Microsoft is the first of the big tech companies to report earnings this week. The software company is scheduled to report its fourth-quarter results on Tuesday. Microsoft shares rose 0.3%. Meta Platforms Inc. is scheduled to report results on Wednesday, while Apple and Amazon.com Inc. are scheduled to report on Thursday. Meta was flat, Apple rose 0.1% and Amazon rose 0.4%.
Tesla rose 5.6% after the company was named Morgan Stanley’s top pick for U.S. automaker, replacing Ford Motor. Ford fell 1.8%. Separately, the electric-car giant said over the weekend it would offer 1.99% loans to qualifying U.S. Model Y buyers whose cars are delivered by the end of September. Barron’s Al Root said Tesla’s latest incentives show how rising interest rates and slowing demand are weighing on EV sales.
3M, the maker of Post-it notes and Scotch tape, rose 23 percent on Friday, its biggest one-day gain on record, after reporting better-than-expected second-quarter profit and raising its full-year outlook, but later fell 1.5 percent.
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Shares of Abbott Laboratories, maker of Similac infant formula, fell 0.5% after a jury awarded the company $495 million in damages and other compensation for failing to warn that its formula for premature babies increases the risk of necrotizing enterocolitis, an intestinal disease.
Arm Holdings fell 5.1% after HSBC analyst Frank Li downgraded the stock to “cut” from “hold” and raised his price target to $105 from $100.
Dutch medical technology company Philips’ U.S.-listed shares rose 13 percent after the company reported second-quarter results.
McDonald’s reported second-quarter profit and sales that fell short of analysts’ expectations. Adjusted earnings per share of $2.97 fell short of Wall Street’s estimate of $3.07, and sales of $6.49 billion fell short of the consensus estimate of $6.62 billion. But investors are optimistic that the fast-food chain’s $5 value menu will pay off later this year. Shares rose 3.7%.
ON Semiconductor, which makes power and sensor chips for the automotive and industrial markets, reported better-than-expected second-quarter profit and sales. Its shares rose 11.5%, leading the S&P 500 index.
Alphabet rose 1.5% to $169.53. Phillip Securities upgraded shares of the Google parent company to buy from accumulate on confidence that its artificial intelligence efforts will continue to drive growth.
Health sciences company Revvity rose 9.1% after it reported better-than-expected second-quarter profit and raised its full-year profit and sales outlook.
In addition to Microsoft, Apple, Amazon.com and Meta Platforms, Advanced Micro Devices, Intel, Qualcomm, Exxon Mobil, Chevron, Boeing, Procter & Gamble, Merck, Pfizer, Arista Networks, BP, Starbucks, PayPal, Mastercard, T-Mobile, Arm Holdings, Altria, Humana, Shell, ConocoPhillips, Booking Holdings and Anheuser-Busch InBev are scheduled to report earnings this week.
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Contact Joe Woelfel at joseph.woelfel@barrons.com.
