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1500 - Consumer credit change for June: Expected $10B; Prior $11.35B

Super Micro Computer Inc (SMCI)

-12.55%

Gapping down following its earnings reports. The company's fourth-quarter adjusted gross margin of 11.3% fell short of analysts' expectations of 14.1%. Earnings per share were reported at $6.27, compared to analysts estimates of $8.10, while revenue of $5.31 billion was in line with analyst estimates. Super Micro also announced a 10-for-1 stock split, effective October 1, and projected 2025 net sales between $6 billion and $7 billion compared to the estimated $5.3 billion.

Shopify Inc (SHOP)

+12.39%

The company’s US-listed shares are trading sharply higher premarket after its earnings report. Earnings of $0.13 per share exceeded analyst estimates of $0.12, though revenue of $2 billion fell slightly below the estimated $2.01 billion. For Q3, Shopify guided year-over-year revenue growth at a low-to-mid percentage rate and projected earnings of $0.26 per share compared to estimates of $0.20.

The Walt Disney Company (DIS)

-2.47%

The company reported $23.2 billion in sales and earnings of $1.43 per share for fiscal Q3 2024, exceeding expectations of $23.1 billion and $1.20, respectively. Operating income nearly tripled for its Entertainment unit, with Disney+, Hulu, and ESPN+ posting a profit for the first time, but the Experiences segment saw a 3% drop in operating income, with further declines expected in the next few quarters

Rivian Automotive Inc (RIVN)

-7.36%

The company reported losses of $1.46 per share, wider than the expected loss of $1.21 per share, while sales of $1.16 billion exceeded the estimated $1.13 billion. Rivian reaffirmed its guidance for fiscal 2024 and highlighted its cost-cutting efforts over the course of Q2, ending the quarter with a total of $9.2 billion in liquidity. The company also noted that it is set to close out its joint venture with Volkswagen during Q4 2024 and that it is expecting to launch the R2 in the first half of 2026.

Reddit Inc (RDDT)

+1.91%

The company reported Q2 revenue of $281.2 million, exceeding estimates of $253.58 million and marking a 54% year-over-year increase, with losses of $0.06 per share also coming in narrower than expected. Its daily active unique users jumped by 51% year-over-year to reach $912 million, while weekly active unique users grew by 57%. Reddit also guided Q3 revenue between $290 and $310 million, well above estimates of $253 million.

Airbnb Inc (ABNB)

-14.54%

Gapping down after its earnings report, where the company guided Q3 revenue between $3.67 billion and $3.73 billion compared to estimates of $3.836 billion. Airbnb also projected slower year-over-year growth bookings growth in its Nights and Experiences segment for Q3 as compared to Q2. The company reported earnings of $0.86 per share for Q2, below estimates of $0.92, though sales of $2.748 billion exceeded the estimated $2.738 billion.

Lyft Inc (LYFT)

-13.49%

Gapping down after its earnings report. The company posted earnings of $0.01 per share, stronger than an expected $0.03-per-share loss, with sales of $1.435 billion similarly exceeding estimates of $1.386 billion. Gross bookings grew by 17% on a year-over-year basis to reach $4 billion. However, Lyft’s forecast for Q3 bookings came in at $4 billion to $4.1 billion, below estimates of $4.13 billion, and its core profit forecast of $90 million to $95 million also fell short of the estimated $104.3 million.

Upstart Holdings Inc (UPST)

+25.39%

The company posted a loss of $0.17 per share for fiscal Q2, narrower than the expected $0.39-per-share loss, with revenue of $128 million similarly beating estimates of $124.54 million. Contribution profit and loans originated dropped 21% and 6%, respectively, on a year-over-year basis. Upstart guided Q3 revenue of approximately $150 million, above estimates of $124.5 million.

Novo Nordisk A/S (NVO)

-4.00%

The company’s US-listed shares are trading lower premarket following its earnings reports, with both earnings per share and revenue missing analyst estimates. Sales of Wegovy, the company’s well-known weight loss drug, jumped by 55% on a year-over-year basis. Novo Nordisk lowered its operating profit guidance for fiscal 2024 to a range between 20% and 28% growth compared to a previous range between 22% and 30% growth, though they raised their sales growth guidance to 28% from a previous projection of 22%.

Lumen Technologies Inc (LUMN)

+22.40%

Trading sharply higher premarket following its earnings report and amid a flurry of recent retail interest in the stock, which has a short float of approximately 13.6%. Lumen reported a larger-than-expected loss of $0.13 for fiscal Q2, though sales of $3.268 billion exceeded expectations of $3.246 billion. The company lowered its 2024 adjusted EBITDA guidance to a range between $3.9 billion and $4 billion from its previous range of $4.1 billion to $4.3 billion. Goldman Sachs upgraded the stock to Neutral following the report.