Magnificent 7: Amazon Plunged 8.78% Amid Mixed Tech Earnings

1. Apple (Nasdaq: AAPL)
Apple gained mildly by 0.69%. Apple reported Q3 2024 earnings, with revenue of $296.1 billion and net profit of $79 billion. Its sales reached $85.8 billion, exceeding expectations. Analysts praised Apple's AI and iPhone prospects. Goldman Sachs and Wedbush Securities raised price targets to $275 and $285 respectively.

2. Nvidia (Nasdaq: NVDA)
Nvidia dipped mildly by -1.78%. NVIDIA reported a trading volume of $50.176 billion on August 2, 2024, ranking first in the US stock market that day. On the same day, NVIDIA disclosed 24 insider trading activities, including CEO Jen-Hsun Huang selling 34,100 shares on August 1, 2024.

3. Meta (Nasdaq: META)
Meta dipped mildly by -1.93%. Meta's Q2 2024 revenue reached $75.53 billion, up 24.54%, net profit at $25.8 billion. Meta Platforms proposes multi-million dollar deals with Hollywood stars for AI voice licensing. RBC Capital, Deutsche Bank, and Goldman Sachs all reaffirm "buy" ratings, with target prices at $570, $585, and $555 respectively. UBS raised the target price to $635.

4. Microsoft (Nasdaq: MSFT)
Microsoft dipped mildly by -2.07%. Microsoft saw a trading volume of $11.976 billion on August 2, ranking fifth among U.S. stocks. The company formed a new team to develop small-scale "AA" games based on Blizzard IP. Microsoft included OpenAI as a competitor for search and news advertising.

5. Alphabet (Nasdaq: GOOG)
Alphabet dipped mildly by -2.35%. Google agreed to pay a licensing fee to chatbot maker Character. AI. Google also experienced a significant stock decline of over 2% alongside other major tech stocks like Microsoft and Amazon. Additionally, Google’s Pixel 9 series will have a new design.

6. Tesla (Nasdaq: TSLA)
Tesla dropped solidly by -4.24%. Tesla's trading volume on August 2, 2024, was $17.145 billion, ranking fourth in U.S. markets. Cantor Fitzgerald reaffirmed Tesla’s neutral rating with a $245 target price. Tesla's revenue for Q2 2024 was $46.801 billion. Tesla's July China sales rose 47%, setting a Model 3 delivery record.

7. Amazon (Nasdaq: AMZN)
Amazon plunged by -8.78%. Amazon's trading volume on August 2 was $23.403 billion. Amazon's Q2 2024 revenue was $291.29 billion, up 11.29%, with a net profit of $23.916 billion. Barclays and Wedbush maintained a positive outlook on Amazon with target prices of $235 and $225 respectively.