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Applied Materials Inc. Q1 adjusted earnings Beat Estimates

Redfin stock gains 7% on narrower quarterly loss, sales beat

Shares of Redfin Corp. RDFN, +1.55% rose more than 7% in the extended session Wednesday after the real estate company reported a narrower quarterly loss and sales that jumped 88% year-on-year. Redfin said it lost $7.8 million, or 8 cents a share, in the quarter, compared with a net loss of $12.2 million, or 14 cents a share, in the fourth quarter of 2018. Sales rose 88% to $233 million, from $124 million a year ago. Analysts polled by FactSet expected a loss of 12 cents a share on sales of $217 million. The company guided for first-quarter revenue between $179 million and $188 million, and a net loss between $72 million and $68 million. The analysts surveyed by FactSet expect sales of $179 million in the first quarter. Redfin shares ended the regular trading day up 1.6%.

Trump declines to say if he is considering pardoning Stone

WASHINGTON (Reuters) – U.S. President Donald Trump on Wednesday declined to say whether he is considering pardoning longtime adviser Roger Stone, who was found guilty last year of lying to Congress, obstruction and witness tampering.

Speaking to reporters at the White House, Trump thanked Justice Department officials for stepping in to retract a recommendation from frontline prosecutors that Stone face up to nine years in prison, saying the Republican operative had been treated very badly.

European Economics Preview: Germany Factory Orders Data Due

Factory orders data from Germany is due on Thursday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany’s factory orders for December. Orders are forecast to climb 0.6 percent on month, reversing a 1.3 percent drop in November.

At 3.00 am ET, European Central Bank President Christine Lagarde is set to speak at the European Parliament in Brussels.

In the meantime, the Czech Statistical Office releases industrial output and foreign trade figures. Industrial output is expected to drop 1.4 percent on year, slower than the 3.2 percent decrease seen in November.

Industrial production figures are due from Hungary at 3.00 am. Production is forecast to climb 3.9 percent on year after rising 3.6 percent in November.

At 4.00 am ET, the European Central Bank releases monthly economic bulletin.

At 5.00 am ET, EU publishes quarterly economic forecasts. Also, Greece unemployment data is due.

At 7.00 am ET, the Czech National Bank announces its monetary policy decision. The bank is expected to hold its key rate at 2.00 percent.

Cadence Design Systems Q4 adjusted earnings Beat Estimates

Cadence Design Systems (CDNS) announced a profit for its fourth quarter that climbed from last year.

The company’s profit came in at $659.67 million, or $2.36 per share. This compares with $98.43 million, or $0.35 per share, in last year’s fourth quarter.

Excluding items, Cadence Design Systems reported adjusted earnings of $151.56 million or $0.54 per share for the period.

Analysts had expected the company to earn $0.53 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 5.2% to $599.55 million from $569.85 million last year.

Cadence Design Systems earnings at a glance:

-Earnings (Q4): $151.56 Mln. vs. $146.73 Mln. last year.
-EPS (Q4): $0.54 vs. $0.52 last year.
-Analysts Estimate: $0.53
-Revenue (Q4): $599.55 Mln vs. $569.85 Mln last year.

-Guidance:
Next quarter EPS guidance: $0.53 – $0.55
Next quarter revenue guidance: $610 – $620 Mln

Dow, S&P 500 and Nasdaq notch record closes

U.S. stocks closed higher Wednesday, sending all three benchmark indexes to record closes. The Dow Jones Industrial Average DJIA, +0.94% added 274 points, 0.9%, to close at about 29,551, while the S&P 500 SPX, +0.65% closed 22 points, 0.6%, higher, near 3,379. The Nasdaq Composite Index COMP, +0.90% jumped 0.9%, adding about 87 points to close near 9,723. Investors were cheered by receding fears about the COVID-19 virus, the contagion that reportedly originated in Wuhan, China last year, and by buoyant corporate quarterly results. In company news, shares of Shopify Inc. SHOP, +7.81% surged nearly 10% after its fourth-quarter results came in better than analysts’ expectations, while shares of Micron Technology Inc. MU, +3.53% jumped close to an all-time high after an analyst upgrade.

Applied Materials Inc. Q1 adjusted earnings Beat Estimates

Applied Materials Inc. (AMAT) revealed a profit for its first quarter that rose from the same period last year.

The company’s bottom line totaled $892 million, or $0.96 per share. This compares with $771 million, or $0.80 per share, in last year’s first quarter.

Excluding items, Applied Materials Inc. reported adjusted earnings of $904 million or $0.98 per share for the period.

Analysts had expected the company to earn $0.93 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 10.9% to $4.16 billion from $3.75 billion last year.

Applied Materials Inc. earnings at a glance:

-Earnings (Q1): $904 Mln. vs. $779 Mln. last year.
-EPS (Q1): $0.98 vs. $0.81 last year.
-Analysts Estimate: $0.93
-Revenue (Q1): $4.16 Bln vs. $3.75 Bln last year.