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MTZ News
MTZ Events
Amazon Earnings Beat Expectations, Stock Rises Nearly 10%
Semiconductors, Equipment, Memory, and Hardware stocks rallied hard on Thursday, with investors inclined to bottom-fish in the AI capex buildout theme which has dogged market sentiment for over a month. Names like Sandisk, Micron, Lam Research, and Western Digitalwere up double-digits on the session, also boosting many Industrials involved in the AI ecosystem, while the "made-obsolete-by AI" spaces of the market - Software, Travel Services, Insurance, and Enterprise IT - lagged. Other counter-cyclicalsectors which had helped to keep the market from falling off a cliff for weeks - namely Healthcare and Staples - also saw significant outflows. While all major indices were sharply higher however, skeptical voices question the sustainability of the rebound. The lack of "market breadth" is one of the biggest concerns and with merit - despite the sharp bounce today, less than 200 names in the S&P 500 were higher on the session.In the opening hours of the evening session, Nasdaq 100 is holding up Thursday's bullishness with a 0.6% rise, while S&P 500 futures are up a more modest 0.2%. Afterhours, the spotlight fell on results from Amazon.comand Apple. Amazon ended the afterhours session up nearly 10% as earnings blew away consensus thanks to 37% growth in its Amazon Web Services cloud unit. Apple, however, was down 6%, spoiling CEO Tim Cook's final earnings call, as the company's softer than expected revenue outlook for September quarter overshadowed its strong performance in Q3.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Cohuup 16.1%Ryan Specialty Holdingsup 13.4%Monolithic Power Systemsup 9.6%Amazon.comup 9.0%DexComup 7.3%Guardant Healthup 6.5%SPX Technologiesup 6.4%Merit Medical Systemsup 4.7%DOWN AFTER EARNINGS -MasTecdown 15.2%Robloxdown 13.8%Redditdown 10.3%Veracytedown 9.7%GoDaddydown 8.2%Strykerdown 7.5%Appledown 5.9%Coinbase Globaldown 5.2%Cortevadown 1.6%
Raises FY26 Revenue View to $18.2B
Raises FY26 revenue view to $18.2B from $17.5B, consensus $18.46B.
Sees Q3 Revenue at $4.93B, Consensus $5.1B
Sees Q3 revenue $4.93B, consensus $5.1B.
MasTec Reports Q2 Revenue of $4.4B, Beats Expectations
Reports Q2 revenue $4.4B, consensus $4.31B. Jose R. Mas, MasTec's CEO stated, "We once again reported a very strong quarter with excellent performance in revenue growth, margin expansion and backlog development. Strong year-over-year revenue growth of 23% was broad-based and solid execution drove margin expansion with our adjusted EBITDA margin improving 100 basis points. 18-month backlog was up $4.9 billion year-over-year, or 30%, and up $1.1 billion sequentially from the first quarter of this year to another record level."
MasTec Completes $1.65B Acquisition of Superior Group
MasTec announced that it has closed its previously announced acquisition of Electrical Specialists, Inc., d/b/a The Superior Group, a premier full-service electrical contractor focused on critical infrastructure, in a cash and stock transaction valued at approximately $1.65B, subject to customary purchase price adjustments and a potential cash earnout payment based on Superior's post-closing performance. The cash portion of the purchase price was funded with cash on hand, drawings under MasTec's existing credit facility and drawings under two previously disclosed delayed draw term loan facilities entered into in connection with the Transaction. Jose Mas, MasTec's CEO, commented, "We are pleased to officially welcome Bryan Stewart and the approximately 3,000 Superior team members to the MasTec family. We believe that the addition of Superior and its experienced leadership team, coupled with MasTec's existing operations, positions MasTec to serve the compelling and ongoing buildout of data center, power and mission-critical infrastructure, both outside and inside the fence."
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