American Electric Power Stock (NASDAQ: AEP)

American Electric Power (NASDAQ:AEP) Stock, Quote.Headers.trade-ideas

American Electric Power

American Electric Power is one of the largest regulated utilities in the United States, providing electricity generation, transmission, and distribution to more than 5 million customers in 11 states. About 42% of AEP's of capacity is coal, with the remainder from a mix of natural gas (27%), renewable energy and hydro (21%), nuclear (8%), and demand response (2%). Vertically integrated utilities, transmission and distribution, and generation and marketing support earnings.

Analyst Color

Equities

Large Cap

Macro Economic Events

Mid Cap

Sector ETFs

Small Cap

Econ #s

Economics

Markets

Tech

ETFs

Utilities sector surges in 2024, outpacing tech by 9 percentage points. Defensive stocks lead amid rising volatility and demand for data centers.

This Under-The-Radar Defensive AI Sector Quietly Outperforms All Others, Despite Receiving &#39;No Love&#39; From Investors

Earnings

News

Analyst Ratings

Trading Ideas

American Electric Power Company, Inc. (NASDAQ: AEP) is deploying systematic investments in infrastructural upgrades to enhance the reliability of its operations and serve its utility customers efficiently. The company is also making consistent investments to boost its renewable generation portfolio.

AEP Stock Rides on Investments Despite High Interest Rates

Dividends

Contracts

The AES Corporation (NYSE: AES) is a global energy company. Its strategic investments to expand its clean energy generation capacity and construction of new generation, transmission and distribution projects are likely to boost its performance.

Here&#39;s Why You Should Add AES to Your Portfolio Right Now

American Electric Power Company, Inc. - Common Stock

American Electric Power Co Inc

AI ENERGY PUB CO LTD by AI ENERGY PUB CO LTD.

AI Energy PCL

ANGLO ESTRN PLNTION ORD by Anglo Eastern Plantation plc

Anglo-Eastern Plantations PLC

AMERICAN ENGY PARTNERS by American Energy Partners, Inc.

American Environmental Partners Inc

The utilities sector has emerged as the top-performing sector within the S&amp;P 500 <a href="https://www.benzinga.com/markets">so far in 2024</a>.
As of Sept. 11, the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) has surged 22% year-to-date, outpacing all other sectors and even surpassing the technology sector – tracked by the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) – by 9 percentage points.
This marks a significant turnaround for utilities, which trailed tech by 40 percentage points in 2023.
<h3 class="wp-block-heading">Chart: Utilities Sector Outperforms S&amp;P 500, Tech Stocks In 2024</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="445" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/11161618/image-89-1024x445.png" alt="" class="wp-image-543220" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/11161618/image-89-1024x445.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/11161618/image-89-300x130.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/11161618/image-89-768x334.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/11161618/image-89-1536x667.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/11161618/image-89.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image: <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent091124&amp;t=be2bearmibe3na1">Benzinga Pro</a></figcaption></figure>
<h3 class="wp-block-heading">The Drivers Behind The Utility Sector Surge</h3>
The robust performance of utilities stocks in 2024 has caught many investors by surprise, especially given the broader market&#8217;s focus on growth sectors like technology in recent years. 
&#8220;There is an undeniable defensive undertone here, as defensive stocks like utilities and consumer staples are leading the charge. The lack of momentum in the previously unstoppable &#8216;Magnificent 7&#8217; tech stocks could be signaling a shift in market sentiment,&#8221; analyst Michael Gayed.
This move toward defensive assets is particularly significant amid rising concerns over macroeconomic volatility and an increasingly unpredictable interest rate environment.
Bank of America recently raised its outlook for the utilities sector to Overweight, citing a combination of income and quality characteristics, which have become increasingly attractive as volatility rises.
&#8220;Client flows have suggested no love for the sector, but single stocks have begun to see inflows in recent weeks and ETF flows have begun to trend positively since the spring,&#8221; analysts at Bank of America highlighted.
&#8220;It's remarkable that the most defensive sector of the S&amp;P 500 has officially become the year&#8217;s top performer, despite the widespread consensus that the economy is doing well,&#8221; Otavio Costa, a macro strategist at Crescat Capital, said in a post on social media X.
<h3 class="wp-block-heading">Utilities Meet Rising Demand For AI-Driven Data Centers</h3>
Indeed, a critical factor boosting the utilities sector is the rising demand for electricity tied to the growth of AI-linked data centers. 
Carly Davenport, an analyst at Goldman Sachs, highlighted this trend in a note, saying, &#8220;Data center growth is starting to contribute meaningfully to power demand, and we've seen further positive revisions to the pipeline.&#8221;
Goldman Sachs estimates that data centers will be the largest driver of U.S. power demand growth, contributing around 90 basis points (bps) to the nation&#8217;s 2.4% power demand compound annual growth rate through 2030. 
This increase in demand is expected to lead to incremental capital investments in transmission and generation capacity, potentially driving further upside for utilities stocks over the next several years.
<h3 class="wp-block-heading">Top-Performing Utility Stocks in 2024</h3>
Several utility companies have experienced outsized gains this year, driven by strong earnings, strategic investments, and sectoral tailwinds. Here&#8217;s a look at the top-performing utility stocks year-to-date through Sept. 11:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Price Chg. % (YTD)</td>
</tr>
<tr>
<td>Vistra Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>)</td>
<td>107.95%</td>
</tr>
<tr>
<td>Constellation Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CEG#NYSE">CEG</a>)</td>
<td>60.22%</td>
</tr>
<tr>
<td>NRG Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>)</td>
<td>54.88%</td>
</tr>
<tr>
<td>NextEra Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>)</td>
<td>37.39%</td>
</tr>
<tr>
<td>Public Service Enterprise Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PEG#NYSE">PEG</a>)</td>
<td>34.52%</td>
</tr>
<tr>
<td>American Electric Power Company, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEP#NYSE">AEP</a>)</td>
<td>26.86%</td>
</tr>
<tr>
<td>The Southern Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SO#NYSE">SO</a>)</td>
<td>26.63%</td>
</tr>
</tbody>
</table>
</figure>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40794070/exclusive-lazard-small-cap-expert-predicts-30-50-russell-2000-rally-on-the-back-of-">EXCLUSIVE: Lazard Small-Cap Expert Predicts 30%-50% Russell 2000 Rally On The Back Of Lower Interest Rates (UPDATED)</a></li>
</ul>
Photo: Shutterstock

