Several companies were making headlines in midday trading due to various reasons impacting their stock prices. Chevron’s stock slipped 2.7% after the company’s second-quarter earnings fell short of Wall Street estimates. The oil major reported adjusted earnings of $2.55 per share on revenue of $51.18 billion, while analysts had forecast earnings of $2.93 per share on $50.8 billion in revenue. Intel also saw a significant slump of more than 26% as it announced softer-than-expected guidance and steep layoffs, leading to its worst single day ever. The chipmaker revealed plans to reduce its workforce by 15,000 employees and halt its fiscal fourth-quarter dividend payments.
Amazon experienced a 9% decline in its stock after reporting a disappointing third-quarter outlook. The e-commerce firm now expects revenue of $154 billion to $158.5 billion in the fourth quarter, falling short of analysts’ expectations of $158.24 billion. Apple, on the other hand, saw its shares rise nearly 1% after reporting fiscal third-quarter results that surpassed Wall Street expectations. The tech giant’s overall revenue increased by 5% year over year, with iPhone, iPad, and Services sales all exceeding analysts’ predictions.
Snap’s stock price declined by 26% on weaker-than-expected third-quarter guidance. The parent company of Snapchat now anticipates adjusted earnings in the range of $70 million to $100 million, lower than analysts’ predictions of $110 million. In contrast, Cloudflare’s shares advanced by approximately 7% after the IT firm raised its full-year forecast. Cloudflare now expects full-year adjusted earnings between 70 cents and 71 cents per share, up from the previous projection of 60 cents to 61 cents per share. DoorDash’s stock jumped 8.3% following its second-quarter revenue exceeding Wall Street estimates, reporting earnings of $2.63 billion.
Clorox also experienced a 7.4% increase in its stock price after raising its forecast due to a fiscal fourth-quarter earnings beat. The household goods and cleaning company now anticipates full-year adjusted earnings between $6.55 and $6.80 per share, higher than analysts’ expectations of $6.45 per share. Twilio climbed 12% after its second-quarter results surpassed analysts’ estimates on both the top and bottom lines, reporting an adjusted 87 cents per share on $1.08 billion in revenue. GoDaddy saw a 7% increase in its shares after increasing its full-year revenue outlook to between $4.525 billion and $4.565 billion.
Coterra Energy faced a more than 5% slump in its shares after missing analysts’ estimates with second-quarter earnings results. The company reported adjusted earnings of 37 cents per share, below the expected 39 cents per share. Roku’s stock fell nearly 4% despite surpassing expectations with its second-quarter results, posting a quarterly loss of 24 cents per share on revenue of $968 million. Atlassian fell over 17% after providing disappointing forward guidance for fiscal first-quarter revenue. The software company now forecasts revenue between $1.149 billion and $1.157 billion, below analysts’ expected $1.16 billion. Microchip Technology saw a nearly 11% decrease in its shares after reporting adjusted earnings in the fiscal first quarter that beat estimates but falling short in revenue and guidance for the current quarter. Management attributed the challenges to a challenging macro backdrop causing an extended period of inventory correction.
