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Strong Earnings in Tech Push S&P 500 to Record Highs
Strong earnings out of the Tech sector and receding Middle East tension remained the overarching theme in Wednesday's trading, with Basic Materials, Industrials, and Technology sectors helping the S&P 500 to fresh record highs, while Energy was a significant laggard. Oil prices falling sharply below $90 reduced the geopolitical premium as Exxon Mobiland Chevronboth fell about 4%. Treasuries were also bid as yields on 10-year slipped 6bps to 4.36% and 30-year slipped 4bps to 4.94%, with fixed income remaining the direct beneficiary of U.S.-Iran de-escalation via reduced inflation expectations.In the opening hours of the evening session, S&P e-minis and Nasdaq 100 contracts are down about 0.2% each and WTI Crude is back above $95 per barrel. Afterhours earnings session saw a mixed bag of reports from Consumer Cyclical space - DoorDashwas up double-digits on surprisingly strong results as Total Orders increased 27% y/y in Q1 while Whirlpoolwas down sharply. In Internet Services, Zillowwas sharply lower despite beating on top and bottom line as Q2 revenue guide was softer than expected while Snapslipped 8%.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Noodles & Companyup 21.1%Fortinetup 16.7%Kulicke and Soffa Industriesup 15.7%Cognexup 14.3%Array Technologiesup 12.6%DoorDashup 12.0%EZCORPup 10.7%Envista Holdingsup 9.0%PTC Inc.up 8.2%Ormat Technologiesup 8.0%AppLovinup 0.8%DOWN AFTER EARNINGS -Fastlydown 24.7%Whirlpooldown 16.2%Tutor Perinidown 11.6%Core Scientificdown 8.4%Amprius Technologiesdown 8.1%Snapdown 7.9%Coherentdown 7.8%Armdown 7.3%IonQdown 6.5%Zillowdown 4.4%
Kulicke & Soffa Reports Q2 Revenue of $242.62M
Reports Q2 revenue $242.62M, consensus $230M. Lester Wong, Kulicke & Soffa's Interim Chief Executive Officer and Chief Financial Officer, stated, "Demand is stronger than anticipated due to both technology and capacity needs across general semiconductor, memory, automotive and industrial end markets. In addition to helping customers reach their production goals, we are also ramping near-term capital investment to support longer-term Advanced Solutions growth."
Sees Q3 Revenue at $310M +/- $20M
Sees Q3 revenue $310M +/- $20M, consensus $246.43M.
FormFactor Rises 16.4% After Earnings
Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -FormFactorup 16.4%SiTimeup 13.8%Alignup 12.5%Kulicke and Soffa Industriesup 9.6%Corpay.up 9.2%Tenable Holdingsup 7.5%Elf Beautyup 6.9%Boot Barnup 3.8%Snapup 2.7%Mckessonup 1.6%DOWN AFTER EARNINGS -Wolfspeed, Inc.down 12.9%Qualcommdown 9.7%Armdown 7.9%Aflacdown 3.2%O'Reilly Automotivedown 2.8%Alphabetdown 1.5%
Kulicke & Soffa Q1 Revenue $199.6M Beats Expectations
Reports Q1 revenue $199.6M, consensus $190.03M. Lester Wong, Kulicke & Soffa's Interim Chief Executive Officer and Chief Financial Officer, stated, "As we continue preparing to support customers' higher near-term capacity requirements, we remain committed to broadening our market reach in parallel. Our prior investments in Power Semiconductor, Advanced Dispense, and Advanced Packaging, both Vertical Wire and Fluxless Thermo-Compression, strategically position us to further expand our market access over the long-term."
This page is for research only and is not investment advice. Models can be wrong. Past performance does not guarantee future results.