Breaking News
Jul 24, 2024
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Tesla plunged 12.2% to $216.18, and the company reported a drop in its automotive unit sales declined for the second quarter in a row.
Moreover, the company's discounts and financial incentives lowered its profitability.
Revenue in the second quarter increased 2% to $25.5 billion from $24.9 billion, net income attributable to shareholders plunged 45% to $1.5 billion from $2.7 billion, and diluted earnings per share plunged to 52 cents from 91 cents a year ago. -
Alphabet dropped 3.9% to $176.49 after the parent company of Google reported better-than-expected quarterly results, but YouTube's revenue disappointed investors.
Revenue in the second quarter increased 14% to $84.7 billion from $74.6 billion, net income rose to $24.6 billion from $18.4 billion, and diluted earnings per share increased to $1.89 from $1.44 a year ago.
YouTube revenue increased to $8.6 billion from $7.6 billion, Google cloud revenue rose to $10.3 billion from $8.0 billion, and Google search revenue jumped to $48.5 billion from $42.6 billion a year ago, respectively. -
Visa dropped 4.3% to $253.55 after the electronic payment network operator reported lower-than-expected revenue in the June quarter.
Revenue in fiscal third quarter ending in June increased 10% to $8.9 billion from $8.1 billion, net income soared 17% to $4.9 billion from $4.2 billion, and diluted earnings per Class A share advanced to $2.40 from $2.0 a year ago.
Payment volume jumped 7% and cross border volume rose 14% from a year ago, respectively.
During the quarter, Visa repurchased 17.2 million shares of class A common stock at an average cost of $276.75 per share for $4.8 billion, and about $18.9 billion are available for share repurchases as of June 30, 2024.
The board of directors declared a quarterly cash dividend of $0.520 per share of class A common stock payable on September 3, to all holders of record as of August 9. -
Lamb Weston plunged 27% to $57.44 after the french fry maker reported a decline in revenue and earnings in its latest quarter.
Revenue in the fiscal fourth quarter ending in May declined 5% to $1.61 billion from $1.69 billion, net income plunged 74% to $129.6 million from $498.8 million, and diluted earnings per share dropped to 89 cents from $3.40 a year ago.
The food processing company estimated fiscal 2025 revenue between $6.6 billion and $6.8 billion, net income between $630 million and $685 million, and diluted earnings per share between $4.35 and $4.85.
"The operating environment has changed rapidly over the past twelve months as global restaurant traffic and frozen potato demand softened due to menu price inflation continuing to negatively affect global restaurant traffic.
This has resulted in an increase in available capacity in North America and Europe. We believe this supply-demand imbalance will persist through much, if not all, of fiscal 2025," said chief executive Tom Werner in a statement released to investors. -
Existing home sales in June declined for the fourth month in a row, but median home prices rose to a record high for the second consecutive month.
Existing home sales declined 5.4% from the previous month and from a year ago to 3.89 million, the National Association of Realtors reported Tuesday.
“We're seeing a slow shift from a seller's market to a buyer's market,” said NAR Chief Economist Lawrence Yun.
“Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”
Median sales price for all housing types increased 4.1% to a record high of $426,900, and total housing inventory at the end of June increased 23.4% from a year ago to 1.32 million. -
Crown Holdings soared 9.8% to $85.06 after the packaging company lifted its annual earnings outlook.
Revenue in the second quarter edged lower to $3.04 billion from $3.1 billion, net income increased to $174 million from $157 million, and diluted earnings per share rose to $1.45 from $1.31 a year ago.
The company estimated full-year diluted earnings per share in the range of $6.00 to $6.25 compared to previous guidance of $5.80 to $6.20 and free cash flow to be at least $750 million.
Third quarter adjusted earnings per share are expected to be in the range of $1.75 to $1.85. -
General Motors declined 5.8% to $46.67, despite the automaker reporting better-than-expected second quarter results.
Revenue increased 7% to $47.9 billion from $44.7 billion, net income rose to 14.3% to $2.9 billion from $2.6 billion, and diluted earnings per share advanced to $2.55 from $1.83 a year ago.
The vehicle maker also revised its full-year earnings per share outlook to between $8.93 and $9.93 from the previous estimate between $8.94 and $9.94.
The company also declared a quarterly cash dividend of 12 cents payable on September 19 to shareholders on record on September 9. -
United Parcel Service dropped 13.1% to $126.01 after the package delivery company reported lower than expected results in the second quarter.
Consolidated revenue in the second quarter declined 1.1% to $21.8 billion from $22.1 billion, net income dropped 32.2% to $1.4 billion from $2.1 billion, and diluted earnings per share fell to $1.65 from $2.42 a year ago.
The company also estimated full-year consolidated revenue of $93 billion and capital expenditure of $4.0 billion, lower than $4.5 billion in the previous estimate. -
NXP Semiconductor plunged 8.3% to $260.60 after the advanced semiconductor company reported weaker than expected adjusted earnings.
Adjusted earnings in the second quarter were $3.20 per share, lower than market expectations between $3.22 and $3.27 per share. -
Cadence Design Systems increased 1% to $289.12, and the advanced chip design software trimmed its current quarter earnings outlook to between $1.39 and $1.49 per share.
Revenue in the second quarter increased to $1.06 billion from $977 million, net income rose to $229.5 million from $221.2 million, and diluted earnings per share advanced to 84 cents from 81 cents a year ago.
Jul 23, 2024