Stocks jumped Wednesday as major tech names were led higher by NVDA and readied for the Federal Reserve’s latest monetary policy decision
Shares of Pinterest (NYSE: PINS) fell 12% after the company’s forward guidance for the third quarter came in below expectations. Pinterest projected revenue between $885 million and $900 million, lower than the $908.6 million consensus estimate from analysts polled by FactSet. Despite this, the company’s second-quarter earnings and revenue exceeded expectations, as reported by LSEG.
Vistra (NYSE: VST), Match Group (NASDAQ: MTCH), Advanced Micro Devices (NASDAQ: AMD)
Vistra’s stock surged nearly 14% after the Nuclear Regulatory Commission approved its request to continue operating the Comanche Peak Nuclear Power Plant. This license renewal allows Vistra to operate the 2,400-megawatt plant through 2053. Shares of Match Group, the owner of Tinder, rose 13% after reporting second-quarter revenue of $864 million, surpassing the $856.5 million estimate from analysts polled by FactSet. Additionally, Match Group announced plans to exit live streaming services within its dating apps and to discontinue Hyperconnect’s live-streaming app “Hakuna,” which is primarily used in Japan and Korea. AMD’s shares increased by over 4% after the company reported better-than-expected earnings and revenue for the second quarter. The chipmaker posted adjusted earnings of 69 cents per share on revenue of $5.84 billion, beating the analysts’ expectations of 68 cents per share on revenue of $5.72 billion.
Arista Networks (NYSE: ANET), Skyworks Solutions (NASDAQ: SWKS), Upstart (NASDAQ: UPST), DuPont de Nemours (NYSE: DD), Humana (NYSE: HUM), Starbucks (NASDAQ: SBUX), AutoNation (NYSE: AN), Kraft Heinz (NASDAQ: KHC), Marriott International (NASDAQ: MAR), Bunge (NYSE: BG), Constellation Energy (NASDAQ: CEG), Boeing (NYSE: BA)
Arista Networks’ shares jumped 9% after the company reported second-quarter results that exceeded Wall Street’s estimates for both earnings and revenue. The networking company posted adjusted earnings of $2.10 per share on $1.69 billion in revenue. Skyworks Solutions’ stock dropped 6% after reporting fiscal third-quarter adjusted earnings of $1.21 per share, which fell short of analysts’ expectations. However, the company’s revenue of $906 million slightly exceeded the consensus estimate of $900 million, according to LSEG. Upstart’s stock rallied over 10% after Mizuho upgraded the company’s rating from underperform to outperform. Analyst Dan Dolev cited improving risk factors for borrowers and a higher likelihood of lower interest rates as reasons for the upgrade, predicting a 19% rise in Upstart’s shares from Tuesday’s close. DuPont’s shares climbed 5% after the company reported second-quarter earnings that beat Wall Street’s expectations. The chemical maker posted earnings of 97 cents per share, excluding certain items, on revenue of $3.17 billion, surpassing analysts’ estimates of 85 cents per share on revenue of $3.05 billion. DuPont also raised its full-year forecast for earnings and revenue.
Humana’s shares fell 9% after the health insurer issued full-year guidance that fell short of expectations. Humana projected earnings of $16 per share for the year, compared to the $16.34 per share expected by analysts polled by FactSet. Despite reporting weaker-than-expected sales for the fiscal third quarter, Starbucks’ shares rose 4%. The coffee chain reported revenue of $9.11 billion, below the $9.24 billion expected by analysts, but met expectations with adjusted earnings of 93 cents per share. AutoNation’s stock increased 8% despite missing Wall Street’s revenue expectations. The car dealer reported quarterly revenue of $6.48 billion, falling short of the $6.72 billion consensus forecast from analysts polled by LSEG. Shares of Kraft Heinz jumped more than 4% after the company reported better-than-expected second-quarter adjusted earnings. However, the company’s revenue of $6.48 billion came in below the $6.55 billion expected by analysts polled by FactSet. Marriott International’s shares fell over 5% after the company reported second-quarter revenue that missed expectations. The hotel chain posted revenue of $6.44 billion, below the $6.47 billion expected by analysts polled by FactSet. Marriott also issued weaker-than-expected guidance for adjusted earnings in the third quarter, forecasting a range of $2.27 to $2.33 per share, compared to the $2.38 per share expected by analysts.
Bunge’s stock dropped nearly 8% after the company reported second-quarter results that missed analysts’ expectations. Bunge posted adjusted earnings of $1.73 per share on revenue of $13.24 billion, below the $1.83 per share on $14.3 billion in revenue expected by analysts polled by FactSet. Shares of Constellation Energy rose about 11% following results from the mid-Atlantic grid operator PJM’s capacity auction, which cleared a total of 17.5 gigawatts from Constellation between 2025 and 2026. Boeing’s shares jumped 3% after the company announced that Robert “Kelly” Ortberg would replace CEO Dave Calhoun. Ortberg, who previously led aerospace supplier Rockwell Collins, will start his new role on August 8.
