Reddit's stock surged 12% following the announcement from S&P Dow Jones Indices that it will join the S&P 500 on August 18, replacing AvalonBay Communities. This inclusion is significant as it often leads to increased visibility and investment from index funds.
In contrast, Applied Materials saw its shares drop over 5% after reporting Q2 earnings of $3.50 per share on revenue of $9.12 billion, which fell short of investor expectations, particularly in its semiconductor systems division that generated $7.04 billion, slightly above the FactSet consensus of $6.96 billion.
Wayfair's stock rose 4% after Bernstein upgraded it to outperform, highlighting its ability to achieve high single-digit revenue growth in a stagnant furniture market. Workday's shares increased by around 2% after a nearly 18% rally the previous day, fueled by reports of private equity firm Silver Lake's interest in acquiring the company.
Fox Corporation gained 2% following upgrades from JPMorgan and Wells Fargo, with analysts noting positive momentum from its acquisition of Roku for $22 billion. Lastly, Sandisk's stock climbed 5% after JPMorgan upgraded it to overweight, citing a new business model that enhances its margin profile and reduces cyclicality through long-term agreements