Stocks Surge and Dip on Earnings Reports
- Stocks of Meta Platforms and Shake Shack rose significantly on Thursday.
- Conversely, shares of Moderna and Goodyear fell sharply.
- The trading day highlighted contrasting performances among key companies.
NEW YORK (AP) — In a day marked by significant stock movements, Meta Platforms Inc. saw a notable increase, rising $22.91 to close at $497.74. The parent company of Facebook and Instagram exceeded Wall Street's expectations for second-quarter earnings and revenue, contributing to its strong performance in the market. Exact Sciences Corp. also experienced a positive shift, climbing $12.23 to $57.91 after surpassing analysts' financial forecasts for the second quarter. Similarly, Shake Shack Inc. enjoyed a boost, with shares up $14.79 to $102.41, following a successful earnings report that beat revenue expectations. Carvana Co. joined the upward trend, gaining $13.29 to reach $146.52, as its second-quarter results also exceeded analyst predictions. On the other hand, several companies faced declines. Moderna Inc. saw a significant drop of $25.05, closing at $94.17, after the drug developer revised its revenue forecast downward for the year. Goodyear Tire & Rubber Co. fell by $1.86 to $9.84, as its second-quarter revenue failed to meet analysts' expectations. Wayfair Inc. also struggled, with shares down $4.42 to $50.01, after reporting financial results that missed Wall Street's forecasts for the second quarter. Overall, the trading day reflected a mix of strong performances from several companies alongside disappointing results for others, highlighting the varied landscape of the current market.