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US private sector activity showed stronger-than-expected growth in July, driven by a robust services sector, while manufacturing slipped into contraction. The Composite PMI rose to 55, and the Services PMI hit a 28-month high at 56. However, the Manufacturing PMI fell to 49.7. Inflation pressures eased, but input costs rose. The S&P 500, Nasdaq 100, and small caps declined, with Tesla and Nvidia experiencing significant drops.

Portfolio Pulse from Piero Cingari

July 24, 2024 | 2:55 pm

SAN

Banco Santander shares are trading higher after the company reported better-than-expected Q2 EPS results and a year-over-year increase for its Q2 sales results.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2024 | 2:55 pm

LCID

TSLA

Lucid Group Inc (NASDAQ:LCID) shares are trading lower by 4.46% to $3.32, likely in sympathy with Tesla Inc's mixed second-quarter earnings. Tesla's lower-than-expected earnings and forecast for slower growth have created negative sentiment around the EV sector, impacting Lucid's stock. Tesla's focus on cash reserves may also raise concerns about Lucid's liquidity in a competitive market.

Portfolio Pulse from Henry Khederian

July 24, 2024 | 2:49 pm

ENPH

Enphase Energy Inc (NASDAQ:ENPH) shares are trading higher following the company's second-quarter financial results. Despite missing revenue and EPS estimates, the company reported strong U.S. revenue growth and significant free cash flow. Analysts have adjusted their price targets, with mixed ratings.

Portfolio Pulse from Adam Eckert

July 24, 2024 | 2:41 pm

AMC

AMC Entertainment Holdings Inc (NYSE:AMC) shares are trading lower after the company reported preliminary second-quarter results. AMC expects Q2 revenue of $1.03 billion, a loss of 10 cents per share, and adjusted EBITDA of $29.4 million. Despite the impact of the 2023 actors and writers strikes, AMC noted a significant increase in daily revenues in June 2024 and anticipates strong box office momentum in the second half of 2024 and beyond.

Portfolio Pulse from Adam Eckert

July 24, 2024 | 2:40 pm

LW

Lamb Weston Holdings, Inc. (NYSE:LW) shares dropped significantly after the company reported disappointing Q4 earnings and issued weak FY25 guidance. The company missed both revenue and earnings estimates, and expects continued challenges in FY25 due to declining volumes and increased expenses.

Portfolio Pulse from Nabaparna Bhattacharya

July 24, 2024 | 2:35 pm

FTV

Fortive shares are trading lower after the company reported worse-than-expected Q2 sales results and issued FY24 sales guidance below estimates.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2024 | 2:31 pm

SLAB

Silicon Laboratories Inc. (NASDAQ: SLAB) reported fiscal Q2 2024 sales of $145.37 million, down 40.6% YoY but beating the analyst consensus estimate. The company also reported an adjusted EPS loss of 56 cents, better than the expected loss of 64 cents. Despite a decline in margins and revenue, CEO Matt Johnson expects revenue growth in Q3 as inventory reduces and bookings improve. The company projects Q3 revenue of $160 million - $170 million, below the consensus of $172.76 million, and an adjusted EPS loss of 10 cents - 30 cents, against the consensus loss estimate of 18 cents. SLAB shares have plunged over 25% in the last 12 months.

Portfolio Pulse from Anusuya Lahiri

July 24, 2024 | 2:30 pm

SPY

USO

The EIA reported a weekly draw of 2.753 million barrels in distillate stocks, contrasting with the previous week's build of 3.454 million barrels.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2024 | 2:30 pm

ICLR

Icon (NASDAQ:ICLR) has significantly outperformed the market over the past 15 years, with an average annual return of 19.57%. A $100 investment in ICLR 15 years ago would be worth $1,480.44 today. The article highlights the power of compounded returns.

Portfolio Pulse from Benzinga Insights

July 24, 2024 | 2:30 pm