This Under-The-Radar Defensive AI Sector Quietly Outperforms All Others, Despite Receiving 'No Love' From Investors

BMO Capital analyst James Thalacker maintains American Electric Power (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEP#NASDAQ">AEP</a>) with a Outperform and raises the price target from $105 to $109.

Price Target

BMO Capital Maintains Outperform on American Electric Power, Raises Price Target to $109

American Electric Power Company, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aep#NASDAQ">AEP</a>) is deploying systematic investments in infrastructural upgrades to enhance the reliability of its operations and serve its utility customers efficiently. The company is also making consistent investments to boost its renewable generation portfolio.
However, this Zacks Rank #3 (Hold) company faces risks like rising interest rates and an unfavorable financial position, which act as a headwind.
<h2>AEP&#39;s Tailwinds</h2>
American Electric has a capital investment plan of $43 billion for the 2024-2028 period in its core regulated operations, contracted renewables and wires. This should boost AEP&#39;s customer reliability. The company expects this systematic investment to support it in achieving long-term earnings growth of 6-7%.
Moreover, American Electric intends to invest roughly $27.3 billion in its transmission and distribution operations between 2024 and 2028 to build a more efficient grid and provide consumers with customized energy solutions.
In the clean energy space, as of June 30, 2024, AEP has regulatory nods from several state regulatory commissions to purchase 2,811 megawatts of owned renewable generation facilities for a total estimated cost of $6.6 billion. It plans to invest $9.4 billion in controlled renewable expansion between 2024 and 2028. This should further boost its renewable generation portfolio in the years to come.
<h2>Headwinds Faced by AEP</h2>
Since utility firms like American Electric Power finance their operations through both short and long-term borrowings, the increased interest rate environment in the United States remains a headwind for AEP in the form of higher interest expenses. In the second quarter of 2024, the company&#39;s interest expenditure increased by 1.2% year over year. If American Electric continues to face such escalating interest costs, it might adversely affect its financial situation in the near future.
As of June 30, 2024, American Electric had $40 billion in long-term debt, while its cash equivalents totaled $0.47 billion. As of the same date, its current debt was $3.75 billion. As both AEP&#39;s current and long-term debt levels remained far greater than its cash reserve, the company seems to have a weak position with respect to its solvency.
<h2>AEP Stock Price Movement</h2>
In the past three months, shares of AEP have risen 11.8% compared with the industry&#39;s growth of 3.6%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/dc/75929.jpg?v=1237332659" />
Image Source: Zacks Investment Research
<h2>Stocks to Consider</h2>
Some better-ranked stocks from the same industry are DTE Energy Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dte#NYSE">DTE</a>), The AES Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aes#NYSE">AES</a>) and NiSource Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ni#NYSE">NI</a>), each carrying a Zacks Rank #2 (Buy) at present.
DTE Energy&#39;s long-term (three to five years) earnings growth rate is 8.1%. The company delivered an average earnings surprise of 0.77% in the last four quarters.
AES delivered an average earnings surprise of 19.18% in the last four quarters. The Zacks Consensus Estimate for AES&#39; 2024 sales suggests an improvement of 3.6% from the prior-year reported figure.
NiSource&#39;s long-term earnings growth rate is 6%. The company delivered an average earnings surprise of 20.64% in the last four quarters.
<a href="https://www.zacks.com/stock/news/2328992/aep-stock-rides-on-investments-despite-high-interest-rates?cid=CS-BENZ-FT-analyst_blog|zer_report_update-2328992">To read this article on Zacks.com click here.</a>

