Stocks moved broadly in extended trading after a wave of earnings reports and company-specific announcements across sectors ranging from technology and industrials to consumer services and real estate. Alphabet and Shutterstock weighed on sentiment after forecast and payout decisions, while ServiceNow and Medpace surged following results that beat estimates and included upgraded guidance.
Key takeaways
- Multiple stocks swung after earnings, with ServiceNow rising more than 2% and Medpace climbing about 19%, while Alphabet and Shutterstock fell after results and policy updates.
- Catalysts were largely earnings and guidance, including profit and revenue beats or misses and management outlook changes.
- AI demand expectations shaped Alphabet’s reaction, but higher capital expenditure guidance pressure the stock lower despite revenue topping estimates.
- Shareholder and business momentum issues drove other declines, with Shutterstock suspending its quarterly dividend and Rollins missing consensus.
- Investors focused on fundamentals and forward outlook, rewarding companies that raised guidance and penalizing those that missed or signaled softer growth.
What drove the biggest moves in extended trading
Alphabet fell more than 4% after the company raised its 2026 capital expenditures forecast to a range of $195 billion to $205 billion, a move investors linked to artificial intelligence demand. Separately, Alphabet reported fiscal second-quarter revenue of $119.8 billion, topping expectations of $116.93 billion, according to LSEG. The stock’s decline suggested investors were looking beyond the headline revenue beat to the implications of heavier spending plans.
Rollins dropped about 10% after second-quarter results missed Wall Street expectations. The pest control company reported earnings of 30 cents per share on revenue of $1.08 billion, while FactSet consensus called for 34 cents per share and $1.09 billion in revenue. Management pointed to slower growth in parts of its residential pest control business, which likely weighed on the market’s view of near-term demand.
Shutterstock slid about 10% in the wake of an apparent shift in shareholder policy: the company suspended its quarterly dividend. The move came shortly after former CEO Paul Hennessy stepped down effective immediately July 13, two weeks after Getty Images walked away from a deal to buy Shutterstock, according to the report.
ServiceNow gained more than 2% after posting a stronger-than-expected second quarter. Adjusted earnings were 90 cents per share on revenue of $3.99 billion, ahead of the LSEG consensus of 85 cents and $3.93 billion. The company also lifted its outlook for subscription revenue for the full year, a change that typically signals improved visibility for recurring revenue streams.
Las Vegas Sands fell 6% after missing both the top and bottom lines. Adjusted earnings were 59 cents per share versus the LSEG consensus of 75 cents, and revenue came in at $3.15 billion compared with an estimate of $3.33 billion. The results underscored continued pressure in the market’s expectations for the casino operator’s performance.
SL Green Realty declined more than 4% in extended trading after reporting second-quarter revenue of $171.8 million, below analysts’ consensus of $179.0 million based on FactSet data. The stock had risen 16% over the prior three months before the results, indicating that expectations were already elevated going into the quarter.
QuantumScape slipped about 3% after posting a narrower loss than analysts expected. The battery manufacturer reported a loss of 16 cents per share for the quarter, compared with an expected 18 cents per share, per FactSet. Despite the improvement versus estimates, the stock moved lower, with the company reaffirming full-year guidance for adjusted loss before interest, taxes, depreciation and amortization in the range of $250 million to $275 million, and FactSet’s consensus at $256 million.
Other earnings reactions across software, rail, industrials and healthcare
Medpace Holdings surged about 19% after delivering an upside surprise. The outsourced clinical development services provider reported second-quarter earnings per share and revenue above Wall Street consensus and raised full-year guidance for earnings, revenue and EBITDA above its prior forecasts. The stock’s sharp move reflected how guidance increases can amplify the impact of quarterly beats.
CSX jumped around 4% as results benefited from strong demand for intermodal shipments and higher pricing. The railroad operator earned 54 cents per share, two cents above analysts’ expectations, according to FactSet. Revenue rose 10% to $3.94 billion, ahead of the $3.89 billion expected, reinforcing the market’s focus on pricing power and shipment volumes.
IBM was higher by about 2% despite a results miss versus consensus and an earlier earnings warning issued last week. Adjusted earnings were $2.93 per share, slightly below consensus by 4 cents, according to LSEG, while revenue of $17.16 billion fell short of the $17.58 billion estimate. The stock’s rise suggested investors may have been weighing other factors beyond the strict beat/miss line, though the report did not specify details.
Tesla declined about 3% after reporting adjusted earnings of 33 cents per share, missing expectations by 18 cents per share, according to LSEG. Revenue, however, beat estimates at $28.24 billion versus expectations of $25.71 billion, highlighting a split between profitability performance and sales growth.
Texas Instruments fell around 3% even after topping estimates. The chipmaker reported earnings per share of $2.14, above expectations of $1.93, according to LSEG, and revenue of $5.46 billion versus $5.25 billion expected. The decline indicated that investors may have focused on other aspects of the quarter or forward outlook not captured in the report excerpt.
Southwest Airlines eased about 1% after quarterly results came up short. Revenue was $8.43 billion versus estimates of $8.58 billion, per LSEG, and its third-quarter forecast also missed expectations.
United Rentals rose about 10% on an earnings beat and guidance raise. Adjusted earnings were $12.76 in the second quarter on revenue of $4.41 billion, surpassing the FactSet consensus of $11.54 per share and $4.21 billion. The company also increased its full-year outlook, forecasting revenue between $17.5 billion and $17.8 billion, above analysts’ forecast of $17.27 billion.
What to watch next
With extended trading already reacting to quarterly prints and outlook changes, the next catalyst for investors is likely to be additional company-specific guidance updates and the broader macro backdrop for markets. Attention will turn to the next round of earnings releases and scheduled economic data, alongside prevailing expectations for interest rates and inflation that continue to shape equity valuations across growth and cyclical sectors.
