidia’s AI platforms, and top customers include the chip designer, the four Magnificent 7 hyperscalers, Foxconn, and memory giant SK Hynix, per Bloomberg supply chain estimates.

“Astera Labs is a leader in high-speed connectivity, with its Aries Gen6 retimers the standard for PCIe 6 deployment across GPU and custom-ASIC platforms,” wrote Bloomberg Intelligence analysts Kunjan Sobhani and Oscar Hernandez Tejada ahead of this release. “Yet competitive positioning is increasingly defined by its expanding platform, particularly Scorpio switches and system-level connectivity, rather than retimers alone.”

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Super Micro jumps on big Q3 earnings beat, strong profit guidance

Super Micro Computer is jumping in postmarket trading thanks to a big earnings beat and the signal that this improved profitability is poised to last.

In Q3, the embattled AI server company reported:

Net sales: $10.24 billion (estimate: $12.45 billion, guidance for more than $12.3 billion)
Adjusted earnings per share: $0.84 (estimate: $0.63, guidance for more than $0.60)

For Q4, management anticipates net sales of $11 billion to $12.5 billion billion (estimate: $11.2 billion) with adjusted earnings per share of $0.65 to $0.79 (estimate: $0.57).

“Our margin recovery and the rapid growth of our data center building block solutions business demonstrate that our business remains robust,” said president, founder, and CEO Charles Liang.

In the prior quarter, the company was able to snap a long streak of disappointing sales and allayed fears of margin pressure with a report that beat on both the top and bottom lines along with better than expected guidance for this quarter.

However, since then the stock has been rocked by allegations that threaten to impact the company’s operations:

In March, the company’s cofounder was charged with allegedly conspiring to sell AI servers with Nvidia chips to China in violation of US export controls. The company itself was not named in this indictment.

However, Oracle was said to have canceled a contract with Super Micro in excess of $1 billion following this news, according to BlueFin Research, a move which “is believed to be related” to these charges.

Shares of the company are down 5% year-to-date after having been up as much as 17% in the sessions following the release of its prior earnings report.

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