48 crucial hours for GAFA!


While the results season is already well advanced, it will be the turn of GAFA (Google, Amazon, Facebook and Apple) to announce their quarterly results Thursday evening with a double attention from the markets: how these flagships of the “US tech” weathered the crisis in the 2nd quarter, in a context where the American GDP probably fell by more than 30% year on year (-34% according to the Refinitiv consensus), and how they anticipate their activity in the 3rd quarter.

Alphabet and Facebook, which are very dependent on advertising revenues, will be particularly monitored in this context of severe economic degradation. Regarding the other American techs that have already announced their results, we note that Microsoft and Netflix prices are currently evolving below their pre-announcement levels due to projections below expectations. Despite results above expectations, Tesla is also moving below the levels preceding the announcement of the results … a sign of short-term caution on the part of investors on these growth stocks after the powerful rally in place since the low in March.

>> To read: Microsoft attacked by Slack for hindering competition

Thursday evening, a few minutes apart, after the close of the American markets, Amazon, Facebook, Alphabet and Apple will announce their results: these four groups alone weigh more than 4.800 billion dollars, which represents nearly 40% of the total capitalization of the Nasdaq 100. Significant movements should therefore be observed “post market” on Thursday, with probably an impact on the European markets when they open the next day.

>> To read also: Netflix disappoints, beware of a Nasdaq plunge!

There has been a divergence for several weeks in the trajectory of the volatility indices of the Nasdaq 100 and the SP500, reflecting higher nervousness on “techs”.

>> Find the latest stock market advice here

But before looking at the results of these mastodons

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