Stocks gave back gains Thursday and tech shares slumped again, sending the Nasdaq Composite down 1%. Sharp declines in shares of chip companies on Wednesday saw the
fall 2.8%, the index’s worst performance since December 2022.
Taiwan Semiconductor Manufacturing
reported second-quarter earnings that beat analysts’ estimates and the world’s largest contract chip maker boosted its revenue projections for the full year. The company said second-quarter revenue from its high-performance computing segment, which includes artificial-intelligence chips, rose 28% from the previous quarter. U.S.-listed shares of the company were down 2.8% after rising earlier in the session. They fell 8% on Wednesday after former President Donald Trump said in an interview that Taiwan should be paying the U.S. for defense. On Taiwan, Trump told Bloomberg Businessweek that the country “did take about 100% of our chip business.”
The revenue outlook hike from TSMC had given a lift to shares of other chip companies, which tumbled during the tech selloff Wednesday, but they were paring gains Thursday.
rose 0.2% after the maker of chips that are the favored choice for training artificial-intelligence systems fell 6.6% on Wednesday.
fell 2.8% after tumbling 10.5%, and
declined 3.3% following a drop Wednesday of 10%.
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Nokia
’s
U.S.-listed stock declined 5.8% after the Finnish telecommunications company reduced sales expectations for the year after net sales in the second quarter declined 18%.
jumped 48% to $37.43 after
agreed to acquire the Tex-Mex restaurant chain for about $605 million. Darden declined 1.7%.
dropped 11% after The Wall Street Journal reported the plant-based meat maker was engaged in discussions with a group of bondholders about restructuring its balance sheet.
was down 1.1% ahead of its second-quarter earnings report scheduled for after the closing bell Thursday. The streaming company is expected by Wall Street to report earnings of $4.74 a share on revenue of $9.5 billion, an increase of 16% from a year earlier. It’s expected that
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added about 4.5 million net new subscribers in the quarter.
dropped 12% after the pizza chain posted second-quarter earnings that beat estimates but revenue, up 7.1% from a year earlier, slightly missed forecasts.
was rising 5.8% after the Financial Times reported the company was considering a number of strategic options, including splitting off its digital streaming and studio businesses from its television networks.
the nation’s largest home builder, jumped 11%. The company beat quarterly earnings expectations and said it would launch a new stock buyback of $4 billion. Homes closed rose to 24,155 from 22,985 a year earlier.
was down 7.2%, extending losses from Wednesday that saw the stock fall 3.8% after Swiss drugmaker
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disclosed promising trial data for its weight-loss medicine.
posted second-quarter adjusted earnings of $4.14 a share, beating analysts’ estimates of $3.94. Shares of the carrier were down 0.6%. United issued third-quarter earnings guidance that fell short of expectations. United said it has been managing the business in the face of industry-wide challenges, specifically a drop in the industry’s domestic capacity growth rate, which it anticipated.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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