U.S. Movers: Align Technology, Honeywell International, Qualcomm, Wolfspeed

Scott Peters
01 Feb, 2024
New York City

Qualcomm declined 1.8% to $145.83 after the chipmaker reported better-than-expected fiscal first quarter revenue and the company's current quarter sales outlook fell short of expectations. 

Revenue in the quarter increased 5% to $9.9 billion from $9.5 billion, net income increased by 24% to $2.7 billion from $2.2 billion, and diluted earnings per share advanced to $2.46 from $1.98 a year ago.

During the first quarter, the company returned $1.7 billion to stockholders, including $895 million, or $0.80 per share, of cash dividends paid and $784 million through repurchases of 6 million shares of its common stock.

The company estimated revenue in the fiscal second quarter between $8.9 billion and $9.7 billion and diluted earnings per share between $1.73 and $1.93.

Align Technology soared 12.2% to $300.0 after the orthodontics company reported better-than-expected sales and earnings in its latest quarter.

Revenue in the fourth quarter increased 6.1% to $956.7 million from $901.5 million, net income soared three-fold to $124.0 million from $41.8 million, and diluted earnings per share rose to $1.64 from 54 cents a year ago.

The company guided first quarter revenue between $960 million and $980 million and estimated 2024 total revenues to be "up mid-single digits over 2023."

Wolfspeed declined 4.5% to $31.0 after the company's fiscal third-quarter revenue fell short of market expectations.

Revenue in the fiscal second quarter ending in December increased to $208.4 million from $173.8 million; net loss expanded to $144.7 million from $90.9 million; and diluted loss per share rose to $1.15 from 73 cents a year ago.

The company estimated fiscal third quarter revenue between $185 million and $215 million, net loss from continuing operations between $134 million and $155 million, and diluted loss per share between $1.07 and $1.23.

Honeywell International declined 2.6% to $197.01 after the company announced mixed quarterly results.

Sales in the fiscal fourth quarter increased 3% to $9.4 billion from $9.2 billion, net income increased $1.3 billion from $1.0 billion, and diluted earnings per share rose to $1.91 from $1.51 a year ago.

The aerospace and building technology company estimated 2024 revenue between $38.1 billion and $38.9 billion and free cash flow between $5.6 billion and $6.0 billion.