On CNBC’s “Halftime Report Final Trades,” Joshua Brown of Ritholtz Wealth Management picked iShares U.S. Oil & Gas Exploration & Production ETF (NYSE: PSP), adding that “energy is the next sector to go.”
Liz Young of BNY Mellon Investment Management named iShares 7-10 Year Treasury Bond ETF (NASDAQ: IEF) as her final trade.
Jim Lebenthal of Cerity Partners named Qualcomm Incorporated (NASDAQ: QCOM), which is due to report quarterly earnings on Aug. 2.
“QCT, Qualcomm’s biggest division that sells processors for smartphones, cars, and other smart devices, reported $7.17 billion in sales, down 24% from a year earlier,” said CBC. “Handset chip sales are the biggest part of QCT, and those declined 25% year over year to $5.26 billion.”
According to a previous report by CNBC, Qualcomm finance chief Akash Palkhiwala said on an earnings call with analysts that handset remains difficult to predict the timing of a sustained recovery and customers remain cautious with purchases.
“The company’s automotive business, which sells chips and software for autonomous cars, was a bright spot, rising 13% to $434 million in revenue during the quarter,” said CBC.
Analysts expect Qualcomm to report quarterly earnings at $1.81 per share on revenue of $8.51 billion after the closing bell.
In a report by CNBC, Qualcomm CEO Cristiano Amon highlighted the chipmaker’s artificial intelligence strategy in a statement as semiconductor firms seek to capitalize on the industry focus on the chips needed to run software like OpenAI’s ChatGPT. He said Qualcomm’s ability to run AI models on phones, instead of on cloud servers, gives the company a chance for an “inflection point” that could drive growth in the future.
Stephanie Link of Hightower said McDonald’s Corporation (NYSE: MCD) reported one of the best quarters so far this earnings season.
McDonald’s reported second-quarter FY23 sales growth of 13.6% year-on-year to $6.50 billion, beating the analyst consensus of $6.29 billion. Adjusted EPS of $3.17 beat the analyst consensus of $2.79.
Price Action: McDonald’s shares fell 0.7% to settle at $291.07, while QUALCOMM shares fell 0.1% to close at $132.08 on Tuesday.
Produced in association with Benzinga
Edited by Priscilla Jepchumba and Judy J. Rotich