Stocks closed lower Wednesday after minutes from the Federal Reserve’s July 25-26 meeting revealed most members see continued risk from inflation.
These stocks were making moves Wednesday:
Target
(ticker: TGT) reported second-quarter adjusted earnings that beat estimates but the retailer lowered its fiscal-year forecast, saying it now expects adjusted earnings of $7 to $8 a share vs. previous guidance of $7.75 to $8.75. Target shares rose 3%.
DLocal
(DLO) gained 32% after the online payments company reported second-quarter results that topped estimates and maintained revenue guidance of $620 million to $640 million for the year.
DLocal
also named Pedro Arnt as co-chief executive. Arnt previously worked as chief financial officer at
MercadoLibre
(MELI), the Latin American e-commerce giant.
Coherent
(COHR) fell 30% after the optoelectronics company’s forecasts for its fiscal first quarter and year were weaker than expected. Coherent expects first-quarter adjusted earnings of 5 cents to 20 cents a share on revenue of $1 billion to $1.1 billion, well off analysts’ estimates for earnings of 47 cents a share on revenue of $1.17 billion. The company said the forecast “assumes no meaningful improvement in the macroeconomic environment,” including in China.
Shares of
VinFast
(VFS), the Vietnamese electric-vehicle maker, fell 19%. The stock jumped more than 250% on Tuesday after the company began trading following the closing of its merger with the SPAC Black Spade Acquisition.
Tower Semiconductor
(TSEM) declined 11% after
Intel
(INTC) terminated its proposed $5.4 billion acquisition of the Israeli chip maker after failing to receive regulatory approval from China. Intel traded down 3.6%.
H&R Block
(HRB) rose 9.7% after the tax preparer’s fiscal fourth-quarter earnings and fiscal 2024 outlook topped expectations.
H&R Block
also raised its quarterly dividend by 10%.
Progressive
(PGR) gained 8.9% after the insurance company reported strong results for July. It was the leading performer in the
S&P 500.
Jack Henry & Associates
(JKHY) fell 7% after the fintech posted better-than-expected fourth-quarter earnings but issued disappointing margins guidance. It was the worst performer in the
S&P 500.
Mercury Systems
(MRCY) closed up 6.9% even after the military chip maker’s adjusted fourth-quarter earnings of 11 cents a share widely missed analysts’ expectations of 52 cents. The company’s outlook for the current fiscal year also was lower than forecasts.
Tesla
(TSLA) fell 3.2% after the electric-vehicle maker cut prices in China for the second time in less than a week.
Write to Joe Woelfel at [email protected]
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