Midday movers: Tesla, Alphabet, Visa fall; AT&T, Texas Instruments rise
Investing.com -- U.S. stock futures fell Wednesday, with disappointing results from a couple of tech giants hitting sentiment in the early days of the new earnings season.
Here are some of the biggest U.S. stock movers today:
Tesla (NASDAQ: TSLA) stock slumped 12% after the electric vehicle manufacturer after its second-quarter earnings missed estimates amid falling vehicle sales, and profit margins fell to a five-year low.
Alphabet (NASDAQ: GOOGL) stock fell 3.7% after the tech giant’s expenses rose substantially year-on-year amid continued expenditure on AI development - a trend that is expected to eat into profit margins in the coming quarters.
Trump Media & Technology (NASDAQ: DJT) stock fell 5% after a new poll saw likely Democratic presidential candidate Kamala Harris leading Republican nominee Donald Trump in the race for the White House.
Visa (NYSE: V) stock fell 4% after the credit card giant’s third-quarter revenue growth fell short of expectations as steep borrowing costs limited consumer spending.
- Texas Instruments (NASDAQ: TXN) stock rose 1% after the chipmaker reported a solid earnings beat for the second quarter, with adjusted earnings per share surpassing the estimates.
AT&T (NYSE: T) stock rose 4% after the telecoms giant exceeded market expectations for wireless subscriber additions in the second quarter, as its higher-tier unlimited plans attracted customers.
Enphase Energy (NASDAQ: ENPH) stock rose 12% after the solar inverter maker beat expectations for second-quarter operating profit, driven by a recovery in demand in the United States.
Boston Scientific (NYSE: BSX) stock fell 3% despite the medical devices manufacturer beating second-quarter profit expectations on a hefty rise in sales of its products to treat cardiovascular problems.
Deutsche Bank (NYSE: DB) stock fell 8% after the German lender posted its first loss in four years in the second quarter after setting aside well over $1 billion as a provision for an investor lawsuit, scuppering plans for a stock buyback.
Lamb Weston (NYSE: LW) plunged 27% after it issued guidance for the year that was well below consensus estimates. Analysts called its results 'disastous'.
Roper Technologies (NASDAQ: ROP) fell 7% after it gave a lackluster forecast for third quarter.
Additional reporting by Louis Juricic