U.S. Movers: Cadence Design, Crown Holdings, General Motors, NXP Semiconductor, UPS

Scott Peters
23 Jul, 2024
New York City

Cadence Design Systems increased 1% to $289.12, and the advanced chip design software trimmed its current quarter earnings outlook to between $1.39 and $1.49 per share. 

NXP Semiconductor plunged 8.3% to $260.60 after the advanced semiconductor company reported weaker than expected adjusted earnings. 

Adjusted earnings in the second quarter were $3.20 per share, lower than market expectations between $3.22 and $3.27 per share. 

Crown Holdings soared 9.8% to $85.06 after the packaging company lifted its annual earnings outlook. 

Revenue in the second quarter edged lower to $3.04 billion from $3.1 billion, net income increased to $174 million from $157 million, and diluted earnings per share rose to $1.45 from $1.31 a year ago. 

The company estimated full-year diluted earnings per share in the range of $6.00 to $6.25 compared to previous guidance of $5.80 to $6.20 and free cash flow to be at least $750 million.

Third quarter adjusted earnings per share are expected to be in the range of $1.75 to $1.85.

General Motors declined 5.8% to $46.67, despite the automaker reporting better-than-expected second quarter results. 

Revenue increased 7% to $47.9 billion from $44.7 billion, net income rose to 14.3% to $2.9 billion from $2.6 billion, and diluted earnings per share advanced to $2.55 from $1.83 a year ago. 

The vehicle maker also revised its full-year earnings per share outlook to between $8.93 and $9.93 from the previous estimate between $8.94 and $9.94. 

The company also declared a quarterly cash dividend of 12 cents payable on September 19 to shareholders on record on September 9. 

United Parcel Service dropped 13.1% to $126.01 after the package delivery company reported lower than expected results in the second quarter. 

Consolidated revenue in the second quarter declined 1.1% to $21.8 billion from $22.1 billion, net income dropped 32.2% to $1.4 billion from $2.1 billion, and diluted earnings per share fell to $1.65 from $2.42 a year ago. 

The company also estimated full-year consolidated revenue of $93 billion and capital expenditure of $4.0 billion, lower than $4.5 billion in the previous estimate.