Magna International (NYSE:MGA) Stock, Quote.Headers.trade-ideas

Magna International

Magna International prides itself on a highly entrepreneurial culture and a corporate constitution that outlines distribution of profits to various stakeholders. This automotive supplier's product groups include exteriors, interiors, seating, roof systems, body and chassis, powertrain, vision and electronic systems, closure systems, electric vehicle systems, tooling and engineering, and contract vehicle assembly. In 2023, 48% of Magna's $42.8 billion of revenue came from North America while Europe accounted for approximately 38% and Asia the remainder. The firm's top six customers constituted 76% of revenue with the top three being GM, Mercedes, and BMW. GM was the largest contributor at 14%. The company was founded in 1957, has over 179,000 employees, and is based in Aurora, Ontario.

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Ford scraps electric SUV and reduces EV production as demand remains low. Other automakers also delay EV plans, impacting suppliers like Magna.

Ford, GM, Stellantis Cooling To Once-Hot EV Sector As Demand Wanes

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Shares of Magna International (NYSE: MGA) have lost 7.9% since the company reported second-quarter 2024 results. The auto equipment provider reported adjusted earnings of $1.35 per share, which declined from the year-ago quarter&#39;s $1.50 and missed the Zacks Consensus Estimate of $1.46.

Magna Shares Fall 7.9% Since Q2 Earnings Miss Estimates

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Magna International shares fell over 6% after Q2 earnings and sales missed estimates, and the company adjusted its FY24 sales outlook downward.

Auto Parts Manufacturer Magna Shares Slide On Q2 Earnings Miss, Outlook Cut: Details

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Wells Fargo analyst Colin Langan maintains Magna International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGA#NYSE">MGA</a>) with a Equal-Weight and raises the price target from $43 to $44.

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Wells Fargo Maintains Equal-Weight on Magna International, Raises Price Target to $44

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Shares of auto-related stocks are trading higher amid overall market strength following Fed Chair Powell's comments about the economy and future rate cuts.

Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) decided this week <a href="https://www.benzinga.com/top-stories/24/08/40496864/ford-scraps-electric-suv-as-it-adjusts-to-lower-electric-vehicle-demand">to abandon production</a> of a fully electric sport-utility vehicle, but it is not the only car manufacturer lessening its ambitions for electric vehicles.
On Wednesday, the auto giant said it was doing away with plans for a large electric SUV and it would take a $1.9 billion write-down on the move as it adjusts to lower-than-expected demand for EVs.
 The Dearborn, Michigan-based company plans to instead make hybrid gas-electric versions of three-row SUVs for models that include Explorer and Expedition, the Wall Street Journal&nbsp;<a href="https://www.wsj.com/business/autos/ford-cancels-plans-for-electric-suv-44817367?mod=hp_lead_pos1" target="_blank" rel="noreferrer noopener">reported</a>.
Ford also held off on launching a new electric pickup truck by a year, until 2027, and said it would reduce capital expenditures on EVs to about 30% of its budget.
Ford&#8217;s decisions to pull back on EVs has impacted Magna International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGA#NYSE">MGA</a>), a major auto-parts supplier that was getting ready to make battery trays, seats and other parts for Ford's now-scrapped electric SUV.
Read Also: <a href="http://Ford Patents Innovative Technology To Detect Speeding Drivers (Updated)">Ford Patents Innovative Technology To Detect Speeding Drivers (Updated)</a>
In late July, General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) announced pushing back plans for a new Buick electric vehicle and delaying the opening of an EV truck factory,
GM Chief Executive&nbsp;Mary Barra&nbsp;said in a call with analysts that GM is holding back on investments to make sure the company does not overshoot demand.
On Tuesday, Stellantis NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) said it will delay planned investments in reopening an assembly plant in Belvidere, Illinois, much to the ire of United Auto Workers members, Reuters reported.
 Stellantis agreed to build a new $3.2 billion EV battery plant, invest $1.5 billion in Belvidere to build new mid-size trucks by 2027 and a $100 million parts distribution center in 2024. 
The UAW said it planned to file grievances over the delay and may hold a nationwide strike on the grounds Stellantis failed to honor production commitments.
Stellantis declined to disclose any new timetable for reopening the factory on Tuesday.
In July, the U.S. Department of Energy said it planned to award Stellantis $334.8 million to convert the shuttered Belvidere plant to build electric vehicles and $250 million to convert its Indiana Transmission Plant in Kokomo, Indiana, to produce EV components.
 Price Action: Ford saw a modest gain on Thursday, but other automakers pulling back on EVs and companies that produce automobile parts fell by the closing bell.
<ul>
<li>Ford gained 0.65% to $10.92</li>
<li>General Motors slipped 0.21% to $46.46</li>
<li>Stellantis declined 1.57% to $16.30</li>
<li>Magna International dropped 0.85% to $41.05</li>
</ul>
Read Now: 
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<li><a href="https://www.benzinga.com/news/24/03/37975750/former-ford-ceo-sees-a-bright-electric-future-for-established-automakers-says-they-are-well-position">Former Ford CEO Sees A Bright Electric Future For Established Automakers, Says They Are &#8216;Well Positioned To Ride Out The Transition&#8217;</a></li>
</ul>
Photo: Shutterstock

