Qualcomm, the chipmaker, experienced an 8.5% drop in its stock after the release of its second-quarter results. The company reported adjusted earnings per share of $1.87 on $8.44 billion in revenue, surpassing analysts’ expectations of $1.81 and $8.5 billion, respectively. Despite beating estimates, Qualcomm’s soft guidance and poor sales in the smartphone chip segment led to Deutsche Bank downgrading the shares to hold from buy. However, JPMorgan and UBS maintained their respective overweight and neutral ratings.
Moderna Raises Outlook Despite Quarterly Loss
Moderna’s shares rose by 1.6% following the release of its second-quarter results. Despite reporting a quarterly loss and a decline in revenue, Moderna raised its full-year outlook for its Covid vaccine, which remains its sole marketable product.
Southwest Airlines Downgraded Amid Struggles
Shares of Southwest Airlines slid over 3% after Jefferies downgraded the stock to underperform from hold. Low-cost airlines like Southwest are facing challenges relative to premium peers, leading to concerns about the airline’s revenue margin, which shrank during the second quarter.
Albemarle’s Mixed Report Drives Stock Gains
The energy stock, Albemarle, gained 5.4% after its second-quarter report showed mixed results. While the company exceeded Wall Street expectations for earnings, reporting $7.33 per share excluding items against a consensus estimate of $4.44, revenue fell short at $2.37 billion compared to a forecast of $2.43 billion.
PayPal’s Earnings In Line, But Revenue Disappoints
PayPal’s shares declined by more than 8% despite posting earnings in line with analysts’ predictions. The company reported adjusted earnings of $1.16 per share, matching analysts’ estimates. However, revenue came in slightly higher than anticipated at $7.29 billion, compared to analysts’ estimates of $7.27 billion.
DoorDash Soars with Strong Q2 Results
DoorDash experienced a 3.5% surge in shares after the release of its second-quarter results, which surpassed analyst estimates. The company reported its best-ever quarter for revenue and total orders, with management also highlighting improvements in expense management.
Roku Stock Slumps Following Downgrade
Roku’s stock dropped by 2% after receiving a downgrade from Citi to neutral from buy. Citi expressed concerns about limited upside for the shares, leading to the decision to move to the sidelines.
Clorox Impresses with Earnings Beat and Strong Outlook
Clorox’s shares jumped nearly 7% after the company reported an earnings and revenue beat in the second quarter. Clorox’s earnings per share came in at $1.67 on $2.02 billion in revenue, surpassing analysts’ estimates of $1.18 earnings per share on revenue of $1.88 billion. The company also provided a strong full-year outlook.
Etsy Tumbles Despite Earnings and Revenue Beat
Etsy’s shares tumbled 9% after the company released its quarterly earnings, which exceeded analyst expectations for both earnings and revenue. However, the company’s guidance for the third quarter fell short of expectations.
Qorvo Rallies on Better-than-Expected Q2 Results
Qorvo’s stock rallied 6.8% after the company surpassed analyst expectations on both top and bottom lines in the second quarter. The company’s management also expressed optimism about September quarterly revenue, expecting it to increase by more than 50%, primarily driven by content gains from Apple.
Traeger’s Strong Q2 Performance Drives Significant Jump
Traeger’s shares jumped over 24% following the company’s second-quarter earnings announcement. The company reported earnings per share of 4 cents on $171.5 million in revenue, exceeding analysts’ estimates of a loss of 2 cents per share and $154.9 million in revenue. Additionally, Traeger raised its full-year revenue and earnings guidance.
Unity Software Surges with Impressive Q2 Revenue
The software company, Unity Software, surged about 5% after exceeding analysts’ estimates for revenue in the second quarter. The company reported $533 million in revenue, surpassing the estimated $518 million.
DXC Technology’s Earnings and Revenue Miss
DXC Technology tumbled 24% after reporting earnings and revenue that missed estimates. The information technology firm reported adjusted earnings of 63 cents per share on revenue of $3.45 billion, falling short of analysts’ expectations of 82 cents per share on revenue of $3.56 billion. BMO Capital Markets downgraded the company to market perform from outperform following the disappointing results.
