After-Hours Trading Update: Cleveland-Cliffs and Cadence Design Systems Face Mixed Results
- Cleveland-Cliffs, Nucor, and NXP Semiconductors are among the stocks showing the largest movements in after-hours trading.
- These movements may indicate investor reactions to recent corporate announcements or market trends.
- Monitoring such stocks can be crucial for investors looking for potential opportunities in volatile markets.
In after-hours trading on July 22, 2024, Cleveland-Cliffs, a prominent steel producer, saw its stock rise by 1.6% following an announcement to lower its capital expenditure outlook while remaining on track for cost reductions. Despite this positive news, the company reported second-quarter revenues of $5.09 billion, falling short of the consensus estimate of $5.2 billion. Conversely, Cadence Design Systems experienced a decline of 1.6% after issuing a disappointing earnings forecast for the upcoming quarter. The company anticipates earnings between $1.39 and $1.49 per share, which is below the $1.61 per share expected by analysts. This follows a strong performance in the second quarter, where Nucor reported earnings of $2.68 per share on $8.08 billion in revenue, surpassing analyst expectations. NXP Semiconductors faced a significant drop of 8% after its second-quarter adjusted earnings fell slightly short of market expectations, posting $3.20 per share against a consensus of $3.21. However, the company’s revenue of $3.13 billion met analyst estimates. Meanwhile, SAP reported a robust performance with revenues of 8.29 billion euros, exceeding the anticipated 8.24 billion euros. Lastly, Calix, a broadband platform provider, saw its stock decrease by 6% after reporting second-quarter revenues of $198.1 million, which did not meet the forecast of $200.8 million set by analysts.