Wolfspeed, a leading semiconductor manufacturer, reported a loss for the fourth quarter, falling short of analyst expectations. However, the company highlighted progress in its new 200-millimeter fab, which is already showing positive results and leading to a shift in device fabrication away from its Durham facility. Wolfspeed also provided an outlook for the first quarter, predicting continued losses, although revenue is expected to remain above $185 million.
Urban Outfitters, Inc. (URBN) exceeded analyst expectations in the second quarter, reporting record sales driven by strong performance across its retail, Nuuly, and wholesale segments. The company’s stock, however, experienced a decline in after-hours trading.
Zoom Video Communications, Inc. (ZM) stock is trading higher after the company reported strong second-quarter financial results, exceeding both revenue and earnings estimates. The company also provided optimistic guidance for the upcoming quarters.
Toll Brothers, a luxury home builder, reported strong third-quarter results, exceeding revenue and earnings expectations. CEO Douglas Yearley expressed confidence in continued robust demand for luxury homes through 2025, citing favorable market conditions and strong demand in key regions. While home orders slightly missed expectations, the company’s gross margin exceeded forecasts.
Toronto-Dominion Bank (TD) has consistently exceeded earnings expectations in recent quarters. With a positive Zacks Earnings ESP and a Zacks Rank #3 (Hold), the bank is poised for another strong performance in its upcoming quarterly report.
Alcon, Inc. (ALC) announced its second-quarter 2024 financial results, reporting core earnings per share in line with analyst expectations but missing on revenue. The company’s top line grew year-over-year, driven by strong demand for innovative products, a balanced global presence, and effective execution. However, both margins contracted during the quarter, a cause for concern. Despite the mixed performance, Alcon remains optimistic about its future growth prospects, driven by upcoming product launches and continued innovation in its vision care segment.
US stocks closed higher on Wednesday, with the Nasdaq Composite leading the gains. The Dow Jones Industrial Average and S&P 500 also rose, driven by strong corporate earnings and positive economic data. The Eurozone markets also saw gains, while Asian markets closed mixed.
Target Corporation (TGT) shares surged after the company announced better-than-expected second-quarter financial results and increased its full-year 2024 earnings forecast. The retailer’s strong performance was driven by improved merchandising strategies and cost management, despite ongoing pressures from consumer spending and supply chain challenges.
Samsara Inc. (IOT) stock closed at $40.72, reflecting a positive day’s performance. The company is set to release its earnings report on September 5th, with analysts predicting a revenue increase of over 30%. The stock currently holds a Zacks Rank of #3 (Hold) and is trading at a premium compared to its industry peers.
Autodesk’s stock closed slightly lower in recent trading, but remains strong in the longer term. The company is set to report earnings on August 29th, and analysts anticipate growth in both earnings and revenue. While Autodesk currently holds a Zacks Rank of #3 (Hold), its valuation metrics suggest it aligns with its industry peers.
