US stocks power higher on Apple's US investment plans, solid corporate earnings |
Tuesday's drop was just another opportunity to buy the dip. The S&P 500 rose 0.7% and the Nasdaq 100 outperformed with a 1.3% advance, while the Russell 2000 once again bucked the trend, dropping 0.2%. The day got off to a strong start when the White House touted an additional $100 billion in domestic investment from Apple ahead of the market open, which fueled the iPhone maker's 5% rise on Wednesday. The S&P sector ETFs for consumer discretionary, consumer staples, and tech all rose at least 1%. On the other side of the spectrum, materials and health care were down more than 1%. Gains were led by Arista Networks, which rose 17% after delivering stellar earnings after the close on Tuesday and enjoying a host of price target hikes across Wall Street thereafter. Declines were led in part by AMD which fell 6% after the chip company delivered a modest bottom-line miss and a big beat on sales for the second-quarter. Elsewhere… |
- Shopify soared 22% after the e-commerce giant missed Q2 revenue estimates but said it expects revenue to grow at a mid- to high 20s percentage.
- Match Group rose double digits after the Tinder and Hinge parent topped analysts' revenue estimates after-the-bell Tuesday and told Wall Street to expect more of the same in Q3.
- McDonald's rose nearly 3% after the Big Mac maker posted a US sales rebound in the second quarter — a comeback after a rough start to the year.
- IonQ finished virtually flat ahead of earnings tech juggernaut Amazon reporting that it held 854,207 shares of the quantum computing stock at the end of Q2.
- Power producer and energy trader NRG dove double digits after adjusted earnings fell short of Wall Street expectations and GAAP results swung to a surprise loss.
- Disney shares fell 2.7% even as the media giant beat Q3 estimates, raised its full-year outlook, and reportedly struck a $1.6 billion streaming deal between ESPN and WWE. Shares of TKO, which owns WWE, dropped 5%.
- Astera Labs surged nearly 30% after the chips, boards, and integrated circuit maker delivered strong top and bottom line Q2 results after the bell Tuesday.
- Uber closed flat even after the ride-hailing giant posted upbeat second-quarter and unveiled a beefy new stock buyback plan.
- Shares of Super Micro Computer tumbled 18% after disappointing fourth-quarter results, which saw the server company whiff on sales and earnings.
- Rivian shares dipped 4% after the EV maker topped revenue estimates for the second-quarter, but losses came in higher-than-expected. Meanwhile, Lucid shares fell 10% after the luxury EV maker also saw Q2 losses pile up.
- Snap's stock plunged 17% after the social media company narrowly missed earnings expectations and ad revenue slowed.
- Oscar Health managed to rise almost 4% despite the health insurance company reporting earnings that missed estimates even after giving investors a look under the hood last month.
- Novo Nordisk slipped nearly 4% after it reported growing sales of its blockbuster GLP-1 drugs but reiterated that knockoffs were eating at its weight-loss business.
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— Luke Kawa, Markets Editor & Nia Warfield, Markets Writer |
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(Jakub Porzycki/Getty Images)) |
Duolingo soars as it reports strong Q2 numbers, breaking slump Duolingo reported Q2 results after the close today, soundly beating expectations and soaring in after-hours trading. Read more. |
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- Lyft sinks in after-hours trading on disappointing earnings and lower-than-expected sales
The company posted revenue of $1.59 billion, shy of the $1.61 billion Wall Street expected. - DoorDash rises after-hours on earnings beat
The company also beat on revenue but missed on gross order value.
- Still lagging FanDuel, DraftKings reports better-than-expected Q2 revenue
Despite all that marketing, profitability has been patchy. - AppLovin falls in after-hours trading as tepid top-line beat fails to impress
AppLovin, the company that reminds everyone of a character from Superbad, reported results that investors seem to think are super bad. - Airbnb reports Q2 revenue beat
Gross bookings grew 11% to $23.5 billion ahead the Street's estimates of $22.6 billion.
- Bumble falls after mixed earnings report
The company also announced that it appointed a new CFO.
- Joby dips on a steeper quarterly loss than Wall Street expected
It's not easy running a business in a new market with an unproven product and essentially zero sales.
- Dividend darling Realty Income's Q2 revenue beats expectations
The company reported adjusted funds from operations per share of $1.05 vs. Wall Street expectations of $1.06.
- Digital analytics company Amplitude beat analyst expectations on the top line in the second quarter.
The digital analytics SAAS company posted adjusted EPS of $0.01, in line with estimates, on better than expected revenues of $83.3 million.
- Gen Z are less likely to favor fully remote working compared with millennials and boomers
Per a new Gallup survey, it turns out young workers do want to go back to the office... sometimes.
- OpenAI offering ChatGPT to federal agencies for a buck
OpenAI's new partnership with the General Services Administration will grant any federal agency access to the chatbot for $1 per year.
- Bitcoin ETFs continue to bleed as Galaxy CEO warns bitcoin treasuries "have peaked"
Bearish sentiment on bitcoin appears to be rising, with options traders betting on a move below $100,000. - From 2017 to 2022, Uber customers reported incidents of sexual assault or sexual misconduct every 8 minutes in the US
New reporting from The New York Times reveals that Uber has not disclosed the severity of its sexual assault problem.
- Ethereum gets another treasury company as SEC washes its hands of liquid staking
Cosmos Health secured up to $300 million to accumulate ethereum.
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