Macy's reported a second-quarter revenue beat and raised its full-year guidance for net sales, comparable sales, and earnings per share, although its quarterly EPS of 40 cents may not directly compare to the 37 cent consensus estimate from LSEG. Despite this positive news, shares slipped 1.6%.
Meta Platforms saw a 1.4% increase following an upgrade from JPMorgan, which highlighted the potential for growth as the company expands its artificial intelligence offerings. Apple shares rose 1% after the announcement of a foldable iPhone, although investor enthusiasm appeared muted.
Novartis shares increased nearly 2% after a major shareholder called for a board overhaul to improve governance, following recent drug trial setbacks. Conversely, copper miners experienced declines as copper prices fell after reaching record highs, with Freeport-McMoRan dropping nearly 7% and Southern Copper losing over 6%.
AeroVironment's shares surged more than 5% after reporting first-quarter results that significantly exceeded analyst expectations, earning 59 cents per share on revenue of $480 million. American Eagle Outfitters fell over 15% after reporting a 1% decline in comparable sales, worse than the expected 0.6% decline, and forecasting lower operating income than analysts anticipated.
Navan's shares dropped 15.4% despite narrowly beating earnings expectations and announcing an acquisition. Cooper Companies slid roughly 17% after its fourth-quarter projections fell short of estimates, with expected revenue and earnings lower than the consensus.
Enbridge's shares fell nearly 3% following its announcement of a $2.55 billion acquisition of Tallgrass Energy's crude transportation business, while Kinetik's shares rose 4.6% amid reports of exploring strategic options, including a potential sale