B of A Securities analyst Julien Dumoulin-Smith maintains American Electric Power (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEP#NASDAQ">AEP</a>) with a Underperform and raises the price target from $97 to $98.

B of A Securities Maintains Underperform on American Electric Power, Raises Price Target to $98

The AES Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aes#NYSE">AES</a>) is a global energy company. Its strategic investments to expand its clean energy generation capacity and construction of new generation, transmission and distribution projects are likely to boost its performance. Given its growth opportunities, AES makes for a solid investment option in the Utility sector.
The company currently carries a Zacks Rank #2 (Buy). Let&#39;s look at the factors that are driving the stock.
<h2>Growth Projections &amp; Surprise History of AES</h2>
The Zacks Consensus Estimate for 2024 and 2025 earnings per share is pegged at $1.91 and $2.08, respectively, which indicates year-over-year growth of 8.5% and 8.8%.
The consensus estimate for 2024 and 2025 sales is pegged at $13.32 billion and $13.77 billion, respectively, which indicates year-over-year growth of 5.1% and 3.4%.
AES delivered an average earnings surprise of 19.18% in the past four quarters.
<h2>AES Stock&#39;s Dividend Yield</h2>
AES distributes dividends to shareholders on a regular basis. Its current dividend yield is 3.82%, which is better than the industry&#39;s average of 3.44%.
<h2>AES&#39; Return on Equity</h2>
AES&#39; current return on equity (ROE) is pinned at 32.74%, which is more than the industry average of 10.34%. ROE, a profitable measure, reflects how effectively a company is utilizing its shareholders&#39; funds in its operations to generate income.
<h2>AES&#39; Investments</h2>
AES is one of the forerunners in the utility industry&#39;s transition to clean energy by investing in sustainable growth and innovative solutions. Notably, the company completed the construction and the acquisition of 976 megawatts of wind, solar and energy storage, during the second quarter of 2024. It signed long-term contracts for 1 gigawatt (GW) of new renewables.
AES signed agreements to support 1.2 GW of new data center load at U.S utilities. It also signed 15-year power purchase agreements for 727 MW of wind and solar energy to serve data center growth in Texas and a 310 MW retail supply agreement to support data centers throughout Ohio.
This should help the company to duly add 3.6 GW of new renewable projects to its portfolio in 2024 and 14-17 GW of renewable energy capacity to its project portfolio during the 2023-2025 time period.
<h2>AES Stock Performance</h2>
Shares of AES have gained 22% in the past six months compared with the sector&#39;s 18.3% growth.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/a5/75393.jpg?v=956434569" />
Image Source: Zacks Investment Research
<h2>Other Stocks to Consider</h2>
Some other top-ranked stocks in the industry are American Electric Power Company, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aep#NASDAQ">AEP</a>), PPL Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ppl#NYSE">PPL</a>) and NiSource Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ni#NYSE">NI</a>). Each of these stocks currently carries a Zacks Rank of 2.
American Electric Power&#39;s long-term (three to five years) earnings growth rate is 6.20%. The Zacks Consensus Estimate for 2024 sales indicates year-over-year growth of 5.7%.
PPL Corporation&#39;s long-term earnings growth rate is 6.80%. The consensus estimate for 2024 earnings indicates year-over-year growth of 7.5%.
NiSource delivered an average earnings surprise of 20.64% in the last four quarters. The Zacks Consensus Estimate for 2024 earnings indicates year-over-year growth of 7.5%.
<a href="https://www.zacks.com/stock/news/2327144/here-s-why-you-should-add-aes-to-your-portfolio-right-now?cid=CS-BENZ-FT-analyst_blog|rank_focused-2327144">To read this article on Zacks.com click here.</a>

Here's Why You Should Add AES to Your Portfolio Right Now

Morgan Stanley analyst Stephen Byrd maintains American Electric Power (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEP#NASDAQ">AEP</a>) with a Overweight and raises the price target from $95 to $102.

