See which businesses are trending in midday trading:
Lamb Weston: The company that makes french fries and potatoes saw a more than 28% decline in value following the release of a dismal fiscal fourth-quarter report. A $1.61 billion revenue resulted in adjusted earnings per share of 78 cents for Lamb Weston.
Tesla: Following the release of lower-than-expected second-quarter profits, the maker of electric vehicles saw a more than 12% decline in stock price. In terms of sales, however, Tesla did better than expected, reporting $25.5 billion as opposed to the consensus projection of $24.77 billion.
Enphase Energy – After releasing third-quarter forecast that was better than anticipated, the solar energy firm saw a roughly 13% increase in value. Analysts surveyed by LSEG predicted revenue of $404 million, whereas Enphase expects between $370 million and $410 million.
Technology from Seagate. Following the computer hardware company’s release of fiscal fourth-quarter earnings that above Wall Street’s projections, the shares surged by almost 4%. On $1.89 billion in revenue, the company reported adjusted earnings per share of $1.05. That exceeds the 75 cents per share on $1.87 billion in revenue that analysts surveyed by LSEG had predicted.
Vertiv Holdings — Even though the IT infrastructure provider reported better-than-expected second-quarter earnings, shares fell more than 13%. Vertiv reported profits of 67 cents per share, more than the 57 cents per share FactSet average expectation. The revenue figure of $1.95 billion was in line with the average projection.
Alphabet — Following the release of second-quarter results that revealed YouTube advertising revenue that was below expectations, the parent company of Google witnessed a 5% decline in share price.
Visa: Following the company’s third-quarter fiscal sales miss, shares fell 4%. Visa’s $8.9 billion revenue was little less than the $8.92 billion analysts surveyed by LSEG had predicted. Throughout the quarter, payments volume increased by 7%.
AT&T: Far exceeding the average estimate of FactSet’s experts, the telecom behemoth climbed more than 5% following the announcement of an additional 419,000 wireless phone customers with monthly bills. While revenue fell short of what the Street had predicted, AT&T reported quarterly earnings per share that were in line with estimates of analysts polled by LSEG.
Meta Platforms: Following the release of a free version of their Llama artificial intelligence model, the company’s shares saw a more than 5% decline.
Allergan — Following the worldwide aerospace and defence company’s disappointing second-quarter earnings report, the stock fell more than 3%. FactSet’s consensus estimate of $3.28 per share was exceeded by the company’s reported earnings of $3.26 per share. Income, contrasted with the $11.46 billion consensus prediction, and came in at $11.98 billion, exceeding expectations.
Boston Scientific’s stock dropped by almost 1% on the release of second-quarter earnings that above Street forecasts. Boston Scientific makes medical devices. Boston Scientific reported $4.12 billion in revenue and adjusted earnings per share of 62 cents. This is more than the 58 cents per share on $4.02 billion in revenue that FactSet’s poll of analysts predicted.
Amphenol: The stock of this manufacturer of electronic connectors fell by over 6%. Analysts had predicted adjusted earnings of 44 cents to 45 cents per share, but Amphenol provided third-quarter guidance that was essentially in line with their projections.
Source (CNBC)
