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On today's episode of Catalysts, hosts Seana Smith and Madison Mills break down the trading day's biggest stories from the latest data on existing home sales to the resignation of US Secret Service Director Kimberly Cheatle. June's existing home sales data revealed a sharper decline than economists had anticipated. According to a report from the National Association of Realtors (NAR), sales dropped 5.4% month-over-month to 3.89 million units, falling short of the 3.2% decrease to 3.98 million units initially predicted. The current sales level represents the lowest point since December 2023. Kristina Hooper, Invesco's chief global market strategist, attributes the housing market's challenges to the Fed's tightening cycle, which she says created "golden handcuffs" and forced affordability issues. However, she believes the Fed recognizes these housing market concerns, and she is optimistic about the possibility of two rate cuts in 2024, even suggesting "there is a potential for three." The Russell 2000 (^RUT) index is under pressure after seeing a five-day winning streak last week. F.L. Putnam Investment Management Co. chief market strategist and portfolio manager Ellen Hazen argues that the small-cap rally was "premature," and notes that small-cap earnings revisions for the next year keep decreasing while S&P 500 (^GSPC) earnings revisions keep increasing, saying, "So what looks like a cheap valuation is not as cheap as it looks." Yahoo Finance reporters Dan Howley and Pras Subramanian break down the top areas investors should focus on from Alphabet's (GOOG, GOOGL) and Tesla's (TSLA) latest earnings. Meanwhile, pharmacy benefits manager (PMB) executives are testifying before Congress about the price of prescription drugs and how they can be lowered. Some of the questions being asked are in regards to pricing, rebates, and the role of the middle man between pharmacies and drug makers. Yahoo Finance senior health reporter Anjalee Khemlani breaks down the testimonies before Congress from leading PMB executives and what it means for their operations moving forward. US Secret Service Director Kimberly Cheatle resigned from her post on Tuesday, according to several reports, after testifying before House lawmakers on the assassination attempt on former President Donald Trump's life last week at a campaign rally in Pennsylvania. This post was written by Melanie Riehl
Shares of NXP Semiconductors (NXPI) are dropping after the company posted its second quarter earnings results, issuing a weaker-than-expected revenue outlook for the third quarter. The chip designer posted earnings that were in-line with expectations of $3.20 per share. Catalysts anchors Madison Mills and Seana Smith break down NXP's earnings figures and guidance. For more expert insight and the latest market action, click here to watch this full episode of Catalysts. This post was written by Nicholas Jacobino
EINDHOVEN, The Netherlands, July 22, 2024 (GLOBE NEWSWIRE) -- NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the second quarter, which ended June 30, 2024. “NXP delivered quarterly revenue of $3.13 billion, consistent with our guidance, with all our focus end-markets performing in-line with our expectations. With our second quarter results and guidance for the third quarter NXP has successfully navigated the cyclical trough in our businesses and we expect to resume s