Morgan Stanley Maintains Overweight on American Electric Power, Raises Price Target to $102

American Electric Power's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEP#NYSE">AEP</a>) short percent of float has risen 8.67% since its last report. The company recently reported that it has 8.67 million shares sold short, which is 1.63% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.07 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>American Electric Power Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1724253310_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for American Electric Power has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing American Electric Power's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, American Electric Power's peer group average for short interest as a percentage of float is 2.09%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

How Is The Market Feeling About American Electric Power?

Scotiabank analyst Andrew Weisel maintains American Electric Power (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEP#NASDAQ">AEP</a>) with a Sector Outperform and raises the price target from $99 to $108.

Scotiabank Maintains Sector Outperform on American Electric Power, Raises Price Target to $108

EverCharge Partners With Public Service Company of Oklahoma, A Subsidiary Of American Electric Power, For Strategic Collaboration On Large-Scale EV Charging Solutions

JP Morgan analyst Jeremy Tonet maintains American Electric Power (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEP#NASDAQ">AEP</a>) with a Overweight and raises the price target from $101 to $108.

JP Morgan Maintains Overweight on American Electric Power, Raises Price Target to $108

B of A Securities analyst Julien Dumoulin-Smith downgrades American Electric Power (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEP#NASDAQ">AEP</a>) from Neutral to Underperform and raises the price target from $96 to $97.

Downgrades

B of A Securities Downgrades American Electric Power to Underperform, Raises Price Target to $97

Barclays analyst Nicholas Campanella maintains American Electric Power (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEP#NASDAQ">AEP</a>) with a Equal-Weight and raises the price target from $91 to $96.

Barclays Maintains Equal-Weight on American Electric Power, Raises Price Target to $96

Scotiabank analyst Andrew Weisel maintains American Electric Power (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEP#NASDAQ">AEP</a>) with a Sector Outperform and raises the price target from $90 to $99.

Scotiabank Maintains Sector Outperform on American Electric Power, Raises Price Target to $99

BMO Capital analyst James Thalacker maintains American Electric Power (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEP#NASDAQ">AEP</a>) with a Outperform and raises the price target from $104 to $105.

BMO Capital Maintains Outperform on American Electric Power, Raises Price Target to $105

American Electric Power (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aep#NYSE">AEP</a>) came out with quarterly earnings of $1.25 per share, beating the Zacks Consensus Estimate of $1.23 per share. This compares to earnings of $1.13 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 1.63%. A quarter ago, it was expected that this utility would post earnings of $1.30 per share when it actually produced earnings of $1.27, delivering a surprise of -2.31%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
AEP, which belongs to the Zacks Utility - Electric Power industry, posted revenues of $4.58 billion for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 0.94%. This compares to year-ago revenues of $4.37 billion. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock&#39;s immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management&#39;s commentary on the earnings call.
AEP shares have added about 19.5% since the beginning of the year versus the S&amp;P 500&#39;s gain of 14.5%.
What&#39;s Next for AEP?
While AEP has outperformed the market so far this year, the question that comes to investors&#39; minds is: what&#39;s next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company&#39;s earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for AEP: favorable. While the magnitude and direction of estimate revisions could change following the company&#39;s just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $1.81 on $5.42 billion in revenues for the coming quarter and $5.59 on $20.14 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Utility - Electric Power is currently in the top 29% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Entergy (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/etr#NYSE">ETR</a>), another stock in the same industry, has yet to report results for the quarter ended June 2024. The results are expected to be released on August 1.
This power company is expected to post quarterly earnings of $1.76 per share in its upcoming report, which represents a year-over-year change of -4.4%. The consensus EPS estimate for the quarter has been revised 3.4% higher over the last 30 days to the current level.
Entergy&#39;s revenues are expected to be $2.94 billion, up 3.2% from the year-ago quarter.
<a href="https://www.zacks.com/stock/news/2311590/american-electric-power-aep-q2-earnings-and-revenues-top-estimates?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_4-2311590">To read this article on Zacks.com click here.</a>

