Wall Street is trading in red after the Federal Reserve kept rates intact at 1% and 1.25%. A rate hike is expected at the end of the year and three more next year. It is also expected to start the process of selling bonds for the month of September.
Despite the fall of the indices, there are stocks that rose in morning trading. First Solar Inc.'s (FSLR, Financial) shares were up more than 10% in pre-market trading as the company reported better-than-expected earnings for its second quarter. EPS of 64 cents beat estimates by 60 cents while revenue of $623 million exceeded estimates by $66.6 million. Revenue, however, declined 38.3% from the prior-year quarter due to lower systems sales, which were partially offset by higher third-party module sales.
The balance sheet has some movement at the assets level. Cash and marketable securities decreased to $2.2 billion from $2.4 billion in the previous quarter due to higher accounts receivable, or payments that are expected to be received in the next quarter.
“We executed well in the second quarter with solid non-GAAP earnings of $0.64, record quarterly shipments of nearly 900MWdc and bookings of 1.5GWdc since our last earnings call,” CEO Mark Widmar said.
Another morning gainer is ImmunoGen Inc. (IMGN, Financial), whose shares rose 5% in pre-market trading as the company reported first-quarter EPS of -20 cents per basic and diluted share on revenue of $28.69 million, a growth of 45.6% when compared to the same period a year ago, helping the company beat earnings expectations by 14 cents per share and revenue estimates by $12.53 million. Despite the beats, the company’s financial guidance for 2017 remains unchanged. It expects revenues between $70 million and $75 million, operating expenses between $175 million and $180 million and cash and cash equivalents in the range of $35 million to $40 million.
LogMeIn Inc. (LOGM, Financial) shares were up 6.5% in pre-market trading. The company reported better-than-expected earnings but missed on revenue. EPS of $1.01 beat estimates by eight cents while revenue of $257 million fell short by $8.08 million but increased 208.6% year over year.
Global markets
The European stock markets are closing the day in the red with the FTSE 100, the DAX, the CAC 40 and IBEX 35 falling 0.62%, 0.47%, 1.27% respectively.
In Asia, markets closed lower. Japan’s Nikkei, Hong Kong’s Hang Seng Index and India’s BSE Sensex closed in red territory. China’s Shanghai Composite Index rose 0.11%.
Disclosure: The author holds no position in any stocks mentioned.
