Stocks were trading higher Thursday, rebounding from a selloff following a downgrade of U.S. government debt. Wall Street was awaiting earnings reports from
Apple
and
Amazon.com
after the stock market closes.
These stocks were making moves Thursday:
Sunrun
(ticker: RUN) was rising 11% after the country’s largest rooftop solar company reported a surprise profit in the second quarter. Earnings in the period were 25 cents a share, while analysts expected a loss of 24 cents.
DXC Technology
(
DXC
) was sliding 31%. It received a flurry of analysts’ downgrades after the information-technology consulting company posted first-quarter adjusted earnings that were worse than expected and slashed guidance. The stock was the leading decliner in the
S&P 500.
EVgo
(EVGO), the electric-vehicle charging network and equipment provider, reported better-than-expected second-quarter results and said it expects full-year sales of $120 million to $150 million, compared with a prior range of $105 million to $150 million. The stock jumped 24%.
Wayfair
(W) jumped 21% after the online furniture retailer easily beat estimates for its second quarter, posting adjusted earnings of 21 cents a share, while Wall Street had forecast a loss of 73 cents.
Expedia Group
(EXPE) fell 15% after the online travel company posted better-than-expected earnings for its second quarter but its guidance for the third quarter was short of estimates.
Etsy
(ETSY) declined 11% after the online marketplace reported second-quarter adjusted earnings and sales that topped expectations but its forecast for third-quarter gross merchandise sales of between $2.95 billion and $3.1 billion at the midpoint was slightly below consensus.
PayPal
(PYPL) tumbled 11% after the payments platform reported second-quarter adjusted earnings that slightly beat estimates but adjusted operating margin was 21.4%, below the 22% that
PayPal
previously estimated.
Qualcomm
(QCOM) shares fell 8.9% after the maker of mobile processors and 5G wireless chipsets issued a fiscal fourth-quarter revenue forecast below analysts’ expectations. Qualcomm blamed a slower recovery in China and a challenging macro environment for the disappointing guidance. On a conference call, Qualcomm executives said they don’t see an immediate rebound in demand.
Clorox
(CLX) rose 9.2% after the consumer products maker posted better-than-expected fourth-quarter adjusted earnings. It was the top gainer in the S&P 500.
Robinhood Markets
(HOOD) posted its first profitable quarter, which CEO Vlad Tenev called “a significant milestone” as the online trading company beat analysts’ expectations that called for a slight loss. Trading activity in the second quarter, however, fell to 10.8 million monthly active users, down by 1 million from the prior quarter. Shares fell 6.3%.
Advanced Micro Devices
(AMD) gained 5% to $114.77 after the semiconductor company received a price target raise to $145 from $108 by Benchmark analyst Cody Acree. “We believe AMD is among the best positioned companies to benefit from the tech sector’s broad macroeconomic adoption of artificial intelligence,” he wrote.
Write to Joe Woelfel at [email protected]
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