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Shares of auto and auto-related stocks are trading higher following a rise in July auto sales.

Shares of Magna International (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mga#NYSE">MGA</a>) have lost 7.9% since the company reported second-quarter 2024 results. The auto equipment provider reported adjusted earnings of $1.35 per share, which declined from the year-ago quarter&#39;s $1.50 and missed the Zacks Consensus Estimate of $1.46.
Net sales remained flat year over year at $11 billion and missed the Zacks Consensus Estimate of $11.11 billion.
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<h3>Magna International Inc. Price, Consensus and EPS Surprise</h3>
<img alt="Magna International Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/84/1723643008.png" style="height:268px; width:574px" title="" />
Magna International Inc. price-consensus-eps-surprise-chart | Magna International Inc. Quote
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<h3>Segmental Performance</h3>
The Body Exteriors &amp; Structures segment&#39;s revenues were $4.47 billion, down 2% year over year. This can be attributed to the end of production of certain programs, the weakening of foreign currencies against the U.S. dollar and customer price concessions. Revenues also lagged the Zacks Consensus Estimate of $4.59 billion. The segment reported an adjusted EBIT of $341 million, down from $394 million recorded in the year-ago period. The metric also missed the Zacks Consensus Estimate of $371 million because of higher production input costs net of customer recoveries, reduced earnings on lower sales and higher supply chain and restructuring costs.
The Power &amp; Vision segment&#39;s revenues increased 13.4% year over year to $3.93 billion on higher production on certain programs, smart pricing, the launch of new programs and benefits from acquisitions. The metric, however, missed the Zacks Consensus Estimate of $3.96 billion. Segmental adjusted EBIT rose from $124 million to $198 million due to an increase in earnings on higher sales and lower engineering costs. The metric, however, missed the Zacks Consensus Estimate of $214 million.
Revenues from the Seating Systems segment fell 9.2% year over year to $1.46 billion and missed the Zacks Consensus Estimate of $1.51 billion on customer price concessions, the end of production of certain programs and net weakening of foreign currencies against the U.S. dollar. Segmental adjusted EBIT fell from $67 million to $53 million due to reduced earnings on lower sales. The metric, however, surpassed the Zacks Consensus Estimate of $52 million.
The Complete Vehicles segment&#39;s revenues decreased 18.6% year over year to $1.24 billion and missed the Zacks Consensus Estimate of $1.26 billion due to lower assembly volumes. The segment reported an adjusted EBIT of $20 million, which fell from the $34 million reported in the year-ago period but outpaced the Zacks Consensus Estimate of $5.55 million.
<h3>Financials</h3>
Magna had $999 million in cash and cash equivalents as of Jun 30, 2024, down from $1.2 billion as of Dec 31, 2023. As of Jun 30, 2024, long-term debt was $4.86 billion, up from $4.18 billion as of Dec 31, 2023.
In the reported quarter, cash provided from operating activities totaled $736 million, up from the year-ago figure of $547 million.
The company declared a second-quarter dividend of 47.5 cents per common share. The dividend will be paid on Aug 30, 2024, to shareholders of record as of Aug 16, 2024.
<h3>Updated 2024 View</h3>
Magna has revised its full-year projections. It now expects 2024 revenues in the band of $42.5-$44.1 billion, down from $42.6-$44.2 billion guided earlier. Adjusted EBIT margin is now projected in the band of 5.4-5.8%, down from the earlier estimate of 5.4-6%. Adjusted net income is estimated between $1.5 billion and $1.7 billion. Capex is projected in the band of $2.3-$2.4 billion, down from the previous estimate of $2.4-$2.5 billion.
<h3>Zacks Rank &amp; Key Picks</h3>
MGA currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the auto space are Dorman Products, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dorm#NASDAQ">DORM</a>), BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) and Douglas Dynamics, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/plow#NYSE">PLOW</a>), each sporting a Zacks Rank #1 (Strong Buy) at present.
The consensus estimate for DORM&#39;s 2024 sales and earnings suggests a year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 4 cents each in the past seven days.
The Zacks Consensus Estimate for BYDDY&#39;s 2024 sales and earnings suggests year-over-year growth of 21.11% and 14.73%, respectively. EPS estimates for 2024 and 2025 have improved 14 cents and 19 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for PLOW&#39;s 2024 sales and earnings suggests year-over-year growth of 6.45% and 60.4%, respectively. EPS estimates for 2024 and 2025 have improved 15 cents and 2 cents, respectively, in the past 30 days.
<a href="https://www.zacks.com/stock/news/2322137/magna-mga-shares-fall-7-9-since-q2-earnings-miss-estimates?cid=CS-BENZ-FT-analyst_blog|earnings_article-2322137">To read this article on Zacks.com click here.</a>

