Qualcomm Soars Amid US-Iran Tensions and Oil Price Surge
The US-Iran conflict sent shockwaves through global markets on Wednesday, causing stock futures to slide as oil prices rose above $100 a barrel for the first time since July.
Qualcomm, however, was one of the few bright spots in an otherwise gloomy day. The chipmaker had announced a deal with Amazon just 24 hours earlier, leading to a 3.2% gain on Tuesday and further gains in premarket trading on Wednesday.
Not all companies fared as well, however. ServiceTitan plummeted 19% despite reporting better-than-expected second-quarter earnings, due in part to a weak revenue outlook. The company's adjusted earnings per share came in at $0.40, beating the $0.35 consensus, but its full-year guidance of $1.139 billion to $1.144 billion was slightly below analyst expectations.
On the other hand, Chime Financial and Lithium Americas bucked the trend with significant gains. Chime rose 11% after agreeing to buy Stride Bank for $590 million in cash, while Lithium Americas gained 5% following an upgrade from JPMorgan to Overweight with a price target of $6 per share.