Stocks were mostly lower Tuesday with the tech-heavy Nasdaq Composite falling sharply ahead of earnings from
one of the so-called Magnificent Seven technology stocks.
was down 11% after a report said
hired veteran lawyer David Boies to seek damages against the cybersecurity company and Microsoft after a massive tech outage earlier this month resulted in thousands of flight cancellations. CNBC said a lawsuit has yet to be filed.
fell 1.7%. The software giant is scheduled to report fiscal fourth-quarter earnings after the close of trading Tuesday. The company has been forecast to post earnings of $2.94 a share, up from $2.69 a year earlier. Wall Street sees Microsoft reporting revenue of $64.4 billion, up from $56.2 billion in the fourth quarter of 2023. Most of the quarter’s growth at Microsoft, about 19% to 20%, is expected in the company’s intelligent cloud unit, which includes its Azure cloud services and AI platform.
declined 6% ahead of Microsoft’s earnings, and reports from
Apple
,
and
later this week. Investors appeared sensitive Tuesday to signs that competition for
in the artificial-intelligence space could be gaining a foothold.
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Shares of
fell 10% after second-quarter adjusted earnings of $2.28 a share topped consensus forecasts but the company’s outlook for the year disappointed. Merck said for 2024 it expects earnings in the range of $7.94 to $8.04 a share on sales of $63.4 billion to $64.4 billion. Analysts were expecting profit of $8.16 a share on sales of $64.29 billion.
rose 2.3%. The drug company reported second-quarter sales of $13.3 billion, higher than estimates, and adjusted earnings of 60 cents a share, better than forecasts of 46 cents.
was down 5.5% after the consumer-products company reported better-than-expected fiscal fourth-quarter profit but sales of $20.5 billion that missed estimates.
was up 0.1%. The fintech company reported second-quarter earnings of 1 cent, beating Wall Street estimates that called for a break-even period. Adjusted net revenue of $597 million topped estimates of $565 million.
jumped 8.7% after reporting second-quarter adjusted earnings that were better than expected and raising guidance for transaction margin dollars, adjusted earnings per share, and share repurchases, among other metrics.
was falling 8.4% after the specialty glassmaker beat second-quarter earnings expectations but issued disappointing third-quarter guidance. The company said it expects third-quarter adjusted earnings of between 50 cents and 54 cents a share on revenue of $3.7 billion. Analysts were expecting earnings of 54 cents a share on revenue of $3.76 billion.
rose 12% after the low-cost carrier posted a second-quarter profit of 8 cents a share, while analysts had been calling for a loss of 10 cents.
jumped 13% after the software company reported fiscal third-quarter adjusted earnings of $3.36 a share, well above Wall Street estimates of $2.97. Revenue of $695 million also topped forecasts. F5 also raised its full-year earnings guidance.
fell 8.2% after the chip company reported a second-quarter revenue decline of 35% to $124.1 million, missing estimates of $130.2 million. The company said it expects third-quarter revenue of $117 million to $137 million, below the year-earlier’s $192.2 million and below Wall Street forecasts of $142.5 million.
dropped 22% after the robotics technology company said fiscal third-quarter system gross margin “fell below expectations due to elongated construction schedules and implementation costs.” The company also said it expects fourth-quarter revenue of $455 million and $475 million compared with analysts expectations of $516.9 million.
a supplier to
Read More: Merck, CrowdStrike, Microsoft, Nvidia, P&G, PayPal, Pfizer, Corning, JetBlue,