PNC Financial, Citizens Financial, M&T Bank — Regional bank stocks faced downward pressure on Tuesday following a credit downgrade by Moody’s in several smaller institutions. Moody’s also announced the review of credit ratings for some larger banks. M&T Bank and Webster Financial, whose credit ratings were downgraded, experienced a decline in their stock prices. Citizens and PNC witnessed a decline of more than 1.5% each as their ratings were put under review for a downgrade. Larger bank stocks, like Goldman Sachs and JPMorgan Chase, also ended the day on a lower note.
Organon — On the back of better-than-expected second-quarter earnings, this health-care company witnessed a surge of just above 9% in its stock price. Organon reported earnings per share of $1.31, surpassing analysts’ estimates of 97 cents per share. The company recorded revenue of $1.61 billion, surpassing analysts’ expectations of $1.57 billion.
Beyond Meat — The plant-based meat company observed a decline of 14.3% after falling short on second-quarter revenue due to weak U.S. demand. Beyond Meat reported an adjusted loss of 83 cents per share on $102.1 million in revenue, while Refinitiv had forecasted 86 cents and $108.4 million respectively.
Chegg — The education technology stock witnessed a gain of more than 4.5% after reporting second-quarter revenue of $183 million, surpassing analysts’ expectations of $177 million, according to Refinitiv. The company’s focus on artificial intelligence-based plans alleviated concerns about the rising threat of technology to Chegg’s business model.
Novo Nord
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Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
