Market Update: Stocks React to Earnings Reports and Corporate Actions
- Applied Materials and Autodesk are among the stocks experiencing significant movements after hours.
- Investors are closely monitoring the after-hours trading activity of these companies.
- The stock market landscape is dynamic, with companies like Coherent and H&R Block also making notable moves.
In after-hours trading on August 15, 2024, several companies made headlines as their earnings reports and corporate actions influenced stock performance. Applied Materials saw a decline of 2.5% despite reporting third-quarter earnings that exceeded analyst expectations. The company posted earnings of $2.12 per share on $6.78 billion in revenue, surpassing forecasts of $2.02 per share and $6.67 billion in revenue. Similarly, Coherent's stock fell by 1.6% even after its fiscal fourth-quarter earnings beat estimates. The company reported earnings of 61 cents per share on $1.31 billion in revenue, slightly above the anticipated 60 cents and $1.28 billion. Coherent's guidance for the current quarter aligned with consensus estimates, yet the stock still faced downward pressure. In contrast, H & R Block experienced a significant boost, climbing over 8% following the announcement of a 17% dividend increase and a $1.5 billion stock buyback. The tax services firm reported adjusted earnings of $1.89 per share on $1.06 billion in revenue for the fiscal fourth quarter, contributing to investor optimism. Other notable movements included Autodesk, which dropped nearly 3% amid reports of continued controversial sales practices, and Amcor, which retreated 1.7% after its fiscal fourth-quarter revenue fell short of expectations. Conversely, Quanterix's stock rose 3.8% after its CEO disclosed a personal purchase of 19,000 shares, signaling confidence in the company's future.