Intel: The business reported earnings for the second quarter that were higher than anticipated, Intel’s chip stock increased by more than 6%. After two straight losing quarters, the most recent one saw profitability. Additionally, Intel’s third-quarter projection exceeded analyst expectations.
Roku: The company reported a less-than-expected loss for the most recent quarter, shares increased 31%. Refinitiv said that the streaming stock lost 76 cents per share, less than the $1.26 loss per share that analysts had predicted. Contrary to expectations, revenue came in at $847 million instead of $775 million.
New York Community Bancorp : After JPMorgan raised shares from neutral to overweight, calling it a “massive market share taker” in the short- and medium-term, the regional bank’s stock increased by 4.9%.
Biogen : The biotech business increased by around 1% after announcing plans to buy Reata Pharmaceuticals for $172.50 per share in cash, for a deal worth roughly $7.3 billion. Reata’s stock increased 54% after the news.
Product & General : The blue-chip Dow Jones Industrial Average was helped by the consumer giant’s nearly 3% increase in share price. The company posted quarterly earnings and revenue that exceeded analysts’ estimates, which sparked the rally. P&G did, however, provide a sombre sales prognosis for its fiscal 2024 that fell short of Wall Street expectations.
Exxon Mobil: Following the release of the company’s mixed second-quarter results, the oil giant’s shares fell 1.2%. According to Refinitiv, the company’s earnings of $1.94 per share, adjusted for items, fell short of the analysts’ $2.01 projection. Over the predicted $80.19 billion, revenue came in at $82.91 billion.
Enphase Energy: After the firm reported a revenue shortfall, the solar stock fell by about 7% to a 52-week low. According to Refinitiv, Enphase reported second-quarter revenue of $711 million, below analyst expectations of $722 million. Following the poor report, the stock was downgraded by Deutsche Bank, Wells Fargo, and Roth MKM.
Boston Beer: Following a stronger-than-expected quarterly report, the alcoholic beverage company’s shares increased by more than 16%. Boston Beer reported earnings of $4.72 per share, which were much higher than FactSet’s forecast of $3.38 per share. Additionally, its sales exceeded projections.
Sweetgreen: After the salad chain reported dismal second-quarter sales that fell short of Wall Street forecasts and a net loss of $27.3 million, or 24 cents per share, the company’s shares fell by over 9%. Along with lowering losses, Sweetgreen has increased its expectation for restaurant-level profitability. By 2024, it hopes to make a profit for the first time.
Ford Motor :After the manufacturer reported that the adoption of electric vehicles is progressing more slowly than anticipated and that it expects to lose $4.5 billion on the EV business this year, widening losses from approximately $3 billion a year earlier, shares of the company fell more than 3%. In any case, Ford reported solid quarterly results that exceeded Wall Street forecasts and increased its full-year projection.
Rowe Price : After T. Rowe Price announced stronger-than-expected results for the second quarter, the asset manager’s shares increased by more than 8%. On $1.61 billion in sales, the company earned an adjusted $2.02 per share. Refinitiv’s survey of analysts revealed that they projected $1.73 per share on $1.6 billion in revenue. According to a press release from the CEO, Rob Sharps, T. Rowe Price has “identified substantial cost savings” that will curb future expense growth.
