Mixed earnings reports from companies such as UPS, Paccar, and A.O. Smith lead to a lower close

From Dotdash: 2024-07-23 18:23:35

Shares of United Parcel Service (UPS) plummeted 12.1% after the company reported lower-than-expected second-quarter sales and profits, attributing the weakness to soft freight demand and pricing issues. Paccar (PCAR) and A.O. Smith (AOS) also declined due to mixed earnings reports. On the positive side, Pentair (PNR) and MSCI (MSCI) saw gains after beating estimates, while Sherwin-Williams (SHW) rose on strong earnings. NXP Semiconductors (NXPI) saw a decrease in share price due to weak guidance, while Spotify (SPOT) surged after exceeding earnings expectations. Interest in small-caps continues to rise, with the Russell 2000 outpacing major indexes. GE Aerospace (GE) jumped after posting impressive second-quarter results and raising guidance. Nine spot ether ETFs began trading on U.S. exchanges, and UPS shares hit a 4-year low following disappointing earnings. Major indexes are pointing to a lower open overall.



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