UPS, the package delivery company, is facing its worst day ever as shares sank more than 13% following a disappointing second-quarter earnings report. The company fell short of analyst expectations on both revenue and earnings, leading to a cut in guidance for the year. UPS now expects revenues for 2024 to be around $93 billion, lower than the previous forecast of up to $94.5 billion.
The company reported adjusted earnings of $1.79 per share on $21.8 billion in revenue, missing estimates of $1.99 per share and $22.18 billion in revenue. This news has caused UPS shares to head for their worst day in history.
In contrast, Coca-Cola shares are on the rise after the beverage giant beat expectations for the second quarter. The company reported 84 cents in adjusted earnings per share on $12.36 billion in revenue, exceeding analyst estimates. Coca-Cola also raised its full-year guidance for organic revenue growth.
On the cryptocurrency front, Ether funds have officially started trading on exchanges in the United States. The price of Ether fell slightly on Tuesday morning, despite being up over 50% for the year. The debut of Ether ETFs does not seem to have generated the same level of demand as seen with Bitcoin funds.
In the housing market, existing home sales declined in June, but the median sales price hit a new record high. Sales totaled 3.89 million, a 5.4% decline from the previous month and below estimates. However, the median sales price rose 4.1% from a year ago to $426,900, marking the 12th consecutive month of price increases.
Overall, the stock market opened little changed on Tuesday, with the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average showing minimal movement. European markets also inched higher as investors awaited earnings reports from regional companies.
In summary, it’s been a mixed day for the markets, with some companies facing challenges while others are exceeding expectations. Investors will be closely watching how these developments unfold in the coming days.