Earnings Beats

American Electric Power Q2 Earnings and Revenues Top Estimates

Investor sentiment took a hit on Tuesday as caution prevailed ahead of significant market events, including key tech earnings reports and the Federal <a href="https://www.benzinga.com/economics/macro-economic-events/24/07/40042583/will-powell-hint-at-september-rate-cut-what-major-us-investment-banks-expect-from">Open Market Committee meeting.</a>
The Nasdaq 100, heavily weighted with tech stocks, experienced the most significant decline among major U.S. indices, dropping 1.5%. Semiconductor stocks were particularly affected, with Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) plummeting over 6% to a two-month low, impacting the entire industry. 
Consequently, the iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>) fell nearly 3%, marking its sixth negative close in the last eight sessions.
The S&amp;P 500 also dipped 0.8%, primarily due to its heavy tech exposure, while the Dow Jones and Russell 2000 managed to avoid losses. Notably, the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) has outperformed tech stocks by 15% so far this month.
Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) declined more than 1% ahead of its post-market earnings announcement, while Apple Inc., Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), and Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) experienced smaller losses in anticipation of their reports later in the week.
Crowdstrike Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) was the worst-performing tech stock on Tuesday, plunging nearly 12% after Delta Air Lines announced it would seek compensation from the cybersecurity firm for last week's outage.
Meanwhile, Treasury yields remained steady, gold edged up 0.3%, and the Japanese yen, tracked by the Invesco CurrencyShares Japanese Yen Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXY#NYSE">FXY</a>), gained 0.4% against the dollar in anticipation of a potential Bank of Japan rate hike.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 1.5% to $65,812.
<h3 class="wp-block-heading">Tuesday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,607.10</td>
<td>0.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,242.74</td>
<td>0.1%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,422.36</td>
<td>-0.8%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,778.20</td>
<td>-1.5%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:38 p.m. ET</figcaption></figure>
<a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent073024&amp;t=be2bearmibe3na1">According to Benzinga Pro data:</a>
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.7% lower to $541.00.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.3% to $406.60.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 1.5% to $457.06.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.16% to $222.09.</li>
<li>Sector-wise, the Energy Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)&nbsp;outperformed, up 1.2%, while the&nbsp;Technology Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, down 2.4%.</li>
</ul>
<h3 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h3>
Stocks moving on earnings were:
<ul>
<li>F5, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIV#NASDAQ">FFIV</a>), up over 11%.</li>
<li>Hologic Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOLX#NASDAQ">HOLX</a>), up 2.7%</li>
<li>Woodward Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WWD#NASDAQ">WWD</a>), down 18%.</li>
<li>Chesapeake Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHK#NYSE">CHK</a>), down 0.6%.</li>
<li>Amkor Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMKR#NASDAQ">AMKR</a>), down 18%.</li>
<li>Crane Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CR#NYSE">CR</a>), down 4%. </li>
<li>Lattice Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LSCC#NASDAQ">LSCC</a>), down 8%. </li>
<li>Procter &amp; Gamble Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PG#NYSE">PG</a>), down 5.6%. </li>
<li>Merck &amp; Company Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), down 10%. </li>
<li>Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>), down 0.5%. </li>
<li>S&amp;P Global Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SP#NYSE">SP</a>), down 0.7%. </li>
<li>Illinois Tool Works Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITW#NYSE">ITW</a>), down 0.5%,</li>
<li>PayPal Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>), up 7.4%. </li>
<li>Ecolab Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ECL#NYSE">ECL</a>), down 8.4%.</li>
<li>Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>), up 5.2%. </li>
<li>American Electric Power Company, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEP#NASDAQ">AEP</a>), flat. </li>
<li>Gartner Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IT#NYSE">IT</a>), up 6.7%. </li>
<li>Archer-Daniels-Midland Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADM#NYSE">ADM</a>), down 0.4%</li>
<li>JetBlue Airways Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBLU#NASDAQ">JBLU</a>), up 17%.</li>
<li>LGI Homes, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LGIH#NASDAQ">LGIH</a>), up 8%. </li>
<li>Logitech International S.A. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LOGI#NASDAQ">LOGI</a>), up 0.6%. </li>
<li>Restaurant Brands International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>), down 0.5% </li>
<li>SoFi Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>) down 1.9%. </li>
</ul>
Companies reporting earnings after the close include: 
<ul>
<li>Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>)</li>
<li>Arista Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANET#NYSE">ANET</a>)</li>
<li>Caesars Entertainment, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CZR#NASDAQ">CZR</a>)</li>
<li>DoubleVerify Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DV#NYSE">DV</a>)</li>
<li>Electronic Arts Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EA#NASDAQ">EA</a>)</li>
<li>First Solar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>)</li>
<li>Freshworks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FRSH#NASDAQ">FRSH</a>)</li>
<li>Live Nation Entertainment, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LYV#NYSE">LYV</a>)</li>
<li>Match Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTCH#NASDAQ">MTCH</a>)</li>
<li>Microsoft</li>
<li>Mondelez International, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDLZ#NASDAQ">MDLZ</a>)</li>
<li>Pinterest, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINS#NYSE">PINS</a>)</li>
<li>Skyworks Solutions, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWKS#NASDAQ">SWKS</a>)</li>
<li>Starbucks Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) </li>
<li>Qorvo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>).</li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/07/40044042/job-openings-hold-steady-in-june-ahead-of-crucial-july-labor-market-data-why-this">Job Openings Hold Steady In June Ahead Of Crucial July Labor Market Data: Why This Analyst Expects Robust Payrolls</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Bonds

