Intel headquarters in Santa Clara, California
Intel, the renowned chip stock, has experienced a significant surge of over 6% following the release of their second-quarter earnings report. The company’s results exceeded expectations, marking a return to profitability after two consecutive losing periods. Intel’s third-quarter forecast also surpassed analyst predictions.
Roku, the streaming stock, witnessed a tremendous gain of over 25% due to a smaller-than-expected loss in the recent quarter. Analysts were projecting a loss of $1.26 per share, but Roku reported a loss of only 76 cents a share. Additionally, revenue came in at $847 million, surpassing the estimated $775 million.
New York Community Bancorp, the regional bank, saw a 4.8% increase in their stock after being upgraded to overweight from neutral by JPMorgan. The bank’s performance has been praised, with JPMorgan describing it as a “massive market share taker” in the near and medium term.
In a significant move, Biogen, the biotech company, announced its acquisition of Reata Pharmaceuticals for $172.50 per share, amounting to a cash deal valued at approximately $7.3 billion. Following this news, Reata’s shares skyrocketed by more than 50%.
Procter & Gamble, the consumer giant, witnessed a noteworthy climb of nearly 5%, which had a positive impact on the Dow Jones Industrial Average. The company reported quarterly earnings and revenue that surpassed analysts’ expectations. However, P&G’s fiscal 2024 sales outlook fell short of Wall Street estimates.
Exxon Mobil, the oil giant, experienced a slight dip of 1.6% after posting mixed second-quarter results. While the company’s earnings of $1.94 per share, excluding items, were slightly lower than analysts’ estimate of $2.01 per share, revenue of $82.91 billion surpassed the expected $80.19 billion.
Enphase Energy, the solar stock, faced a decline of nearly 10% and hit a 52-week low due to a revenue miss. Enphase reported second-quarter revenue of $711 million, falling short of analyst estimates of $722 million. As a result, Deutsche Bank, Wells Fargo, and Roth MKM downgraded the stock.
Boston Beer, the alcohol beverage company, saw its shares surge by more than 18% after delivering a quarterly report that surpassed expectations. Earnings of $4.72 per share exceeded FactSet’s estimate of $3.38 per share. The company also exceeded revenue expectations.
Sweetgreen, the salad chain, experienced a 10% decline in shares after reporting weak sales in the second quarter, which fell below Wall Street expectations. The company also reported a net loss of $27.3 million. However, Sweetgreen’s forecast for restaurant-level margins improved, and they aim to achieve profitability by 2024.
Ford Motor, the automaker, witnessed a decrease of over 3% as they revealed that the adoption of electric vehicles is progressing slower than anticipated. Ford expects to incur a loss of $4.5 billion in their EV business this year, widening the losses from approximately $3 billion in the previous year. Despite this, Ford’s strong quarterly earnings exceeded Wall Street expectations, leading to an upward revision of their full-year guidance.
T. Rowe Price, the asset manager, experienced a significant surge of over 10% following the release of their second-quarter earnings report. The company reported adjusted earnings of $2.20 per share on $1.61 billion of revenue, which surpassed analyst expectations. T. Rowe Price also identified cost savings that will contribute to slower expense growth in the future, as stated by CEO Rob Sharps.
— CNBC’s Jesse Pound, Tanaya Macheel and Samantha Subin contributed reporting.
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