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The StockDr & Team deliver an action packed episode featuring Big Tech, Earnings, Robinhood IPO, and more crackdowns in China. Fasten your seatbelts, turn the radio up, and get ready for a wild week in the Market.

Earnings Results: Big Tech, Big Bucks

• AAPL doubled its earnings per share in fiscal Q3 from the year-ago quarter to $1.30 per share. Top-line sales of $81.4 billion grew 36% year over year. Gross margins reached 43.3% in the quarter, on $39.57 billion in iPhone sales.
• MSFT outperformed expectations in its fiscal Q4 report, with $2.17 per share. Revenues also beat, bringing in $46.15 billion, up from the $44.07 billion anticipated. Azure, its cloud business, grew the company’s top-line 21% on its own. Azure grew 51% for the quarter.
• GOOG posted a blowout Q2 with a 69% surge in advertising revenues: $27.76 per share was far better than the $10.13 per share reported a year ago. Revenues were $61.88 billion, compared to the $46.07 billion estimate. Operating income grew 19.3%, with Google Search up 62% in the quarter.
• TSLA surpassed $1 billion in net profit and beat on the top and bottom lines

China may be performing well in the Olympics, but the government certainly doesn’t want their own companies winning any medals.  Reuters reported that China is barring for-profit tutoring platforms on core school subjects. The country has also introduced time caps and tutoring curfews, and notably, forbade the platforms from raising capital through IPOs as well as advertising their programs.

Robinhood will start trading tomorrow under the ticker symbol (HOOD). Pricing somewhere between $38-42 with up to 1/3 of its shares going to Robinhood users. The company is offering IPOs at offering price to their customers as part of their mission to make markets accessible. From 2016-2021 half of the new brokerage accounts were opened at Robinhood. They made $522 million in Q1. They currently have 22.5 million accounts and $102 billion in assets.

The Millennial Moment presented by our Mega-llennial, Nikki Ward discussed relocation incentives for remote workers. Can you think of a great fix for towns with a declining population or economy? Someone sure did, more than 40 towns across the U.S. are offering relocation incentives for remote workers. Incentives include anywhere from $2,000 to $20K in cash payments or housing assistance, plus perks like park passes & camping equipment to sweeten the deal.

Is the housing boom over? New home sales come in below expectations, down 6.6%. After a year of frenzied buying and price gains in the double digits, newly built homes are now out of reach for much of the demand that remains in the market. Most of the homebuying is on the higher end of the market & builders can’t afford to put up affordable homes due to skyrocketing construction cost. Nationally, home prices were 16.6% higher than in May 2020, the highest reading in the S&P.

This week’s meeting of the minds was brought to you by the Siler Wealth Management Team.

Listen live on Wednesdays at 3 pm EST at MoneyRadio1510.

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