Rocket Lab saw its stock soar 12.5% in midday trading after announcing that it had packed and shipped two Mars-bound spacecraft to Cape Canaveral for launch. The spacecraft, designed and tested by Rocket Lab for the University of California Berkeley’s Space Sciences Laboratory and NASA, helped the company hit a 52-week high. Danish biotech company Bavarian Nordic also surged 14.8% after submitting data to the EU’s drug regulator to extend the use of its smallpox vaccine for teens, a move crucial to combatting the latest strain of the virus. H & R Block, the tax services provider, jumped over 12% after reporting fiscal fourth-quarter results that exceeded Street estimates, raising its dividend, and authorizing a $1.5 billion buyback. The company also issued a fiscal 2025 forecast reflecting continued revenue growth.
Meanwhile, German life sciences company Bayer popped more than 10% after winning a legal victory in its lawsuit over claims that exposure to its Roundup weed killer led to cancer. This followed allegations that Bayer-acquired Monsanto violated state law by not adding a cancer warning to the Roundup label. Chinese e-commerce provider JD.com saw its stock jump over 8% following stronger-than-expected quarterly earnings. Second-quarter earnings soared 74% year over year to 9.36 yuan per share, driven by price cuts that attracted cost-conscious consumers. Semiconductor equipment maker Applied Materials, however, lost nearly 2% despite posting better-than-expected fiscal third-quarter results. The company earned $2.12 per share on $6.78 billion in revenue, with fourth-quarter guidance meeting expectations.
On the downside, packaging stock Amcor slid more than 3% after reporting a slowdown in sales for the latest quarter. Net sales came in at $3.54 billion, down from $3.67 billion the previous year and below analyst expectations. Sales declines were seen in both the rigid and flexible segments of the company. Electronic manufacturer Coherent, on the other hand, saw its shares gain 7.5% after beating Wall Street’s expectations in its fiscal fourth quarter. Coherent earned 61 cents per share, excluding items, on revenue of $1.31 billion, surpassing analyst forecasts. Live entertainment stock Sphere Entertainment also saw a rise of more than 6% following a JPMorgan upgrade to overweight from neutral. The company’s Las Vegas Sphere venue has become a mainstay in the destination tourism market, attracting both travelers and artists, with plans to open international venues in the future.
Overall, the midday trading session saw a mix of positive and negative movements for various companies. Rocket Lab, Bavarian Nordic, H & R Block, Bayer, JD.com, and Coherent all experienced gains in their stock prices, driven by positive developments such as successful launches, legal victories, and strong earnings. On the other hand, Applied Materials, Amcor, and Sphere Entertainment faced challenges that caused their stock prices to either drop or remain flat. Market analysts will be closely monitoring these companies in the coming days to see how their stock prices continue to perform.
