The S&P 500 finished 1.4% lower after Advanced Micro Devices (AMD) shares and those of other chip firms declined following its weaker-than-expected third-quarter guidance.
- The S&P 500 fell 1.4% on Aug. 2, 2023, after AMD issued a weaker-than-expect guidance for the third quarter, leading chip stocks lower.
- CVS shares gained 3.3% as cost-cutting measures helped it beat profit estimates.
- Generac was the worst-performing stock in the S&P 500 after warning declining demand would impact its sales.
5 S&P 500 Stocks That Posted Gains
Shares of insurance firm Aflac (AFL) rose 5.7% after reporting net income of $1.6 billion, up from last year’s $1.4 billion, boosted by investment gains from derivatives and exchange rate benefits from its Japanese subsidiary.
CVS Health Corporation
CVS Health (CVS) shares gained 3.3% as it beat profit estimates in its second quarter earnings after implementing cost-cutting measures. The company also announced a restructuring effort, which will include cutting 5,000 jobs.
Vertex Pharmaceuticals (VRTX) posted a gain of 3.1% after the company raised its forward guidance for the year on demand for its cystic fibrosis treatment. Total revenue of $2.49 billion for the second quarter was 14% higher than a year ago.
Pioneer Natural Resources
Pioneer Natural Resources (PXD) was higher by 1.5% after the company raised its full-year production guidance by 17,000 barrels of oil per day. The company followed the sector trend with a 33% drop year-over-year in its revenue, but second-quarter adjusted earnings beat estimates.
5 S&P 500 Stocks That Posted Losses
SolarEdge (SEDG) shares tumbled 18% after the solar power company warned its business was hurt by higher borrowing costs, and gave current quarter guidance that missed estimates.
Advanced Micro Devices
Advanced Micro Devices (AMD) lost 7% after its second-quarter earnings release, with the company issuing weak guidance for third-quarter revenue. Wedbush analyst Matt Bryson said the results were “just okay,” citing weakness in the company’s data center segment.
Tesla (TSLA) shares lost another 2.7% after news broke late on Tuesday that the automaker was facing an investigation into steering problems.