Stocks fell Thursday, extend a selloff following a downgrade of U.S. government debt.
Apple
and
Amazon.com
will be the highlights of a busy day for corporate earnings.
These stocks were making moves Thursday:
Sunrun
(ticker: RUN) was rising 18% 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.
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 39%.
DXC Technology
(
DXC
) was sliding 26%. It received a flurry of analysts’ downgrades after the information-technology consulting company posted first-quarter adjusted earnings that were worse than expected and offered guidance below expectations. The stock was the leading decliner in the
S&P 500.
Qualcomm
(QCOM) shares fell 11% 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.
Wayfair
(W) gained 11% 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.
PayPal
(PYPL) tumbled 10% 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.
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 10%.
Etsy
(ETSY) declined 9.7% 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.
Expedia Group
(EXPE) fell 9% even after the online travel firm posted better-than-expected earnings for its second quarter and reiterated full-year guidance.
Clorox
(CLX) rose 7.2% after the consumer products maker posted better-than-expected fourth-quarter adjusted earnings. It was the top gainer in the S&P 500.
Earnings reports from
Apple
(AAPL) and
Amazon.com
(AMZN) are scheduled for after the closing bell Thursday.
Write to Joe Woelfel at [email protected]
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