Stocks were rising Thursday following softer-than-expected wholesale inflation data for July as expectations grow that the Federal Reserve won't raise interest rates.
Super Micro Computer, Robinhood Markets, Hewlett Packard Enterprise, and Albemarle were among the leading the S&P 500 stocks.
Cisco Systems dropped 8.7% even after the tech hardware company beat earnings and revenue estimates for its fiscal fourth quarter. Cisco's gross margin fell a couple of points from a year ago, which may have spooked investors.
Coherent fell 3.2%. The optical-networking company posted better-than-expected earnings, but the market had sky-high expectations following rival Lumentum's stellar results on Tuesday.
Cerebras Systems dropped 12% after the artificial-intelligence semiconductor maker, best-known for its dinner-plate-sized chips, posted a second-quarter loss. The company's backlog remained steady at about $25 billion, which was another sour note.
Intuitive Machines fell 2.6% after the maker of lunar landers and other space technology posted a surprise second-quarter loss and revenue that was below expectations. While revenue came in below the consensus view, it still grew 310%.
Infleqtion gained 3.6% after the quantum company reported a wider second-quarter loss. Revenue of $12.6 million rose 116% from the prior year.
Ondas declined 5.2% after the autonomous drone maker and Palantir partner posted a wider-than-expected second-quarter loss, overshadowing a more than 1,200% increase in revenue.
StubHub dropped 12% after the ticket resale platform reported a second-quarter loss, as surging costs offset the boost in revenue that came from the 2026 FIFA World Cup.
Micron added 1.5% after a nearly 5% gain on Wednesday. While the stock remains up some 190% so far this year, it has dropped by almost a quarter since late June amid concerns including about the sustainability of chip pricing.
JD.com fell 4.3%, despite the Chinese online retailer beating Wall Street's second-quarter earnings and revenue targets.
EnerSys rose 15%. The industrial energy-storage company's first-quarter earnings and quarterly guidance impressed Wall Street. EnerSys also raised its quarterly dividend by 10%.
SpaceX dropped 0.8%. The company launched Grok 4.6, the latest version of its artificial intelligence assistant to rival OpenAI's ChatGPT and Anthropic's Claude. Shares gained nearly 10% the previous session after CEO Elon Musk told employees "We must win in AI because the future is overwhelmingly AI and robots."
Tapestry fell 16% and was the worst stock in the S&P 500. The company reported slightly better-than-expected earnings but issued a soft fiscal 2027 revenue outlook.
Comments