Several stocks moved bigly today after reporting results, so let’s recap. 👇
We’ll start with ON Semiconductor, which helped inspire the title of this post. Although its third-quarter results topped expectations, its forecast for fourth-quarter EPS of $1.13-$1.27 and revenues of $1.95-$2.05 billion both missed by a wide margin. Macroeconomic pressures such as weaker demand for vehicles pressured the stock, with analysts saying the cyclical nature of the company’s business is taking hold again. $ON shares plummeted 22% on the day. 📊
Lattice Semiconductor experienced similar results, narrowly beating current-quarter expectations but providing a soft outlook. It forecasted $166-$186 million in revenues, well below analyst estimates of $195.7 million. The company, which makes low-power programmable chips, faces pressure in several of its core markets, including communications, computing, consumer, and automotive. Its record cash generation and share repurchase program were not enough to offset the macroeconomic concerns. $LSCC shares dropped 17% on the day. 🏭
Health sciences company Revvity missed third-quarter estimates and cut its fiscal 2023 outlook. It earned $1.18 per share in earnings on revenues of $670.7 million compared with estimates of $1.19 and $695.4 million. Executives blamed an increasingly challenging end-market environment, with pharma and biotech customers pulling back and leading to a 1.6% revenue decline in its life sciences business. Looking ahead, new fiscal 2023 earnings of $4.53-$4.57 and revenues of $2.72-$2.74 came in below analyst estimates. $RVTY shares fell 16% on the day. 🧑⚕️
In a rare win for the solar industry, JinkoSolar delivered better-than-expected results. The company’s third-quarter earnings of $2.53 per share on $4.36 billion in revenue beat estimates, with gross profit doubling YoY and margin expanding from 15.7% to 19.3%. It also announced promising news about its solar-cell technologies, saying its 182 mm high-efficiency N-type monocrystalline silicon solar cell reached a conversion efficiency of 26.79%. That represented a new record for the specifications. $JKS shares shined 14% on the day. 🌞
Less-than-truckload transportation company XPO jumped after its third-quarter earnings and revenue beat expectations. Its adjusted earnings per share of $0.88 on revenues of $1.98 billion compared with estimates of $0.63 and $1.93 billion. Executives say the strong results came from volume and pricing gains, as well as improved labor productivity. The company is benefitting from competitor Yellow Corporation’s bankruptcy, which left a capacity gap in the industry and drove market share gains for the remaining players. $XPO shares soared 15% on the day. 🚚