TSMC shares rise on strong earnings growth
38 minutes ago
Shares of Taiwan Semiconductor Manufacturing Company (TSM) rose on Wednesday after the company released June sales figures and provided a fuller picture of its second-quarter performance.
June sales rose 33% year over year. Combined with April and May results, the June data puts TSMC’s second-quarter sales at NT$673.51 billion ($20.67 billion), about NT$20 billion above analyst expectations and 40% up from last year’s NT$480.84 billion.
The company, which supplies components to tech giants including Apple (AAPL) and Nvidia (NVDA), has benefited from the artificial intelligence (AI) boom as rising demand for chips to make AI products has offset declining demand for other products such as semiconductors used in auto production.
Earlier this year, the Biden administration announced plans to provide up to $6.6 billion in grant funding from the CHIPS and Science Act to help chipmaker TSMC expand its U.S. manufacturing capacity.
TSMC shares were up 2.7% in recent trading.
–Aaron McDaid
LegalZoom shares plummet to record low after CEO resignation
1 hour 38 minutes ago
Shares of online legal services provider LegalZoom (LZ) plummeted 30% to an all-time low on Wednesday after the company announced that Chief Executive Dan Warnikoff was stepping down and cut its full-year earnings outlook.
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The company announced that Warnikov will “step down” and will be succeeded by current Chairman of the Board Jeffrey Stibel, effective immediately. Warnikov has served as CEO since October 2019 and took RegalZoom public in 2021.
The company said it is shifting its focus to subscription-based revenue to drive long-term profitable growth and that this is the “right time for this transition.”
In conjunction with the CEO change, LegalZoom announced it was lowering its 2024 revenue guidance to $675 million to $685 million from its previous guidance of $700 million to $720 million.
–Bill McCall
Corning stock rises again amid AI frenzy
2 hours 14 minutes ago
Shares of specialty glass maker Corning (GLW) rose at the open on Wednesday, adding to a 16% gain recorded over the past two sessions. The rally began on Monday after the company raised its outlook for the current quarter on the back of increased adoption of optical connectivity products used in generative artificial intelligence (AI) applications.
Corning shares have been on a sharp uptrend since bottoming at the lower trendline of the descending channel in late October, with the upside accelerating after breaking out of the pattern’s upper trendline.
Importantly, this week’s stock rally occurred on the largest weekly trading volume since February 2018, suggesting strong conviction behind the move. Additionally, the Relative Strength Index (RSI) is backing bullish price momentum, while a reading above the 80 threshold suggests overbought conditions are evident.
Given the stock’s recent gains, a retest of its April 2021 high of $46.82 may be on the horizon. The stock was up 0.8% to $45.03 early Wednesday morning.
During the profit-taking period, Corning stock may attract buying interest at key chart levels such as $39, $35, and $31.
Learn more about what technical indicators and Corning’s weekly charts can tell you here.
–Timothy Smith
Stock futures point to gains for major indexes
4 hours 2 minutes ago
Futures contracts linked to the Dow Jones Industrial Average rose 0.1%.
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S&P 500 futures rose 0.3%.
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Nasdaq 100 futures rose 0.4%.
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