Broad U.S. Equity ETFs

Commodities

Legal

Treasuries

Federal Reserve

$BTC

AMKR

ANET

CRWD

SPDR Dow Jones Industrial Average ETF Trust

FFIV

FRSH

FSLR

GOOGL

HOLX

JBLU

LGIH

LOGI

LSCC

MDLZ

MSFT

MTCH

NVDA

PINS

PYPL

QRVO

RMBS

SANM

SBUX

SOFI

iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

SWKS

TLRY

Select Sector SPDR-Consumer Discretionary

Tech Stocks Drop Ahead Of Key Earnings; Nvidia Falls, CrowdStrike Hits 8-Month Low: What's Driving Markets Tuesday?

American Electric Power Company, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEP#NASDAQ">AEP</a>) reported the&nbsp;second quarter&nbsp;2024 revenue of&nbsp;$4.60 billion,&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/n40032882/aep-reports-second-quarter-2024-earnings-reaffirms-guidance" rel="noreferrer noopener">missing the consensus of&nbsp;$4.74 billion</a>.
Commercial load increased by 12.4% Y/Y, driven by over a 20% gain at its Transmission &amp; Distribution companies, with new data processing facilities coming online.
Total energy distribution rose&nbsp;2.0%&nbsp;Y/Y in the Vertically Integrated Utilities segment and&nbsp;12.0%&nbsp;in the Transmission &amp; Distribution Utilities segment.&nbsp;
Adjusted operating earnings rose to&nbsp;$662.0 million&nbsp;from&nbsp;$582.2 million&nbsp;a year ago.&nbsp;
Adjusted operating earnings from Vertically Integrated Utilities fell to&nbsp;$244.8 million&nbsp;from&nbsp;$260.4 million&nbsp;the prior year, and AEP Transmission Holdco grew to&nbsp;$208.9 million&nbsp;from&nbsp;$196.5 million in the prior&nbsp;year&#8217;s quarter.
Adjusted EPS&nbsp;of&nbsp;$1.25<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener"> beat the consensus of&nbsp;$1.23</a>.
In the quarter, the company launched a voluntary workforce reduction program involving around 1,000 employees and expects to see the program&#8217;s benefits in the latter half of the year.
FY24&nbsp;Outlook: American Electric Power reiterated adjusted operating earnings per share&nbsp;guidance at&nbsp;$5.53-$5.73<a target="_blank" href="https://www.benzinga.com//node/38531253" rel="noreferrer noopener"> vs.&nbsp;consensus of&nbsp;$5.62</a>.
The company also maintained a long-term growth rate <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">outlook of 6% to 7%</a>.
In June, American Electric appointed William J. &#8220;Bill&#8221; Fehrman as president and CEO,<a target="_blank" href="https://www.benzinga.com//node/39513754" rel="noreferrer noopener"> effective August 1, 2024</a>.
Ben Fowke, interim chief executive officer and president, said, &#8220;To help meet the growing energy needs of our customers and communities, we&#8217;re making steady progress transforming our generation fleet with active requests for proposals and plans to add more than 20 gigawatts of new resources over the next decade.&#8221;
&#8220;In June, Public Service Company of&nbsp;Oklahoma&nbsp;announced it will seek regulatory approval of an agreement to purchase Green Country, a 795-megawatt natural gas generation facility that will serve as a reliable and affordable local energy resource for customers.&#8221;
Investors can gain exposure to the stock via&nbsp;SPDR Select Sector Fund &#8211; Utilities (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) and&nbsp;Opal Dividend Income ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIVZ#NYSE">DIVZ</a>).
Price Action: AEP shares are down 0.18% at $96.90 premarket at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Guidance

DIVZ

American Electric Power's Q2 Highlights: Mixed Results, Job Cuts, Maintains Guidance

