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The sell-off we saw mid-last week appears to be addressed today. Even though major market indices are still below where they were, say, Thursday morning, the roughly -5% down-tick became a buying opportunity for a plurality of investors today. The Dow gained +127 points, +0.32%, while the S&P 500 gained +1.08%. The Nasdaq built back from a week ago, +280 points or +1.58%, while small-caps once again felt their oats: the Russell 2000 grew +1.72% to a session high as of the close.
We were scant on new data, especially compared with the rest of the week. We’ll have to wait until tomorrow for Existing Home Sales in June and S&P flash PMI for Manufacturing and Services in July. Beyond this, there will be plenty of household-name companies posting Q2 figures, including Coca-Cola (KO - Free Report) , General Motors (GM - Free Report) , UPS (UPS - Free Report) and Spotify (SPOT - Free Report) . Alphabet (GOOGL - Free Report) and Tesla (TSLA - Free Report) will be out after Tuesday’s regular session.
Semiconductor products firm NXP (NXPI - Free Report) reported this afternoon. It’s $3.20 per share was exactly in-line with Zacks consensus, while revenues of $3.12 billion was a smidge below the anticipated $3.13 billion, and more than -5% lower from the year-ago tally. The range for next-quarter earnings was lowered a bit (with the high end still where analysts had earlier projected) but revenue guidance was lower on a softer automotive production outlook. NXP brings in roughly half its revenues from the auto industry.
Cadence Design Systems (CDNS - Free Report) is also out with Q2 results. The Silicon Valley semi software company outpaced expectations modestly on both top and bottom lines, with earnings of $1.28 per share beating estimates by a nickel, and revenues of $1.06 billion in the quarter slightly above what analysts had been looking for. Forward guidance was kept intact and late-trading shares are up +2.8% at this hour, on strong demand for AI, hyperscale and automotive businesses.
Steel maker Nucor (NUE - Free Report) posted a strong quarter after the closing bell. The company, which carried a Zacks Rank #5 (Strong Sell) into this afternoon’s earnings, beat on the bottom line by a healthy margin: $2.68 per share versus $2.31 expected. Revenues outperformed, as well: $8.08 billion in sales for the quarter, ahead of the $7.61 billion forecast. Shares had been up +4% on the news, but have since simmered down to +1%, as steel mill earnings look to take a hit next quarter.
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Markets Bounce Back; Cadence, Nucor Beat, NXP In-Line
Monday, July 22nd, 2024
The sell-off we saw mid-last week appears to be addressed today. Even though major market indices are still below where they were, say, Thursday morning, the roughly -5% down-tick became a buying opportunity for a plurality of investors today. The Dow gained +127 points, +0.32%, while the S&P 500 gained +1.08%. The Nasdaq built back from a week ago, +280 points or +1.58%, while small-caps once again felt their oats: the Russell 2000 grew +1.72% to a session high as of the close.
We were scant on new data, especially compared with the rest of the week. We’ll have to wait until tomorrow for Existing Home Sales in June and S&P flash PMI for Manufacturing and Services in July. Beyond this, there will be plenty of household-name companies posting Q2 figures, including Coca-Cola (KO - Free Report) , General Motors (GM - Free Report) , UPS (UPS - Free Report) and Spotify (SPOT - Free Report) . Alphabet (GOOGL - Free Report) and Tesla (TSLA - Free Report) will be out after Tuesday’s regular session.
Semiconductor products firm NXP (NXPI - Free Report) reported this afternoon. It’s $3.20 per share was exactly in-line with Zacks consensus, while revenues of $3.12 billion was a smidge below the anticipated $3.13 billion, and more than -5% lower from the year-ago tally. The range for next-quarter earnings was lowered a bit (with the high end still where analysts had earlier projected) but revenue guidance was lower on a softer automotive production outlook. NXP brings in roughly half its revenues from the auto industry.
Cadence Design Systems (CDNS - Free Report) is also out with Q2 results. The Silicon Valley semi software company outpaced expectations modestly on both top and bottom lines, with earnings of $1.28 per share beating estimates by a nickel, and revenues of $1.06 billion in the quarter slightly above what analysts had been looking for. Forward guidance was kept intact and late-trading shares are up +2.8% at this hour, on strong demand for AI, hyperscale and automotive businesses.
Steel maker Nucor (NUE - Free Report) posted a strong quarter after the closing bell. The company, which carried a Zacks Rank #5 (Strong Sell) into this afternoon’s earnings, beat on the bottom line by a healthy margin: $2.68 per share versus $2.31 expected. Revenues outperformed, as well: $8.08 billion in sales for the quarter, ahead of the $7.61 billion forecast. Shares had been up +4% on the news, but have since simmered down to +1%, as steel mill earnings look to take a hit next quarter.
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