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🛋️ Wayfair surged 12.76% after the discount furniture website posted a stellar comeback in Q2, boosting the stock to a nearly 1-year high. The company said the second quarter delivered its highest revenue growth since 2021, while CEO Niraj Shah said the growth was thanks to Wayfair improving delivery speed and cutting prices. The results are also a boon for the rest of the beleaguered furniture market, which has been in a rut due to a struggling housing market and broader consumer spending slowdown.
- EPS: $0.87 adjusted, crushing projections of $0.33.
- Revenue: $3.27 billion, outpacing expectations of $3.13 billion.
💿 ON Semiconductor plunged 15.58%, making it the worst performer in the S&P 500 today, despite posting a pretty good Q2. The reason investors freaked out was its guidance for Q3: The semiconductor company said it expected earnings for the current quarter to come in between $0.54 and $0.64 per share, lower than the $0.58 analysts had been expecting. And under the hood, there are signs of weakness for the stock: Its automotive revenue surpassed expectations, but was still its lowest since 2022 as demand from the sector fell.
- EPS: Adjusted $0.53, meeting analysts projections exactly.
- Revenue: $1.47 billion, beating estimates of $1.45 billion
🚂 Berkshire Hathaway shares sunk 2.90% today, and Warren Buffett hasn’t even left the company yet. In the first quarter since the 94-year-old legend announced he will retire at the end of the year, the conglomerate’s operating profit, which includes income from its subsidiaries, fell 4% to $11.16 billion during the quarter. Berkshire also continued dumping stocks: It was a net seller of stocks for the 11th straight quarter, declined to buy back any of its own stock over the quarter, and took a $3.8 billion writedown for its stake in Kraft Heinz.—LB