Stocks ticked lower again on Tuesday, adding to a retreat seen during the previous session. The recent dip has trimmed gains posted last week.
Earnings news remained a crucial driver for individual stocks. Pinterest (PINS) was among the standouts, posting a double-digit percentage gain following the release of its quarterly results.
Sanmina (SANM) also staged a rally following the announcement of its financial figures. This took the stock to a new 52-week high.
Pinterest (PINS) surged almost 12% following the release of its quarterly results. The company posted a lackluster showing for Q2 but predicted mild growth for Q3, assuaging some of the worst fears investors had about the troubled social media space.
The social media firm’s quarterly profit came in below the amount analysts were predicting. However, the company’s revenue largely matched expectations, rising 9% from last year to reach almost $666M.
For Q3, PINS estimated that its top line “will grow [in the] mid-single digits on a year percentage basis.”
PINS finished at $22.31, climbing $2.32 on the session. Shares have been bouncing around near its 52-week low of $16.14 over the last few months. Tuesday’s advance took the stock to its highest level since May. The stock remains 39% lower for 2022.
The brewer said its sales edged down 0.6% from last year. Meanwhile, the firm’s cost of goods sold jumped 32% as a result of cost inflation.
Looking ahead, the company stated: “The inherent uncertainties that exist in the macroeconomic environment, including continued significant cost inflation and the ongoing coronavirus pandemic could impact our financial performance.”
Based on the quarterly update, TAP dropped $6.30 to close at $53.44. The slide took the stock off a 52-week high of $60.12 reached ahead of the earnings release.
Notable New High
Sanmina (SANM) climbed 7% following the release of Street-topping results. With the firm also issuing strong guidance, the stock pushed to a new 52-week high.
The electronics manufacturing services provider surpassed expectations on both its top and bottom lines, despite revenue that fell 61% to $2.02B.
Looking ahead, the company projected Q4 non-GAAP EPS of $1.27-$1.37, with revenue expected to total $1.95B to $2.05B. Analysts are looking for EPS of $1.29 and revenue of $1.97B.
SANM finished Tuesday’s trading at $48.67, an advance of $2.99 on the day. During the session, the stock also reached its 52-week high of $50.09.
Notable New Low
Dragged down by earnings news, Kemper (KMPR) plunged to a new 52-week low, losing about 8% on the day. The insurance provider reported a wider-than-expected quarterly loss. The firm’s revenue rose almost 7% to $1.43B.
Commenting on the results, the company’s CEO said the figures “showed progress” towards “restoring profitability,” even as he acknowledged “ongoing environmental pressures.” Among these, the company noted that margins in its personal auto business have been impacted by inflationary pressures.
The weak results sent WWD to an intraday 52-week low of $41.62. Shares recovered somewhat by the close, but the stock still finished at $42.66, a decline of $3.71 on the day.
With Tuesday’s slide, the stock dipped below a recent trading range to add to weakness seen earlier in the year. WWD is now down about 29% for 2022.
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