3 Early Q3 Earnings Winners Setting the Tone for the Season Ahead

• Tech strength leads the first half of earnings season, with standout performances from major players.
• Investors reward companies delivering consistent profit growth and upbeat guidance.
• Market momentum remains focused on firms showing resilience amid a mixed earnings backdrop.
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We are now midway through the US quarterly earnings season, making it a good time to review the highlights so far. Several major names have disappointed investors, including Microsoft (NASDAQ:MSFT) and especially Meta (NASDAQ:META), whose shares have dropped more than 15% in the past week after its latest results.

On the brighter side, Alphabet (NASDAQ:GOOGL) and Amazon.com (NASDAQ:AMZN)—often seen as rivals to the Magnificent Seven—delivered strong third-quarter numbers, helping push their stocks to new highs on the back of solid growth.

Meanwhile, the broader S&P 500 has pulled back slightly after touching record levels above 6,900 points. In this review, we’ll focus on a few companies that could reignite buying momentum and help drive the index back toward the 7,000 mark.

Alphabet (Google) - Solid Results and Investor Optimism

Alphabet’s quarterly results, released on October 29, were clearly well-received, reflected in the strong market reaction both immediately after the announcement and in the days that followed.

Source: InvestingPro

The most striking aspect is the 25.3% earnings-per-share surprise, extending Alphabet’s multi-year streak of strong results. The stock is currently riding an upward wave, though momentum has eased near $290 per share, with the next target around the $300 mark. A short-term pullback could occur after such a sharp rally, but if market sentiment remains steady, it may offer a favorable entry point for long positions.

Amazon Continues to Surprise

In recent days, Amazon’s quarterly results have drawn more investor attention than the announced layoffs. The company once again surpassed expectations, driving the stock to new record highs above $250 per share. The steady profit growth since 2022 remains the key force behind the strong demand for Amazon shares.

Source: InvestingPro.

The next earnings report is due at the end of January, but before that, investors will be watching updates on Amazon’s employment plans, as the company has indicated it may cut up to 30,000 jobs.

Eli Lily Going for Historic Highs?

With a record upside surprise in both core earnings per share and revenue, Eli Lilly’s (NYSE:LLY) stock has surged in another steep upward move. The key target now is clear—to break past its previous highs and challenge the psychological milestone of $1,000 per share.

If a correction unfolds, the first key support lies near $860 per share, reinforced by the accelerated upward trend line. A break below this level could signal a shift in momentum, opening the way for a potential decline toward $780 per share.

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Disclaimer: This article is written for informational purposes only. It is not intended to encourage the purchase of assets in any way, nor does it constitute a solicitation, offer, recommendation or suggestion to invest. I would like to remind you that all assets are evaluated from multiple perspectives and are highly risky, so any investment decision and the associated risk belongs to the investor. We also do not provide any investment advisory services.