Here are some companies making waves in intraday trading. Genuine Parts, the auto parts supplier, saw its stock drop nearly 3% after the management clarified that there were no ongoing discussions with competitors regarding acquisitions. Earlier reports from Bloomberg had suggested that O’Reilly Automotive was eyeing Genuine Parts’ business, and interestingly, O’Reilly’s stock increased by about 4%.
Equifax experienced a 7% decline in its stock price. The company’s guidance for the third quarter fell short of Wall Street’s expectations, projecting adjusted earnings of $2.15 to $2.25 per share, with revenue estimates between $1.68 billion and $1.71 billion. Analysts had anticipated earnings of $2.26 per share and revenue of $1.71 billion.
In the memory chip sector, traders have been actively purchasing stocks ahead of an important technical report this week. The Round Hill Memory ETF (DRAM) surged by 11%, while major players like Micron Technology, Western Digital, and Seagate Technology rose around 12%.
In the cryptocurrency realm, stocks linked to digital currencies soared as Bitcoin hit its highest value since June 16. Coinbase saw nearly a 12% increase, and Robinhood’s stock rose by 9%. The Bitcoin mining company TeraWulf also climbed by 8%.
Shares of Hasbro increased by 7% after the toy giant announced higher profits and revenues in its second-quarter report. The company is optimistic, raising its full-year EBITDA outlook, notably driven by the success of its trading card game, Magic: The Gathering, which surpassed $500 million in sales for the first time in its history.
On the other hand, MSCI saw a 9% drop following weaker second-quarter results. The company reported adjusted earnings of $4.94 per share and revenue of $867 million, falling short of analyst estimates of $870.7 million in sales and earnings of $4.99 per share.
Novartis’ shares rose by 2% on the back of better-than-expected core earnings and sales, with the Swiss drugmaker stating it remains on track to meet its full-year goals.
General Motors reported adjusted earnings of $3.57 per share with revenues reaching $48.03 billion. Despite the estimates predicting lower sales at $47.01 billion, the stock price increased by more than 5%.
Danaher faced a significant decline of 13%, as the company lowered its full-year revenue forecast from a growth rate of 3-6% to 3-4%. That said, their second-quarter profits and sales surpassed Wall Street expectations.
Utz Brands, known for its potato chips and pretzels, saw a nearly 90% surge after announcing its planned acquisition by Germany’s Intersnack Group for $14.25 per share. This deal is expected to finalize in the fourth quarter, pending regulatory approvals.
Nebius Group, focused on AI cloud services, rose by 15% following Nvidia’s acquisition of a 9.3% stake, which bolstered Nebius’ position as a leading AI computing provider in Europe.
3M enjoyed an over 8% increase after the conglomerate exceeded profit and sales expectations for the second quarter and raised its full-year outlook.
Taiwan Semiconductor Manufacturing Co. shares jumped nearly 5% after Nikkei Asia reported that the foundry might increase chip manufacturing prices by up to 10% next year.
Crown Holdings, a supplier in beverage and industrial packaging, saw shares rise more than 5% after reporting solid sales and gains for the second quarter, with earnings per share hitting $2.49 against expectations of $2.16.
Finally, Steel Dynamics experienced a 3% increase, bolstered by profits that exceeded market expectations, despite recording an additional non-cash impairment charge of $16 million.
