Key Market Movers: IQVIA, On Semiconductor, and Applied Materials Shine in Q2 2024

1. Iqvia Holdings (NYSE: IQV)
Iqvia Holdings surged by 9.22%. IQVIA reported its Second Quarter fiscal 2024 results on July 22. Baird, Evercore ISI Group, and Barclays maintained their respective ratings on IQVIA, with updated price targets of $235.00, $230.00, and $255.00. Goldman Sachs initiated coverage with a buy rating and a $270.00 target.

2. On Semiconductor (Nasdaq: ON)
On Semiconductor surged by 6.62%. On Semiconductor's Q1 2024 revenue was $1.86 billion with a net profit of $454 million. Susquehanna maintains a positive rating with a $95 target. Citigroup downgraded to neutral with a $77 target. Morgan Stanley downgraded to underweight with a $65 target.

3. Lam Research (Nasdaq: LRCX)
Lam Research surged by 6.54%. Lam Research posted Q3 2024 revenue of $11.034 billion, net profit of $2.807 billion. B. Riley raised its price target to $1325, Cantor Fitzgerald to $1200, and Wells Fargo to $1100. Lam executives reported multiple insider stock sales in July.

4. Applied Materials (Nasdaq: AMAT)
Applied Materials surged by 6.28%. Applied Materials' Q2 2024 revenue reached $13.353 billion, with a net profit of $3.741 billion and EPS of $4.50. Major brokerages maintained buy ratings; Cantor Fitzgerald set a $290 target, while Stifel set a $275 target. New routing technology advances for 2nm chips, utilizing ruthenium.

5. Kla (Nasdaq: KLAC)
Kla surged by 6.16%. KLA will report its Full Year financial results for fiscal 2024 after the market closes on 2024-07-24. Cantor Fitzgerald maintains Neutral on KLA, latest price target $950. Stifel maintains Buy on KLA, latest price target $875. Citigroup maintains Buy on KLA, latest price target $980.