Coherent, Cava, Tower Semi, DLocal, VinFast, and More Stock Market Movers
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Stock futures rose modestly on Wednesday.
Dream time
Stock futures pointed to a slight uptick at the start of Wall Street on Wednesday after stocks fell after retail sales data sent bond yields higher. The Federal Reserve will release the minutes of the central bank’s meeting on July 25-26 in the afternoon.
These stocks were poised to make moves on Wednesday:
coherent
(COHR) fell 20% after the optoelectronics company’s outlook for the first quarter and fiscal year was weaker than expected. Coherent expected first-quarter adjusted earnings 5 cents to 20 cents per share on revenue of $1 billion to $1.1 billion, far from analyst estimates for earnings of 47 cents per share on revenue of $1.17 billion. The company said the outlook “does not assume any appreciable improvement in the macroeconomic environment,” including in China.
Kava group
(CAVA), the Mediterranean restaurant chain, posted second-quarter earnings of 21 cents per share while analysts had expected a loss of 2 cents. Revenue of $171.1 million also exceeded expectations. This was Cava’s first report since it was published in June. The stock jumped 12%.
Semiconductor tower
(TSEM) fell 10% in post-market pre-trading
Intel
INTC has terminated its proposed $5.4 billion acquisition of the Israeli chipmaker after failing to win regulatory approval from China. Intel rose 0.3%.
DLocal
(DLO) was up 25% in pre-sale trading after the online payments company reported second-quarter results that beat estimates and maintained revenue guidance of $620 million to $640 million for the year.
DLocal
He also named Pedro Arendt as co-CEO. Arendt previously served as Chief Financial Officer
Free market
(MELI), a Latin American e-commerce giant.
shares VinFast (VFS), the Vietnamese electric car maker, was down 7.4% in pre-market trading. The stock jumped more than 250% on Tuesday after the company began trading following the closing of its merger with SPAC Black Spade Acquisition.
Mercury systems
(MRCY) fell 10% after the military chip maker’s fourth-quarter earnings of 11 cents per share missed analysts’ expectations of 52 cents. The company’s expectations for the current fiscal year were lower than expected.
Earnings reports are expected before the opening bell on Wednesday
Goal
(TGT),
Cos TJX.
(TJX) f
JD.com
(Dinar).
Cisco systems
(CSCO) to report earnings after markets close, as is
Synopsys
(SNPS) and
wolfspeed
(wolf).
Write to Joe Woelfel at joseph.woelfel@barrons.com