Morgan Stanley analyst Adam Jonas maintains Magna International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGA#NYSE">MGA</a>) with a Overweight and lowers the price target from $60 to $55.

Morgan Stanley Maintains Overweight on Magna International, Lowers Price Target to $55

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Shares of automobile and auto component stocks are trading higher amid overall market strength following softer-than-expected July PPI figures, which could alleviate some inflation concerns and boost consumer sentiment outlook.

RBC Capital analyst Tom Narayan maintains Magna International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGA#NYSE">MGA</a>) with a Sector Perform and lowers the price target from $57 to $47.

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RBC Capital Maintains Sector Perform on Magna International, Lowers Price Target to $47

Scotiabank analyst Jonathan Goldman maintains Magna International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGA#NYSE">MGA</a>) with a Sector Perform and lowers the price target from $52 to $50.

Scotiabank Maintains Sector Perform on Magna International, Lowers Price Target to $50

JP Morgan analyst Ryan Brinkman maintains Magna International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGA#NYSE">MGA</a>) with a Overweight and lowers the price target from $63 to $55.

JP Morgan Maintains Overweight on Magna International, Lowers Price Target to $55

Barclays analyst Dan Levy maintains Magna International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGA#NYSE">MGA</a>) with a Equal-Weight and lowers the price target from $55 to $50.

Barclays Maintains Equal-Weight on Magna International, Lowers Price Target to $50

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Shares of auto-related companies are trading lower amid overall market weakness on US economic concerns. An economic slowdown could impact demand.

Wells Fargo analyst Colin Langan maintains Magna International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGA#NYSE">MGA</a>) with a Equal-Weight and lowers the price target from $46 to $43.

