NXP's "Challenging Environment"

And, SAP posts strong cloud growth.

July 23, 2024

Together With

Source: NXP

Today is Tuesday, July 23, 2024.

The Early Bird Index today is 75.69.

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NXP's "Challenging Environment"

Specialized chipmaker NXP Semiconductors (Nasdaq: NXPI) plummeted 7.76% in after-hours trading on Monday after posting mixed financial earnings results.

Financials: NXP reported earnings of $3.20 per share in the past quarter, which was in line. Revenue reached $3.13 billion, which was better than expected.

Outlook: The company’s revenue outlook for the current quarter was lower than expected, with CEO Kurt Sievers saying this is “a challenging demand environment.”

Early Bird’s Nest Egg Gains: NXP produces chips for the automotive sector, which is struggling in 2024. There’s a slowdown in electric vehicle sales, declining car prices, and supply chain issues in the industry.

Final Thoughts: In the coming weeks, will other semiconductor companies also report troubling financial outlooks?

Notables

Notable Earnings Today: Alphabet (Nasdaq: GOOGL), Tesla (Nasdaq: TSLA), Spotify (NYSE: SPOT), UPS (NYSE: UPS), GE Aerospace (NYSE: GE), Mattel (Nasdaq: MAT), Enphase Energy (Nasdaq: ENPH), General Motors (NYSE: GM), Visa (NYSE: V), Coca-Cola (NYSE: KO), Texas Instruments (Nasdaq: TXN), Freeport-McMoRan (NYSE: FCX), Chubb (NYSE: CB), Lockheed Martin (NYSE: LMT), Sherwin-Williams (NYSE: SHW), Seagate Technology (Nasdaq: STX), Capital One Financial (NYSE: COF), Polaris Industries (NYSE: PII), Comcast (Nasdaq: CMCSA), Albertsons (NYSE: ACI), Canadian National Railway (NYSE: CNI), Invesco (NYSE: IVZ), Cal-Maine Foods (Nasdaq: CALM), Philip Morris International (NYSE: PM), Packaging Corp of America (NYSE: PKG), A.O. Smith (NYSE: AOS), Artisan Partners Asset Management (APAM), Banc of California (NYSE: BANC), Brandywine Realty (NYSE: BDN), Community Financial System (NYSE: CBU), Constellium (NYSE: CSTM), CoStar Group (Nasdaq: CSGP), Danaher (NYSE: DHR), East West Bancorp (Nasdaq: EWBC), Enova International (NYSE: ENVA), Franklin Electric (Nasdaq: FELE), GATX (NYSE: GATX), Genuine Parts (NYSE: GPC), HCA (NYSE: HCA), Herc Holdings (NYSE: HRI), Kimberly-Clark (NYSE: KMB), Moody's (NYSE: MCO), MSCI (NYSE: MSCI), Northwest Bancshares (Nasdaq: NWBI), Old National Bancorp (Nasdaq: ONB), PACCAR (Nasdaq: PCAR), PennyMac (NYSE: PFSI), Pentair (NYSE: PNR), PulteGroup (NYSE: PHM), Quest Diagnostics (NYSE: DGX), Range Resources (NYSE: RRC), Red Rock Resorts (Nasdaq: RRR), Retail Opportunity Investments (ROIC), Vicor (Nasdaq: VICR), Webster Financial (NYSE: WBS), West Fraser Timber (WFG).

Notable IPOs Today: Ameris Bancorp (NYSE: ABCB), Primega Group Holdings Limited Ordinary Shares (Nasdaq: PGHL).

Notable Equity Crowdfunding Campaigns Ending Today: N/A.

Notable Economic Events Today: Existing Home Sales (10:00 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

SAP Posts Strong Cloud Growth

Source: SAP

Software company SAP (NYSE: SAP) jumped 4.26% in after-hours trading on Monday after posting good financial results. 

Financials: Revenue grew 10% in the past quarter thanks to a 25% increase in cloud revenue.

Quote: “Our cloud growth momentum remained strong in Q2, with Business AI enabling many deals.” - CEO Christian Klein.

Final Thoughts: SAP, up 33% this year, expects more growth in the current quarter.

Zions Bancorporation Jumps After Earnings

Zions Bancorporation jumped 3.46% in after-hours trading on Monday after reporting earnings of $1.28 per share in the past quarter and revenue of $776 million; both were better than expected.

Final Thoughts: Zions is up 16% in the last 30 days.

Up and Down: Why is Bitcoin price volatile today? (Cointelegraph)

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