S&P 500, Nasdaq Composite jump to new record highs as Fed rate decision approaches

Zillow stock rises after earnings

23 minutes ago

Zillow Group ( Z ) shares rose more than 20% Thursday morning after the real estate company posted strong sales gains in the third quarter and narrowed its losses.

Zillow reported third-quarter revenue of $581 million, up 17% from a year earlier and above the midpoint of the range the company had previously offered. Its net loss for the three months to September 30 fell to $20 million from a loss of $28 million in the same period last year.

Sales in the period outperformed the 2% growth in total transaction value in the broader residential real estate industry, the overview site said, citing the National Association of Realtors (NAR).

Zillow projects fourth-quarter revenue in the range of $525 million to $540 million and said it is sticking to its forecast for full-year double-digit revenue growth.

The company’s stock has risen since it named a new CEO and reported better-than-expected second-quarter results in early August. Shares are now up about 24% since the start of the year.

–Nisha Gopalan

AppLovin jumps 50% on strong earnings, Outlook

1 hour 22 minutes ago

AppLovin ( APP ) shares rose to a record high Thursday morning after the software maker’s third-quarter earnings and fourth-quarter outlook beat all expectations.

The company, which partners with app makers to deliver advertising and grow their user base, reported $1.2 billion in revenue, a nearly 40% jump from the same time last year and slightly better than analysts had expected. Net income came in well above estimates of $434.42 million, when analysts had expected $319.2 million.

For the fourth quarter, AppLovin expects $1.24 billion to $1.26 billion in revenue, above the $1.17 billion analysts had expected in the earnings call late Wednesday.

AppLovin said its AI-powered advertising tools now account for nearly all of its “software platform” segment’s revenue. The company’s monthly active payers (MAP), which counts each user who makes an in-app purchase in the quarter, fell to 1.6 billion users from 1.8 billion a year ago. However, its average turnover per MAP rose to $52 from $46.

AppLovin shares surged 47% in recent trading, boosting its year-to-date gains to more than 500%.

–Aaron McDade

Tesla levels to watch for post-election jump

2 hours 38 minutes ago

Tesla ( TSLA ) shares fell slightly this morning after rising Wednesday amid investor expectations that the electric car maker could benefit from Donald Trump’s return to the presidency, as CEO Elon Musk has been one of the former president’s most prominent supporters .

The stock, which hit a 15-month high yesterday, fell 0.4% to around $287.50 in late premarket trading. The stock has more than doubled since hitting its lowest level for the year in April.

The stock has been trading within an ascending triangle, a bullish chart pattern that indicates a continuation of the uptrend that started in April.

Investors should keep an eye on key overhead levels on Tesla’s chart around $300 and $350, while monitoring key support areas near $265 and $230.

Read the full technical analysis here.

–Timothy Smith

Futures point to higher open for major indexes

3 hours 28 minutes ago

Futures linked to the Dow Jones Industrial Average rose 0.2 per cent.

S&P 500 futures also rose 0.2 percent.

Nasdaq 100 futures rose 0.4 percent.