CREE, PLCM, STM, USG, ASTI, ISRG, NVR Popular Stocks
U.S. stocks traded lower Wednesday, with the Dow Jones Industrial Average down 0.71% to 9970, the S&P 500 slipped 0.67% to 1084 and the Nasdaq Composite declined 0.53% to 2152.
Cree Inc.’s (NASDAQ:CREE, $45.87, +$4.71, 11.44%) fiscal first-quarter profit more than tripled on surging margins and revenue as the semiconductor and light-emitting-diode, or LED, lighting company easily topped estimates. The company also projected fiscal second-quarter results above analysts’ expectations.
Shares of Polycom Inc. (NASDAQ:PLCM, $21.93, -$4.44, -16.84%) dropped Wednesday, a day after the video-conferencing company reported mixed results that analysts said were weighed down by higher-than-projected spending.
STMicroelectronics NV’s (NYSE:STM, $9.13, -$0.61, -6.26%) third-quarter loss, its seventh in a row, narrowed despite a double-digit revenue decline on smaller one-time items. The loss was bigger than Wall Street expected, though revenue came in just above the high end of the company’s expectations.
USG Corp.’s (NYSE:USG, $14.93, -$1.90, -11.29%) third-quarter loss widened as the building-products company reported higher charges and slumping revenue. The results came in below analysts’ expectations.
Ascent Solar Technologies Inc. (NASDAQ:ASTI, $6.15, +$0.15, 2.50%) said it reached a milestone in the development of its thin-film solar modules, saying it achieved 14% cell efficiency for its Copper, Indium, Gallium, Selenide product.
Intuitive Surgical Inc. (NASDAQ:ISRG, $251.75, -$15.70, -5.87%) posted a 12% increase in third-quarter earnings, boosted by higher revenue and a gain from deferred revenue, offsetting lower margins. The stock, of which more than 10% is sold short, still declined.
Home builder NVR Inc. (NYSE:NVR, $705.12, +$36.38, 5.44%) reported a 97% surge in third-quarter earnings–smashing analysts’ expectations–as its profit margin increased absent land charges.
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