Before the bell, several companies made headlines. Intel shares jumped 6.7% following its second-quarter report of higher-than-expected profits and expected profits for the third quarter, which also surpassed analyst estimates. Its adjusted earnings per share were 13 cents, and its revenue was $12.95 billion. Other stocks that saw movements included Roku and Biogen, among others.
Roku surged nearly 10% after reporting a narrower-than-required loss for the quarter, of 76 cents per share and revenues of $847 million. Biogen, on the other hand, acquired Reata Pharmaceuticals for $172.50 a share, in a cash deal worth $7.3 billion, sending its shares lower.
Procter & Gamble rose more than 1% after beating analyst expectations on both the top and bottom lines for the quarter, though it provided a forecast of less-than-expected sales for its fiscal 2024. Exxon Mobil, however, posted mixed results, with its earnings of $1.94 per share, excluding items, falling short of the forecasted $2.01. Chevron had a beat on the top and bottom lines for the quarter, while First Solar soared 12% after exceeding estimates for earnings per share and revenue for the second quarter.
Shares of Enphase Energy dropped more than 15% in the wake of its second-quarter revenue of $711 million, missing analyst estimates of $722 million. Sweetgreen's stock similarly slid 13% after it reported weak sales and a net loss of $27.3 million, or 24 cents per share, for the quarter. Ford Motor had its EV-related losses widened but posted strong quarterly earnings and raised its full-year forecast, keeping its shares flat. Juniper Networks, however, saw its shares fall by 8%, with its third-quarter guidance weaker than expected.
AstraZeneca rose 5% before the bell after it reported higher-than-expected EPS and revenue for the second quarter, while Xpeng's stock leapt 6% on the back of a joint venture with Volkswagen. New York Community Bancorp was upgraded to an overweight rating by JPMorgan and saw its shares grow 2%, and Mondelez International added 2.7% after beating analyst predictions of earnings and revenue.
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