LW, TSLA, ENPH and more
Check out the companies making headlines in midday trading: Lamb Weston — The potato and french fry company tanked 27% after issuing a disappointing report for the fiscal fourth quarter. Lamb Weston generated adjusted earnings of 78 cents per share on $1.61 billion of revenue. Wall Street analysts were looking for $1.26 per share in earnings on $1.70 billion of revenue, according to FactSet. Lamb Weston also said it expected the new fiscal year to be “challenging.” Tesla — The electric vehicle maker tumbled more than 10% after the company’s earnings for the second quarter came in weaker than expected. Tesla did beat expectations on revenue, however, posting $25.5 billion compared to the consensus estimate of $24.77 billion, per LSEG. Shares of EV rivals Rivian Automotive and Lucid fell in sympathy, dropping more than 6% and nearly 4%, respectively. Enphase Energy — The solar energy company surged around 11% after posting third-quarter guidance that was stronger than expected. Enphase anticipates revenue between $370 million and $410 million, while analysts polled by LSEG expected $404 million. Seagate Technology — The stock jumped about 5% after the computer hardware company reported fiscal fourth-quarter results that topped Wall Street’s expectations. The company posted adjusted earnings of $1.05 per share on $1.89 billion in revenue. That is above the 75 cents per share on revenue of $1.87 billion that analysts polled by LSEG were expecting. Vertiv Holdings — Shares dropped more than 10% despite the IT infrastructure company posting an earnings beat for the second quarter. Vertiv posted earnings of 67 cents per share, which is above the FactSet consensus estimate of 57 cents per share. Revenue was in line with the consensus estimate of $1.95 billion. Alphabet — The Google parent company saw shares drop more than 4% after reporting second-quarter results that showed disappointing YouTube advertising revenue. Alphabet posted $8.66 billion in YouTube advertising revenue, compared to an estimate of $8.93 billion, according to StreetAccount. Visa — Shares declined 4% after the company posted a revenue miss in its fiscal third quarter. Visa reported $8.9 billion, which came in slightly below the $8.92 billion forecast by analysts polled by LSEG. Meanwhile, payments volume rose 7% in the quarter. AT & T — The telecommunications giant added 5% after reporting an addition of 419,000 wireless phone subscribers with monthly bills, far above the consensus forecast from analysts polled by FactSet. AT & T posted quarterly earnings per share that were in line with expectations of analysts surveyed by LSEG, while revenue came in under what the Street had penciled in. Meta Platforms — Shares of the social media giant fell around 4% following the company’s unveiling of a free version of its Llama artificial intelligence model. General Dynamics — The stock slid 4% after the global aerospace and defense company reported second-quarter earnings that missed expectations. The company posted earnings of $3.26 per share, which is below the FactSet consensus estimate of $3.28 per share. Revenue, on the other hand, surpassed expectations, coming in at $11.98 billion compared to the $11.46 billion consensus estimate. Boston Scientific — Shares of the medical device company fell nearly 2% after reporting second-quarter results that came in above the Street’s expectations. Boston Scientific posted adjusted earnings of 62 cents per share on revenue of $4.12 billion. This is above the 58 cents per share on $4.02 billion in revenue that analysts polled by FactSet were expecting. Amphenol — Shares of the electronic connector maker slipped 5%. Amphenol posted third-quarter guidance that was roughly in line with analysts’ estimates, forecasting adjusted earnings of 43 cents to 45 cents per share, while analysts called for 44 cents per share, according to FactSet. CoStar Group — The real estate data analytics company leapt more than 8%. CoStar raised its full-year guidance for adjusted earnings, anticipating 64 cents to 66 cents per share, up from its earlier outlook of 58 cents to 62 cents a share. Analysts polled by FactSet called for 62 cents a share. — CNBC’s Alex Harring, Yun Li, Hakyung Kim, Jesse Pound and Sarah Min contributed reporting.
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