Stocks were trading mostly to the upside Wednesday ahead of the release of the Federal Reserve’s minutes of the central bank’s July 25-26 meeting.
These stocks were making moves Wednesday:
Target
(ticker: TGT) reported second-quarter adjusted earnings that beat estimates but the retailer lowered its fiscal-year forecast, saying it now expects adjusted earnings of $7 to $8 a share vs. previous guidance of $7.75 to $8.75. Target shares rose 5.8%.
DLocal
(DLO) was rising 42% after the online payments company reported second-quarter results that topped estimates and maintained revenue guidance of $620 million to $640 million for the year.
DLocal
also named Pedro Arnt as co-chief executive. Arnt previously worked as chief financial officer at
MercadoLibre
(MELI), the Latin American e-commerce giant.
Coherent
(COHR) was falling 34% after the optoelectronics company’s forecasts for its fiscal first quarter and year were weaker than expected. Coherent expects first-quarter adjusted earnings of 5 cents to 20 cents a share on revenue of $1 billion to $1.1 billion, well off analysts’ estimates for earnings of 47 cents a share on revenue of $1.17 billion. The company said the forecast “assumes no meaningful improvement in the macroeconomic environment,” including in China.
Shares of VinFast (VFS), the Vietnamese electric-vehicle maker, were falling 23%. The stock jumped more than 250% on Tuesday after the company began trading following the closing of its merger with the SPAC Black Spade Acquisition.
Tower Semiconductor
(TSEM) declined 9% after
Intel
(INTC) terminated its proposed $5.4 billion acquisition of the Israeli chip maker after failing to receive regulatory approval from China. Intel traded 1% lower.
Stride
(LRN) gained 10% to $42.18 after the tech-based educational company posted better-than-expected fiscal fourth-quarter earnings.
Jack Henry & Associates
(JKHY) fell 8.8% after the fintech posted better-than-expected fourth-quarter earnings but issued disappointing margins guidance.
H&R Block
(HRB) rose 7.3% after the tax preparer’s fiscal fourth-quarter earnings and fiscal 2024 outlook topped expectations.
H&R Block
also raised its quarterly dividend by 10%.
Mercury Systems
(MRCY) was up 6% after the military chip maker’s adjusted fourth-quarter earnings of 11 cents a share widely missed analysts’ expectations of 52 cents. The company’s outlook for the current fiscal year also was lower than forecasts.
Tesla
(TSLA) rose slightly after the electric-vehicle maker cut prices in China for the second time in less than a week.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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