icon
icon
icon
icon
Upgrade
icon

Top Movers of the Day

AInvestWednesday, Jul 24, 2024 4:57 pm ET
1min read

Disappointing results from Alphabet (GOOGL) and Tesla (TSLA) led to a significant drop in major stock indexes, with the Nasdaq experiencing its worst performance since October 2022. All Magnificent 7 stocks, including Amazon (AMZN), Apple (AAPL), Meta Platforms (META), Microsoft (MSFT), and Nvidia (NVDA), declined. The shift towards smaller stocks occurred as investors anticipated potential rate cuts. Small caps performed better, with the Russell 2000 falling less than the Nasdaq and S&P 500. Strong performances from Johnson & Johnson (JNJ) and Merck & Co. (MRK) helped the Dow Jones Industrial Average decline the least. Additionally, mixed earnings from companies like General Dynamics (GD), Visa (V), and Lamb Weston Holdings (LW) contrasted with better-than-expected results from AT&T (T) and Seagate Technology (STX).

Tesla (TSLA) fell 11% after missing profit expectations for the second quarter, despite better-than-anticipated revenue. Adjusted earnings were 52 cents per share, below the expected 61 cents. The operating profit margin was 6.3%, lower than the estimated 8%. Shares of other EV makers Rivian Automotive and Lucid Group also dropped.

Alphabet (GOOGL) reported earnings of $1.89 per share, exceeding estimates of $1.85, with revenue of $84.74 billion. Cloud revenue exceeded $10 billion for the first time. Despite increased ad sales, Alphabet's heavy capital investments in cloud and AI systems led to a 5% decline in shares. Nvidia (NVDA) fell 5.4% following Alphabet's report.

AT&T (T) rose 5.2% due to strong net phone subscriber growth, despite slightly missing overall revenue expectations. Visa (V) saw a 3.4% decline as revenue slightly missed estimates, despite meeting earnings expectations.

Seagate Technology gained 5.5% after surpassing earnings and revenue expectations. Enphase Energy (ENPH) rose 13% despite missing earnings and revenue estimates due to positive third-quarter revenue expectations.

Lamb Weston plummeted 27% after missing earnings expectations significantly. AMC Entertainment fell 8.2% after forecasting a second-quarter loss and reduced revenue due to the ongoing actors and writers strikes.

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.