Keysight, Farfetch, XPeng, Tesla, Deere and more market drivers

Keysight Technologies (Stock ticker: KEYS), the test equipment maker, issued a weaker-than-expected forecast for its fiscal fourth quarter and the stock fell 11%. The main loser was in


Standard & Poor’s 500.

Keysight forecast earnings of $1.83 to $1.89 per share between $1.29 billion and $1.31 billion. Analysts had expected earnings of $2 per share on revenue of $1.39 billion.

Farfetch (FTCH) fell 38% after the luxury fashion company’s second-quarter sales of $572 million fell short of analyst expectations of $649 million.

Applied Materials (AMAT)’s fiscal third-quarter earnings beat Wall Street’s expectations as did its fourth-quarter forecast, sending shares of the semiconductor manufacturing equipment maker up 1.1%. CEO Gary Dickerson said in a statement.

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XPeng (XPEV) posted a loss in the second quarter that was larger than a year earlier. Shares of the US-listed Chinese electric vehicle maker fell 5.2% despite strong guidance, dragged down by a slump in Chinese markets. Tesla (TSLA), the electric car maker, fell 1.6%.

Bloomin Brands (BLMN), which operates Outback Steakhouse, rose 6.5%. Starboard Value confirmed a report that it built a 9.9% stake. In the company.

Hawaiian Electric Industries (HE) rose 3.5% after the utility provider was accused of playing a role in the devastating wildfires in Maui, Hawaii, and said it was seeking advice but intended to continue as a financially strong company.

Ross Stores

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(ROST), the discount retailer, reported better-than-expected second-quarter earnings and lifted guidance. The stock rose 6% and was the leading performer in the S&P 500.

Deere (DE) reported fiscal third-quarter earnings that beat analyst estimates. The farm equipment manufacturer’s full-year guidance also beat Wall Street’s expectations. Shares fell 4.6%.

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Alibaba’s (BABA) US Deposit Receipts fell 3.8% and JD.com fell 5.6% as China’s central bank ramped up its defense of the yuan as concerns about the health of the world’s second-largest economy continued to mount.

Estee Lauder

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(EL) stock fell 4.3% after the cosmetics company’s earnings forecast for fiscal 2024 fell short of analysts’ expectations.

Write to Joe Woelfel at [email protected]

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