TLDR
- J.B. Hunt Transport beat Q2 earnings, with revenue up 19% year-over-year to $3.50B
- Eos Energy jumped 14% after landing a U.S. Department of War contract for its energy storage system
- AST SpaceMobile fell 13% after pricing a $1B convertible notes offering
- Taiwan Semiconductor slipped 3% despite beating Q2 expectations and raising Q3 guidance
- Bitcoin dropped 1.12% to $64,198 as S&P 500 futures edged lower in premarket
Stock futures slipped early Thursday as investors turned their attention to corporate earnings and economic data. S&P 500 futures fell 0.24%, while Dow Jones futures edged up 0.18%.
Bitcoin dropped 1.12% to $64,198. Gold futures fell 0.50% and Brent crude dipped 0.44%. The 10-year Treasury yield moved up to 4.580%.
J.B. Hunt Drives Higher
J.B. Hunt Transport shares rose around 8% after the company posted strong Q2 results. Revenue climbed 19% year-over-year to $3.50B, beating analyst expectations.
J.B. Hunt Transport Services, Inc., JBHT
Earnings per share came in at $1.91, topping estimates. Operating income grew 32%, helped by higher volumes and cost controls.
The company’s Intermodal segment saw revenue rise 22% on a 10% volume increase. Its Integrated Capacity Solutions unit posted a 49% revenue surge with 19% volume growth.
J.B. Hunt also bought back 392,000 shares for $98M during the quarter. It ended Q2 with $791M remaining in its buyback program.
Eos Energy Enterprises climbed 14% after winning a U.S. Department of War contract. The deal involves supplying its Z3 zinc-based long-duration energy storage system for the Golden Dome missile defense program.
Eos also reported preliminary Q2 revenue of $68M–$69M, its highest quarterly revenue on record. Shipments grew more than threefold year-over-year.
The company’s backlog rose 25% quarter-over-quarter to $807M. Despite the growth, gross margin showed a preliminary loss of 69%–73% as production ramped up.
Losses for AST SpaceMobile and Taiwan Semiconductor
AST SpaceMobile fell 13% after pricing a $1B offering of convertible senior notes due 2034. The notes carry a 1.625% interest rate and an initial conversion price of $79.57 per share.
The company expects net proceeds of around $984M. Funds will go toward growth, launch capacity, and possible acquisitions.
Taiwan Semiconductor slipped about 3% even after beating Q2 estimates. The chipmaker issued Q3 revenue guidance of $44.6B–$45.8B, above analyst consensus.
Taiwan Semiconductor also reportedly plans to add four new U.S. fabrication plants, bringing total U.S. investment to $265B across 10 fabs.
United Airlines fell 3% despite beating Q2 results. The airline’s full-year profit guidance came in below expectations, largely due to a projected $6B fuel bill.
Ermenegildo Zegna rose nearly 11% in premarket. UnitedHealth, Definium Therapeutics, and Pegasystems each gained at least 5%.
Asian markets closed lower, with Japan’s Nikkei 225 down 2.79% and China’s Shanghai Composite falling 1.85%.
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