- Another round of earnings reports on Thursday turned into another set of winners and losers on Wall Street.
- Cleveland-Cliffs (NYSE:CLF) and D.R. Horton (NYSE:DHI) both dropped in midday action after their respective quarterly reports. On the other side of the spectrum, strong financial figures inspired a rally in Resources Connection (NASDAQ:RGP).
- Though earnings news dominated the headlines Thursday, some other favorite themes took their share of the spotlight as well.
- Regulatory fears resurfaced with a renewed look at Apple (NASDAQ:AAPL) and other Big Tech mainstays. Meanwhile, Gamestop (NYSE:GME) shared some details on how it would take advantage of its meme-stock status.
- Cleveland-Cliffs issued disappointing quarterly results. The company's Q2 EPS of $1.46 missed expectations by $0.05, though it did top revenue projections with a figure of $5B.
- Hurt by the earnings miss and conservative guidance, CLF slipped nearly 6% in midday trading.
- D. R. Horton announced quarterly financial figures that included better-than-expected results for both earnings and revenue. The company also raised its full-year forecast.
- However, shares of the homebuilder had rallied significantly in the run-up to its earnings release. The quarterly report was not enough to inspire a further advance, leaving DHI lower by more than 2.5% in Thursday's midday action.
- Resources Connection moved the other direction on earnings news. The company exceeded expectations on both the top and bottom lines, sparking a substantial rally in its shares. In midday action, RGP was up 19%.
- Turning to non-earnings news, Apple once again found itself under regulatory scrutiny. This time, the Federal Trade Commission voted to increase enforcement against repair restrictions.
- Despite the news, AAPL ticked up more than 1% in Thursday's midday trading.
- GameStop gained notoriety and the opportunity to raise cash when it became an early meme-stock darling. Now, the company's chairman says the firm will use some of its resources to improve the company's stores.
- GME fell about 4.5% during Thursday's midday trading. However, the stock remains more than 800% higher year-to-date and more than 4,000% above its level at this time last year.