Apple led a busy week of earnings by crushing estimates as users clambered for new iPhones. Most other companies also had strong results — especially chip makers and industrials.
Netflix and Intel reported strong results this week as earnings season marches toward the major tech stocks.
Walt Disney (DIS), Cisco Systems (CSCO) and Applied Materials (AMAT) beat analyst forecasts but remained below recent highs. Less prominent companies including Chinese e-commerce firm Pinduoduo (PDD) and cannabis stock GrowGeneration (GRWG) surged to new territory.
Cisco Systems (CSCO), Take-Two Interactive Software (TTWO) and Booking (BKNG), and JD.com (JD) all rallied after reporting quarterly numbers. Some beat consensus, others lagged. Regardless, investors found something to like.
The Invesco Solar Energy ETF (TAN) rose 2.35 percent on Tuesday, bucking a drop of 1.65 percent for the broader S&P 500. TAN’s gain of almost 4.2 percent in the last week makes it the best-performing industry fund over that period.
Take the good news first: Apple (AAPL) is starting to move beyond its reliance on smart phones and shifting into longer-lasting businesses. Revenue from services and wearables both rose more than expected, while record buybacks helped lift per-share earnings.