Earnings After Hours -- Chipotle, Tesla, Microsoft -- July 22, 2020

Chipotle, Tesla, and Microsoft all beat.

TSLA: $2.18 EPS vs $0.03 expected. Revenues of $6.04 billion vs $5.37 billion.

Huge, indescribable beat. This is truly historic. "They" will talk about this for days. Gigafactory: down to two sites. Perhaps we will know at conference call where gigafactory will be built. Most of earnings came on regulatory credits sales. Year-on-year revenue down; deliveries year-on-year down. Now eligible for S&P. But again, this is not a car company. This is a battery company and a regulatory credits sales company. Four quarters of sequential profitability for Tesla. TSLA up 100 points after hours; up 6%. Cash and cash equivalents: $8.6 billion.

NFL: looks more and more like the season won't open on time. Already no pre-season games, and players getting everything they want if the season is to open on time.

But one last issue -- which is now a "binary deal" -- neither side can come to agreement on this one -- players want full salaries paid regardless of whether season opens, regardless of how many games are actually played, if any. Players want absolutely no pay cuts despite most Americans taking huge pay cuts during the pandemic. The good news: they will still kneel for those less fortunate.

MSFT: "blows past Wall Street estimates, earnings boosted by cloud revenue." But shares down after-hours. Link here.

• revenue: $38 billion vs. $35.5 billion expected;
• earnings per share: $1.46 vs. $1.36 expected;
• intelligent Cloud: $13.4 billion vs. $13.1 billion expected
• more personal computing: $12.9 billion vs. $11.5 billion expected
• the story of Microsoft’s growth over the past several years has been its Intelligent Cloud business, which includes its powerful Azure platform;
• in fiscal Q4 2020, Microsoft reported $13.4 billion in revenue from Intelligent Cloud, a 17% increase over the same quarter last year. 

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Dow finishes up 165 points. Even the NASDAQ, down all day long, ended up 26 points.