Stocks moved sharply in after-hours trading as a wave of second-quarter results and outlook updates hit markets across autos, software, semiconductors and consumer staples. The largest swings came from Ford, CoStar, KLA, Seagate and Teradyne, with investor focus centered on earnings quality, margins and forward guidance.
Key takeaways
- Ford shares jumped 6% after results beat expectations and the company raised its 2026 earnings outlook, despite slightly weaker automotive revenue.
- CoStar fell 12% as revenue missed expectations and the outlook for the current quarter came below consensus.
- Seagate surged 8% following an outlook that materially beat analyst expectations for both earnings and revenue.
- KLA dropped 9% on disappointing first-quarter guidance, underscoring investors’ sensitivity to semiconductor equipment demand signals.
- Visa slid nearly 2% after fiscal 2026 guidance underwhelmed the Street, even as the company reiterated mid-teens adjusted earnings growth.
What drove the biggest after-hours moves
Ford and CoStar delivered contrasting signals from earnings and outlook. Ford shares rose 6% after the automaker reported second-quarter adjusted earnings that beat expectations and increased its 2026 earnings outlook. However, automotive revenue came in slightly below what analysts surveyed by LSEG had expected. CoStar, by contrast, declined 12% as second-quarter revenue missed analyst estimates and management guided current-quarter revenue to a range of $935 million to $945 million, below the $967.5 million consensus.
In consumer and industrials, margins and profitability helped separate winners and losers. Mondelez gained about 1% after reporting second-quarter profit of 73 cents per share on revenue of $9.36 billion. Analysts polled by LSEG expected 68 cents per share and $9.20 billion, and adjusted gross margin of 34% beat a consensus call for 32.8%. PPG Industries fell about 4% after adjusted EBITDA and earnings per share did not meet Wall Street estimates, although the company reaffirmed full-year earnings per share guidance.
In software and data security, guidance weighed on sentiment. Manhattan Associates climbed 7% after second-quarter earnings and revenue exceeded analyst estimates, and it raised full-year profit and revenue forecasts. Varonis Systems dropped 8% after current-quarter guidance disappointed. The company projected third-quarter adjusted earnings of 2 to 3 cents per share, compared with a FactSet consensus of 2 cents, while revenue was expected between $185 million and $188 million versus $186.1 million expected by analysts.
Semiconductors and equipment: the market punished weak guidance
Semiconductor equipment moves were driven by forward-looking profit and sales forecasts. KLA slid 9% after issuing first-quarter adjusted earnings guidance of $1.16 per share (plus or minus 10 cents), compared with an LSEG estimate of $1.14 per share. Revenue was guided to roughly $4 billion (plus or minus $200 million) versus a Street estimate of $3.92 billion, but investors focused on the overall outlook tone. Skyworks Solutions fell 10% following a third-quarter adjusted margin outcome that narrowly missed expectations (44.9% versus 45.0%) and slightly weaker projected fourth-quarter adjusted EPS (expected $1.27 versus $1.28 consensus).
Higher expectations were rewarded in other parts of the semiconductor supply chain. Teradyne surged 14% after second-quarter adjusted earnings and revenue, along with third-quarter profit and sales forecasts, topped Street estimates, according to FactSet. Seagate Technology rose 8% after its outlook exceeded analyst expectations; the company projected first-quarter adjusted earnings of about $7.30 per share versus $5.80 expected, and revenue of roughly $4.1 billion versus a $3.75 billion estimate, according to LSEG. Shares of Western Digital rose 4% in sympathy.
NXP Semiconductors and additional semis updates reflected more mixed operational signals. NXP Semiconductors fell 5%. While non-GAAP gross margin in the second quarter came in at 58.0%, matching the Street’s forecast, the company guided third-quarter adjusted earnings to a range of $3.89 to $4.32 per share versus an LSEG estimate of $3.98. The market also reacted to Skyworks’ margin and EPS expectations, reinforcing investors’ emphasis on profitability trends.
Payments, staffing changes and supply-chain software
Visa’s guidance and workforce actions added to the stock’s weakness. Visa fell nearly 2% after fiscal 2026 guidance underwhelmed the Street. The company reaffirmed adjusted nominal dollar earnings-per-share growth in the mid-teens, which was roughly in line with a FactSet consensus estimate of 14.7%. Separately, the company said earlier in the day it would cut about 2,600 jobs, or roughly 7% of headcount.
Manhattan Associates, meanwhile, offered a more constructive forward view. The supply chain software provider rose 7% after reporting second-quarter earnings and revenue above analyst estimates and raising full-year profit and revenue forecasts, contributing to optimism around demand for logistics and supply chain technology.
What investors will watch next
With the after-hours read-through dominated by guidance, investors are likely to focus next on how companies’ third- and first-quarter outlooks translate into near-term demand assumptions, particularly in semiconductors and industrial segments. More broadly, attention will shift to upcoming earnings updates and any follow-on commentary around margins and capital allocation, alongside the next major macro catalysts that can influence discount rates and risk appetite.
