In this article, we discuss the 5 stocks that are trending today. If you want to check out some more stocks that came into the spotlight this morning, go directly to These 10 Stocks are Trending Today.
5. Photronics, Inc. (NASDAQ:PLAB)
Number of Hedge Fund Holders: 23
Shares of Photronics, Inc. (NASDAQ:PLAB) took a deep dive this morning, losing more than 22 percent of their value. The drop came after the semiconductor photomask maker issued a weak financial outlook for its fiscal fourth quarter.
Photronics, Inc. (NASDAQ:PLAB) guided for earnings in the range of 44 – 52 cents per share and revenue between $205 – $215 million for the current quarter. This compares to the consensus of 53 cents per share for earnings and $214.5 million for revenue.
The weak guidance also overshadowed Photronics’ better-than-expected results for its fiscal third quarter. Photronics, Inc. (NASDAQ:PLAB) reported earnings of 51 cents per share, beating the consensus of 50 cents per share.
Revenue for the quarter advanced 29 percent versus last year to $219.9 million, while analysts expected Photronics, Inc. (NASDAQ:PLAB) to generate revenue of $210 million. Revenue from the integrated circuit segment climbed 37 percent to $161.3 million, and revenue from the flat panel display segment rose 11 percent to $58.7 million in the quarter.
4. Best Buy Co., Inc. (NYSE:BBY)
Number of Hedge Fund Holders: 26
Best Buy Co., Inc. (NYSE:BBY) is trending today after announcing financial results for its fiscal second quarter. The consumer electronics retailer earned $1.54 per share on an adjusted basis, down from $2.98 per share in the corresponding period of 2021.
Revenue for the quarter decreased to $10.33 billion, from $11.85 billion in the year-ago period. Analysts expected Best Buy Co., Inc. (NYSE:BBY) to earn $1.27 per share on revenue of $10.27 billion.
Best Buy Co., Inc. (NYSE:BBY) also released its region-wise sales results. Its domestic revenue decreased 13.1 percent to $9.57 billion, while international revenue slid 9.3 percent to $760 million in the quarter. The drop in revenue was mainly attributed to inflation, which forced many to limit their spending on electronic equipment.
3. Corning Incorporated (NYSE:GLW)
Number of Hedge Fund Holders: 34
Corning Incorporated (NYSE:GLW) came into the spotlight today following the news that it intends to build an optical cable manufacturing facility in Arizona as a part of its long-term partnership with AT&T.
The new facility will add about 250 jobs in the region. Corning Incorporated (NYSE:GLW) expects the plant to start functioning in 2023. The facility would allow the company to capitalize on the increasing demand for optical cable.
Speaking on the development, CEO of Corning Incorporated (NYSE:GLW), John Stankey, said in a statement:
“This investment is a significant step forward for our country and building world-class broadband networks that will help narrow the nation’s digital divide. This new facility will provide additional optical cable capacity to meet the record demand the industry is seeing for fast, reliable connectivity.”
2. HEICO Corporation (NYSE:HEI)
Number of Hedge Fund Holders: 39
Shares of HEICO Corporation (NYSE:HEI) slid about two percent in the pre-market trading session on Tuesday. The drop came after the aerospace and electronics company missed profit expectations for its fiscal third quarter.
HEICO Corporation (NYSE:HEI) reported earnings of 60 cents per share, up from 56 cents per share in the year-ago period but below the consensus of 66 cents per share. On the bright side, revenue jumped 21 percent to $569.5 million, topping the expectations of $553.72 million.
Now let’s break down HEICO’s total revenue by segments. Revenue from its flight support group rallied 39 percent to $330.3 million, while revenue from the electronic technologies group inched up 2 percent to $244.2 million in the quarter.
Moving forward, HEICO Corporation (NYSE:HEI) sees continuous recovery in air travel demand worldwide. However, the company didn’t issue its full-year outlook amid an uncertain macro environment.
1. Baidu, Inc. (NASDAQ:BIDU)
Number of Hedge Fund Holders: 45
Shares of Baidu, Inc. (NASDAQ:BIDU) turned green before the opening bell today after the Chinese search engine giant posted impressive financial results for the second quarter.
Baidu, Inc. (NASDAQ:BIDU) reported adjusted earnings of $2.36 per share, smashing the consensus of $1.54 per share. Revenue came in at $4.43 billion, topping analysts’ average estimate of $4.3 billion.
In addition, Baidu, Inc. (NASDAQ:BIDU) also disclosed its segment-wise sales results. Revenue from Baidu Core slid 4 percent to $3.46 billion, while iQIYI revenue fell 13 percent to $994 million in the quarter.
Commenting on the results, CFO of Baidu, Inc. (NASDAQ:BIDU), Rong Luo, said:
“Baidu Core delivered a non-GAAP operating margin of 22% in the second quarter, up from 17% in the first quarter of 2022, as we continued to optimize our costs and enhance operational efficiency. Going forward, we remain committed to quality revenue growth and sustainable business models.”
You can also take a peek at Top 10 Stock Picks of Minerva Advisors and 10 Best Cyclical Stocks for Inflation.