Wall Street is likely to tenaciously hold onto the slender optimism ahead of a slew of earnings from notable companies and the Federal Reserve&#8217;s <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40016926/markets-brace-for-crucial-interest-rate-shake-up-what-to-expect-from-federal-reserv">two-day rate-setting meeting that gets underway </a>on Tuesday. Traders appear to be overlooking some negative tech earnings released late Monday as they factor in better performances by their mega-cap counterparts.
Microsoft Corp.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) earnings report due after the market close could be sought after by traders to read the tea leaves for the results from its mega-cap peers such as Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Amazon, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>). Hopes of the Fed confirming that it would begin cutting in September are also buoying sentiment.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.21%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.21%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.19%</td>
</tr>
<tr>
<td>R2K</td>
<td>+0.35%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Tuesday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) moved up 0.23% to $545.99, and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) gained 0.23% to $464.97, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Session:
U.S. stocks meandered to a mixed close on Monday as traders turned cautious ahead of the key Main Street and earnings catalysts of the week. The major averages opened higher but gave back their gains and fell into negative territory by early afternoon trading. After staging a recovery in the afternoon, the major indices closed narrowly mixed.
Small-caps, which outperformed in recent sessions, witnessed some profit-taking, dragging the Russell 2,000 Index by over 1%.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Week&#8217;s Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+0.07%</td>
<td>17,370.20</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.08%</td>
<td>5,463.54</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-0.12%</td>
<td>40,539.93</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-1.09%</td>
<td>2,235.33</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Commenting on the FOMC meeting, fund manager Louis Navellier said it is virtually guaranteed that the FOMC statement will signal a key interest rate cut on Sept. 18, premising his expectation on the decline in the two-year Treasury yield from 5.046% on Apr. 30 to 4.385% on Jul. 26.
&#8220;So with the Fed finally joining other central banks and cutting key interest rates, the Fed will provide the &#8216;turbo boost&#8217; that the stock market needs to broaden out further and extend the current rally,&#8221; he said.
Wharton Professor Jeremy Siegel, Senior Economist to WisdomTree, said he expects Jerome Powell to indicate the potential for easing of monetary policies in September if the current economic trends continue. &#8220;He is unlikely to fully commit to this, as there's a lot of data before that September meeting—but the Fed's confidence in the inflation trajectory should have increased enough to start cutting rates,&#8221; the economist said. A steeper 50-basis-point cut is also likely if there is a sharp slowdown, he said, adding that jobless claims data doesn't point to that now.
Upcoming Economic Data:
<ul>
<li>The Fed meeting gets underway amid expectations that the central bank will signal its intention to cut rates, beginning in September.</li>
<li>The results of two separate May house price surveys by S&amp;P/Case-Shiller and the Federal House Finance Agency are due at 9 a.m. EDT.</li>
<li>The Bureau of Labor Statistics will release the results of its Job Opening and Labor Turnover survey for June at 10 a.m. EDT. Economists, on average, expect, job openings to fall from 8.140 million in May to 8.020 million in June.</li>
<li>The Conference Board is scheduled to release its consumer confidence reading for July at 10 a.m. EDT. The headline consumer confidence index is likely to have slipped from 100.4 in June to 99.7 in July.</li>
</ul>
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Stocks In Focus:
<ul>
<li> F5, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIV#NASDAQ">FFIV</a>) jumped over 14.5% in <a href="https://www.benzinga.com/premarket">premarket trading </a>following the company&#8217;s earnings announcement. The other stocks moving on earnings are Rambus Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RMBS#NASDAQ">RMBS</a>) (down over 9%), Lattice Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LSCC#NASDAQ">LSCC</a>) (down over 18%), Sanmina Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SANM#NASDAQ">SANM</a>) (down about 8%) and Tilray Brands, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) (up over 8%).</li>
<li>American Electric Power Company, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEP#NASDAQ">AEP</a>), Archer-Daniels-Midland Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADM#NYSE">ADM</a>), Illinois Tool Works Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITW#NYSE">ITW</a>), JetBlue Airways Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBLU#NASDAQ">JBLU</a>), LGI Homes, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LGIH#NASDAQ">LGIH</a>), Logitech International S.A. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LOGI#NASDAQ">LOGI</a>), Merck &amp; Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), PayPal Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>), Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>), Procter &amp; Gamble Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PG#NYSE">PG</a>), Restaurant Brands International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) and SoFi Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>) are among the key companies due to <a href="https://www.benzinga.com/calendars/earnings">release their earnings reports ahead of the market opening.</a></li>
<li>Those reporting after the close include Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), Arista Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANET#NYSE">ANET</a>), Caesars Entertainment, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CZR#NASDAQ">CZR</a>), DoubleVerify Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DV#NYSE">DV</a>), Electronic Arts Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EA#NASDAQ">EA</a>), First Solar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>), Freshworks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FRSH#NASDAQ">FRSH</a>), Live Nation Entertainment, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LYV#NYSE">LYV</a>), Match Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTCH#NASDAQ">MTCH</a>), Microsoft, Mondelez International, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDLZ#NASDAQ">MDLZ</a>), Pinterest, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINS#NYSE">PINS</a>), Skyworks Solutions, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWKS#NASDAQ">SWKS</a>), Starbucks Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) and Qorvo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>).</li>
<li>CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) fell nearly 4% amid the threat of potential legal action from Delta Air Lines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) over the global outage triggered by an update by the cybersecurity company.</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures fell yet again following losses in the previous two sessions, while gold futures gained ground. The yield on the 10-year Treasury note slipped to 4.169%. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) retreated toward the $66.5K level.
Hong Kong led the Asian markets lower, as traders reacted negatively to the lackluster close by Wall Street stocks overnight and weak foreign direct investment data released from China. On the other hand, the Japanese, Indian, Taiwanese and New Zealand markets showed modest strength.
European stocks traded on a mixed note, with the U.K.&#8217;s FTSE 100 Index slipping amid mixed earnings, while the German and French markets advanced after the eurozone reported better-than-expected GDP growth for the second quarter.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40006542/apple-amazon-microsoft-meta-lead-the-charge-as-investors-bank-on-tech-cheer-for-ral">Apple, Amazon, Microsoft, Meta Lead The Charge As Investors Bank On Tech Cheer For Rally&#8217;s Reacceleration: Week Ahead In Earnings</a></li>
</ul>
Photo via Shutterstock.