Wells Fargo Maintains Equal-Weight on Magna International, Lowers Price Target to $43

Magna International, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGA#NYSE">MGA</a>) shares are <a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">trading lower after reporting second-quarter results.</a>
The company reported adjusted earnings per share of $1.35, which <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/g40124205/magna-announces-second-quarter-2024-results" rel="noreferrer noopener">missed the street view of $1.44</a>. Quarterly sales of $10.958 billion also missed the analyst consensus of $11.012 billion.
Sales were negatively impacted by the end of production of certain programs, lower Complete Vehicle assembly volumes, including the end of production of the BMW 5-Series, and the net weakening of<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener"> foreign currencies against the U.S. dollar.</a>
Adjusted EBIT was $577 million in the second quarter of 2024 compared to $616 million in the second quarter of 2023.
Also Read:<a target="_blank" href="https://www.benzinga.com/markets/asia/24/08/40125124/emerging-tesla-rival-vinfast-launches-affordable-mini-e-suv-in-vietnam-aims-to-deliver-20k-units-in" rel="noreferrer noopener"> Emerging Tesla Rival Vinfast Launches Affordable Mini E-SUV In Vietnam, Aims To Deliver 20K Units In 2024</a>
The decrease in adjusted EBIT reflects reduced earnings on lower assembly volumes in Complete Vehicles.
The company declared a second-quarter dividend of $0.475 per common share, payable on August 30 to shareholders of record as of the close of business on August 16.
In the second quarter of 2024, Magna International generated cash from operations before changes in operating assets and liabilities of $681 million and generated $55 million in operating assets and liabilities.
Outlook: Magna International has revised its FY24 sales outlook to $42.5 billion-$44.1 billion from the prior $42.6 billion-$44.2 billion, below the $43.28 billion estimate, while maintaining its adjusted net income <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">forecast of $1.5 billion-$1.7 billion.</a>
The company sees 2026 sales of $44.0 billion to $46.5 billion, lower than the prior view of $48.8&nbsp;billion&nbsp;&#8211; $51.2 billion.
&#8220;Our updated 2026 Outlook reflects customer program updates and a tempered view on mid-term electric vehicle penetration rates, particularly in North America,&#8221; said Swamy Kotagiri, Chief Executive Officer.
&#8220;While we have reduced our sales forecast, we are taking a number of concrete actions to mitigate the sales impacts and continue to expect margin expansion and strong free cash flow growth.&#8221;
Price Action: MGA shares are trading lower by 6.67% to $40.14&nbsp;at last check Friday.
Photo via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/news/24/07/40063981/tesla-engineer-showcases-first-cybertruck-with-dry-cathode-4680-cells-aimed-at-reducing-costs?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Engineer Showcases First Cybertruck With Dry Cathode 4680 Cells Aimed At Reducing Costs</a></li>
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Magna International shares are trading lower. The company reported Q2 financial results.

