Market Update: Earnings Reports Impact After-Hours Trading

In after-hours trading on July 17, 2024, several companies made headlines following their quarterly earnings reports. Notably, a major player in the tech sector reported earnings of $6.06 per share, significantly surpassing analysts' expectations of $3.10 per share, indicating strong performance in the competitive market. Conversely, Kinder Morgan experienced a decline in its stock, dropping 2.8% after the pipeline operator reported second-quarter adjusted earnings of 25 cents per share, falling short of the anticipated 26 cents. Additionally, the company’s revenue did not meet expectations, contributing to investor concerns about its performance. United Airlines also faced a slight dip, with shares down 0.3% despite reporting mixed results for the second quarter. The airline posted adjusted earnings of $4.14 per share, exceeding the LSEG consensus estimate of $3.93. However, the overall market reaction remained cautious amid ongoing economic uncertainties. On a more positive note, Steel Dynamics saw its shares rise nearly 2% after reporting second-quarter earnings of $2.72 per share, outperforming the expected $2.67. Similarly, Alcoa exceeded forecasts with adjusted earnings of 16 cents per share and revenue of $2.91 billion, both higher than analysts' predictions. In contrast, Beyond Meat faced a significant setback, with shares plummeting 15%, reflecting ongoing challenges in the alternative meat market.