Movers: Chevron, Exxon Mobil, Intel, Juniper Networks, Procter & Gamble, Sweetgreen

Scott Peters
28 Jul, 2023
New York City

Intel Corporation jumped 6.7% to $36.73 after the chipmaker returned to profitability in the second quarter after losses in previous two quarters in a row. 

Revenue in the second quarter declined 15% to $12.9 billion from $15.3 billion and the company swung to a net income of $1.5 billion from a loss of $0.5 billion and diluted earnings per share was 35 cents compared to a loss of ($0.11) a year ago. 

The company announced a dividend of 12.5 cents a share payable on September 1 to shareholders on record on August 7. 

The company's third quarter sales also suggested improving sales and forecasted third quarter sales between $12.9 billion and$13.9 billion and gross margin of 39.1% and diluted earnings per share of 4 cents. 

Procter & Gamble & Company added 1% to $153.60 after the household goods maker reported sales and earnings ahead of market expectations but issued a cautious fiscal 2024 sales. 

Exxon Mobil Corp declined 1.8% to $103.54  after the largest oil company reported mixed quarterly results. 

Revenue in the second quarter declined to $82.9 billion from $115.7 billion and net income attributable to shareholders fell to $7.9 billion from $17.9 billion and diluted earnings per share dropped to $1.94 from $4.21 a year ago. 

Chevron Corp fell 0.8% to $158.50 after the oil company reported lower earnings from a year ago following a decline in energy prices. 

Revenue in the second quarter fell to $48.9 billion from $68.7 billion and net income declined to $6.0 billion from $11.6 billion and diluted earnings per share dropped to $3.20 from $5.95 a year ago. 

Sweetgreen Inc declined 11.5% to $13.60 after the salad chain reported weaker-than-sales and a net loss of $27.3 million or 24 cents a share in the second quarter. 

Sweetgreen Inc declined 11.5% to $13.60 after the salad chain reported weaker-than-expected sales and comparable same store sales slowed sharply.  

Revenue in the second quarter increased 22% to $152.5 million from $124.9 million and same store sales change slowed to 3% from 16% a year ago. 

Average restaurant sales were stable around $2.9 million in the last four quarters.  

Restaurant-level profit was $31.1 million and restaurant-level profit margin was 20% compared to $23.1 million and 19% respectively in the prior year period. 

Net loss declined to $27.3 million from $40.5 million and diluted loss per share decreased to 24 cents from 37 cents a year ago. 

The salad chain forecasted fiscal year 2023 revenue between $575 million and $595 million and same store sales to increase between 2% and 6% and restaurant level profit margin between 16% and 18%. 

The company estimated net new restaurants opening between 30 and 35 in 2023. 

Juniper Networks, Inc dropped 6.9% to $27.90 after the data networking products and systems maker reported second quarter earnings slightly ahead of market expectations but offered a lighter sales outlook in the third quarter.