Bausch Health – Trading in the pharmaceutical company’s shares was halted after its share fell 50%. A federal court judge in Delaware issued an oral injunction regarding patent litigation over Xifaxan, Bausch’s drug that treats irritable bowel syndrome and diarrhea. The order could pave the way for generic competition for the drug in late 2024 to 2025, according to JPMorgan. The bank downgraded Bausch’s rating after the lawsuit update, lowering its rating from overweight to neutral.
Wingstop Shares of the fast casual restaurant chain rose 22% after a second-quarter profit decline. Wingstop posted adjusted earnings of 45 cents a share, according to Refinitiv, surpassing estimates of 36 cents. The company missed revenue estimates, but confirmed its full-year expectations.
Metaplatforms Shares of the Facebook parent company fell 6.6% on the disappointing quarterly results. Meta Platforms hit the top and bottom lines in Q2 as digital ads slowed. The company also provided a weak forecast for the current period.
Comcast Shares of the cable and entertainment giant fell more than 8%, despite the company posting strong quarterly results and revenue. Comcast can’t add broadband subscribers for the first time in the quarter. This month alone, the company lost 30,000 broadband subscribers.
Qualcomm – Shares of the chipmaker fell 4% after the company issued guidance for the current quarter that fell short of consensus expectations. Qualcomm’s forecast suggested the company’s cell phone sales growth would slow during its fiscal fourth quarter, due to a decline in smartphone demand. Still, the company’s third-quarter results beat Wall Street’s expectations.
Stanley Black & Decker Shares of Stanley Black & Decker plunged more than 13% after the company reported quarterly results that failed to meet both the top- and bottom-line Wall Street estimates. The company also lowered its full-year forecast.
Teladoc — Shares plunged nearly 20% after the telemedicine business gave a weak outlook in its earnings report. Teladoc reported a $3 billion impairment in non-cash goodwill.
Charter communication – Charter dropped more than 8% after the cable company was imposed a hefty legal fine. A Texas court has held the company liable for $7 billion in damages and responsible for an employee who robbed and murdered a customer in 2019. That reports the Wall Street Journal.
Solar Stocks – Shares of companies that make solar panels or focus on clean energy rose after Senate Leader Chuck Schumer, DN.Y., and Sen. Joe Manchin, DW.V., announced they made a deal on an ambitious climate law. sunrun jumped 26%, and sunnova increased by 22%. first solar 14% won. Enphase rose 4% and Zodiac Sign Energy 15% added.
Etsy – Etsy almost jumped 10% after the e-commerce company beat its quarterly earnings estimates. The company’s quarterly sales grew by more than 10%, even in difficult economic conditions.
southwest – Shares of Southwest Airlines fell more than 6% after the company said it expects capacity constraints for the rest of the year and gave a mixed opinion. However, the earnings report exceeded analyst expectations.
Spirit Airlines – Shares of the discount airline rose 5% after JetBlue agreed to a $3.8 billion deal to buy Spirit. The deal comes after a bidding war between JetBlue and Frontier Airlines. If the deal is approved by regulators, the combined airline would be the fifth largest in the US. Shares of JetBlue fell 2%.
honeywell – Honeywell won more than 3% after report quarterly results that exceeded analyst expectations for earnings and revenue. The company’s sales exceeded estimates in every segment.
Harley Davidson Shares of Harley Davidson rose about 7% after it reported quarterly results that beat Wall Street expectations. The company also reiterated its expectations for the full year, even after shutting production for two weeks during the quarter due to a supplier issue.