Futures

Previews

Pre-Market Outlook

Movers

AAPL

AMZN

Nasdaq, S&P Futures Rise As Microsoft, AMD Earnings Take Spotlight: Will Fed Provide 'Turbo Boost' For Market? Analyst Weighs In

EARNINGS&nbsp;GUIDANCE&nbsp;
AEP management reaffirms its 2024 operating earnings&nbsp;guidance&nbsp;range of&nbsp;$5.53&nbsp;to&nbsp;$5.73&nbsp;per share. Operating earnings could differ from GAAP earnings for matters such as impairments, divestitures or changes in accounting principles. AEP management is not able to forecast if any of these items will occur or any amounts that may be reported for future periods. Therefore, AEP is not able to provide a corresponding GAAP equivalent for 2024 earnings&nbsp;guidance.
Reflecting special items recorded through the&nbsp;second quarter, the estimated earnings per share on a GAAP basis would be&nbsp;$5.56&nbsp;to&nbsp;$5.76&nbsp;per share. See the table below for a full reconciliation of 2024 earnings&nbsp;guidance

AEP Reaffirms Its 2024 Outlook: Sees Operating EPS Of $5.53-$5.73 Vs. $5.62 Consensus; Long-Term Growth Rate Of 6%-7%

American Electric Power (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEP#NASDAQ">AEP</a>) reported quarterly earnings of $1.25 per share which beat the analyst consensus estimate of $1.23 by 1.63 percent. This is a 10.62 percent increase over earnings of $1.13 per share from the same period last year. The company reported quarterly sales of $4.600 billion which missed the analyst consensus estimate of $4.739 billion by 2.93 percent. This is a 4.55 percent increase over sales of $4.400 billion the same period last year.

Earnings Misses

American Electric Power Q2 2024 Adj. EPS $1.25 Beats $1.23 Estimate, Sales $4.600B Miss $4.739B Estimate

American Electric Power: A Reliable Dividend Play With Limited Upside

How is QQQ stock faring? The Invesco QQQ ETF is down 0.07% in the past five days but has risen about 16.64% year-to-date. &nbsp; According to TipRa...

QQQ ETF Update, 9/2/2024

How is QQQ stock faring? The Invesco QQQ ETF is down 2.64% in the past five days but has risen about 16.64% year-to-date. &nbsp; According to TipRa...

QQQ ETF Update, 9/4/2024

Tracking Carl Icahn's 13F Report - Q2 2024 Update

How is QQQ stock faring? The Invesco QQQ ETF is down 2.23% in the past five days but has risen about 12.91% year-to-date. &nbsp; According to TipRa...

QQQ ETF Update, 9/6/2024

Dividend Champion, Contender, And Challenger Highlights: Week Of September 8

How is QQQ stock faring? The Invesco QQQ ETF is down 1.08% in the past five days but has risen about 9.88% year-to-date. &nbsp; According to TipRan...

QQQ ETF Update, 9/10/2024

How is QQQ stock faring? The Invesco QQQ ETF is up 4.3% in the past five days and has risen about 14.77% year-to-date. &nbsp; According to TipRanks...

QQQ ETF Update, 9/13/2024

How is QQQ stock faring? The Invesco QQQ ETF is up by just 0.01% in the past five days, but has risen 15.9% year-to-date.   According to TipRanks' ...

Get Our Top Trade Ideas Delivered Daily - 65% Off Now

Get Our Top Trade Ideas Delivered Daily - 65% Off Now

Comments

American Electric Power

American Electric Power (AEP) Forecast

American Electric Power (NASDAQ:AEP) Stock, Quote.Headers.trade-ideas