United Airlines has scheduled a conference call to discuss its second-quarter 2024 financial results on Thursday, July 18. The airline will unveil its financial performance and outlook following the market’s close on Wednesday, July 17.
Results for: Earnings
Airbnb reported strong earnings for the first quarter but projected that its revenue for the upcoming quarter would fall short of market expectations, resulting in an 8% drop in stock price post-market. The company saw its revenue climb 18% from the previous year in Q1, reaching $2.14 billion. However, for the upcoming quarter, the company anticipates revenue to be in the range of $2.68 billion to $2.74 billion, which is slightly below the $2.74 billion forecast by analysts.
Apple Inc. once again defied expectations, delivering impressive financial results despite concerns over China’s economy. The company reported revenue of $90.75 billion in its fiscal first quarter, down slightly from last year but surpassing analysts’ estimates. Earnings per share rose 1%, setting a March quarter record and exceeding consensus estimates. Apple’s success is attributed to its dominant hardware and growing services businesses, which provide a competitive advantage and bundling opportunities. Additionally, management’s net cash neutral strategy ensures the continued funding of dividends and buybacks. On top of its strong performance, Apple announced a $110 billion share repurchase authorization, the largest corporate buyback in history. With positive catalysts ahead, including advancements in artificial intelligence and a growing installed base of active devices, Apple stock is expected to rise further.
Despite reporting strong quarterly results, Novo Nordisk’s shares have experienced a pullback. Mizuho’s Jared Holz joined ‘Fast Money’ to provide his insights on the company’s performance and future prospects.
Bausch Health Companies reported disappointing first-quarter results, with revenue and earnings falling short of estimates. The company’s shares came under pressure as investors grappled with concerns over the future of its Xifaxan drug and the delayed monetization of its Bausch + Lomb stake. Management reaffirmed their full-year outlook, but analysts remained cautious due to the ongoing litigation and uncertainty surrounding the Bausch + Lomb separation.
Apple, facing investor scrutiny due to underperforming stock performance, is expected to address its artificial intelligence (AI) and China market concerns during its fiscal second-quarter earnings announcement on Thursday. Analysts anticipate earnings of $1.50 per share and revenue of $90.01 billion. Despite recent challenges, some analysts maintain a positive outlook, citing potential upside from generative AI features in upcoming iPhone models and a possible rebound in Chinese demand. The market will be closely monitoring Apple’s guidance and China demand updates, as well as any announcements regarding AI strategy and the iPhone 16 release.
According to Bank of America analyst Christopher Nardone, footwear giant Crocs continues to perform exceptionally well, making it an attractive investment opportunity ahead of next week’s earnings release. The company’s strong international sales, particularly in Asia, are expected to drive significant growth in the coming quarters. Additionally, the recent appointment of Terence Reilly as president of the Heydude brand is seen as a positive step towards improving the brand’s performance.
DuPont (NYSE: DD) reported better-than-expected first quarter results on Wednesday, driven by growth in its electronics business and easing of destocking headwinds. Adjusted earnings per share (EPS) came in at 79 cents, outperforming both the LSEG estimate of 65 cents and management’s guidance of 63 cents to 65 cents. Organic sales declined 6% year over year to $2.9 billion, beating expectations of $2.8 billion, with the Electronics & Industrial business remaining a key driver of growth. Management raised its full-year outlook, citing continued recovery in the electronics market and a return to volume growth in its water and protection businesses.
AMD reported first-quarter earnings that exceeded Wall Street expectations, driven by strong growth in its Data Center segment and a recovery in its client business. However, the company’s gaming segment declined significantly. AMD expects continued growth in the current quarter, albeit at a more modest pace.
Shares of Koninklijke Philips N.V. (PHG) surged in pre-market trading today following the release of its impressive first-quarter results. The company also reached a resolution in the respironics personal injury and medical monitoring litigation in the US, with a settlement of $1.1 billion. As a result, PHG stock skyrocketed by 37.1% to $28.87 during pre-market hours.
Apart from Philips, numerous other companies experienced significant stock movements in the pre-market. Inno Holdings Inc. (INHD) saw a remarkable 33.8% gain, climbing to $0.8410. Ryde Group Ltd. (RYDE) followed closely with a 25.9% rise to $4.18 after facing an 8% dip on Friday. Akanda Corp. (AKAN) also performed well, advancing by 21.4% to $0.1250, continuing its trend from Friday when it gained over 12%.
Ocean Biomedical Inc. (OCEA) surged by 15.7% to $1.55, extending its 7% gain from Friday. Wisekey International Holding AG – ADR (WKEY) witnessed a 15.2% increase, reaching $2.36, attributed to its subsidiary, WISeSAT.Space, strengthening its partnership with the Swiss Armed Forces in the space domain.
SolarBank Corp (SUUN) gained 14.1% to $6.78, while Fulton Financial Corporation (FULT) jumped by 10.8% to $17.30. This follows the acquisition of Republic First Bancorp by Fulton Bank, a subsidiary of Fulton Financial Corp. ImmunityBio, Inc. (IBRX) shares increased by 10.6% to $8.13, buoyed by its Friday surge of around 44% after announcing favorable overall survival results from its QUILT 3.055 study.
Tesla, Inc. (TSLA) also saw a 7.3% pre-market gain, reaching $180.54. However, it was reported that Tesla plans to lay off 693 employees in Nevada as part of its earlier announced 10% workforce reduction. The company also increased the price of its new Model 3 Performance in the US by $1000 shortly after its launch.
On the declining side, Bakkt Holdings, Inc. (BKKT) plunged by 92.2% to $0.78 due to its recently announced 1-for-25 reverse stock split. Clever Leaves Holdings Inc. (CLVR) shares experienced a 56.8% drop to $1.78 following the announcement of voluntary delisting of common shares and SEC deregistration.
Addex Therapeutics Ltd (ADXN) faced a 50.3% decline to $7.99 in pre-market trading due to the lack of statistical significance in its ADX71149 Phase 2 epilepsy study. iSun, Inc. (ISUN) fell by 18.9% to $0.1362, and Boqii Holding Limited (BQ) dropped by 16.7% to $0.25 after gaining 6% on Friday.
NuZee, Inc. (NUZE) saw a 16% decline to $1.37, Cyclacel Pharmaceuticals, Inc. (CYCC) fell by 13.3% to $1.30, and Biodexa Pharmaceuticals Plc (BDRX) decreased by 12.3% to $1.14. Nature Wood Group Limited (NWGL) lost 11.8% to $4.45, and mF International Limited (MFI) declined by 10.3% to $2.09 following its previous 78% dip on Friday.