U.S. stocks were priming for more losses on Friday as traders await the key non-farm payrolls report. Tech stocks could again take the brunt of the selling amid some sector-specific concerns and the ongoing rotation out of the sector. Against the backdrop, the payroll data could be a make-or-break catalyst for the market.
Quincy Krosby, Chief Global Strategist at LPL Financial, said if the payroll report sees the unemployment rate rising despite an increase in the participation rate, the Fed is going to have a lot of explaining to do as officials hit the airwaves with their opinions.
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<td>Nasdaq 100</td>
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<td>S&amp;P 500</td>
<td>-1.10%</td>
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<td>Dow</td>
<td>-0.84%</td>
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<td>R2K</td>
<td>-1.86%</td>
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<figcaption class="wp-element-caption">In premarket trading on Friday,&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 0.31% to $547.16, and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.48% to $473.35, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.</figcaption></figure>
The CBOE volatility index, aka VIX, spiked about 10% and breached the 20 mark for the first time since Oct. 2023.
Cues From Last Session:
The major averages pulled back sharply on Thursday, as traders reacted to the Institute for Supply Management&#8217;s weak manufacturing purchasing managers&#8217; index and a spike in weekly jobless claims. The ISM manufacturing PMI for July fell to the weakest since November 2023, signaling a steeper contraction than in July. The 10-year bond yield dipped below the 4% threshold following the data.
After opening slightly higher, thanks to a positive reaction to Meta Platform, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) earnings, the indices reversed course after the ISM data and fell steadily until the mid-session. They went about a consolidation move around the depressed levels in the afternoon before closing notably lower.
IT, energy and consumer discretionary stocks were among the biggest decliners, while defensive sectors such as utility, real estate, healthcare and consumer staple stocks gained some ground. Communication services stocks received support from Meta&#8217;s earnings.
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<td>Nasdaq Composite</td>
<td>-2.30%</td>
<td>17,194.15</td>
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<td>S&amp;P 500 Index</td>
<td>-1.37%</td>
<td>5,446.68</td>
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<td>Dow Industrials</td>
<td>-1.21%</td>
<td>40,347.97</td>
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<td>Russell 2000</td>
<td>-3.03%</td>
<td>2,186.16</td>
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Insights From Analysts:
Chris Zaccarelli, Chief Investment Officer for Independent Advisor Alliance, sees the risk of hard-landing in the wake of the recent weak economic data. &#8220;As we get closer to the election, the market has become more volatile, and investors are still worried about growth slowing too quickly and inflation remaining sticky,&#8221; he said.&nbsp;
&#8220;The Fed has been able to orchestrate a soft landing – so far – but that could be in jeopardy if growth slows too quickly, or inflation remains stubbornly high.&#8221;
Krosby said weak data and the pullback in bond yields suggest a &#8220;looming economic growth scare and further questions whether the Fed is correct in waiting until September to begin its easing cycle.&#8221;
Upcoming Economic Data:
<ul>
<li>The monthly non-farm payrolls data due at 8:30 a.m. EDT is expected to show job gains of 185,000 for July, down from 206,000 in June. The jobless rate is expected to stay put at 4.1%, while the average hourly earnings, an inflation measure, may have risen at a slower annual rate of 3.7%, down from 3.9% in June.</li>
<li>The Commerce Department will release its June factory goods orders report at 10 a.m. EDT. The month-over-month decline in factory goods orders is expected to steepen from 0.5% in May to 3.2% in June.</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>Amazon, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) fell over 8% <a href="https://www.benzinga.com/premarket">in premarket trading,</a> Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) rose about 0.80% and Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) <a href="https://www.benzinga.com/markets/equities/24/08/40127983/intel-shares-crash-21-in-pre-market-nvidia-rival-on-verge-of-losing-25b-in-market-value-in-possi">plunged over 20.50%</a>, all in reaction to earnings.</li>
<li>Other stocks moving on earnings are Block, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) (up over 4%), Booking Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NASDAQ">BKNG</a>) (down about 7%), Cloudflare, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NET#NYSE">NET</a>) (up over 7%), DraftKings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>) (down over 4%), Microchip Technology Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) (down over 7.50%), Opendoor Technologies Inc. (NASDAQ: OPEN (down about 10%), and Twilio Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TWLO#NYSE">TWLO</a>) (up over 5%).</li>
<li>Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>), Magna International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGA#NYSE">MGA</a>), Cinemark Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNK#NYSE">CNK</a>) and Fluor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLR#NYSE">FLR</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>, while AMC Entertainment Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>) will report after the market close.</li>
<li>The<a href="https://www.benzinga.com/markets/equities/24/08/40126391/chip-stocks-staring-at-another-bloodbath-as-intel-tumbles-nvidia-dips-4-asml-crumbles-over-6-wha"> </a><a href="https://www.benzinga.com/markets/equities/24/08/40126391/chip-stocks-staring-at-another-bloodbath-as-intel-tumbles-nvidia-dips-4-asml-crumbles-over-6-wha">semiconductor space is selling off amid negative headlines,</a> with the iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OXX#NASDAQ">OXX</a>) down about 2%.</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude futures rose modestly and gold gained ground and traded firmly above the $2,500 mark, marking a fresh record. The 10-year Treasury note yield slid further below the 4% level. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) flatlined around the $64.5K mark.
The global markets are swathed in a sea of red.
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Wall Street Set To Tumble As Macro Concerns Return, VIX Spikes And Global Markets Sell Off: Safe-Haven Gold Rises To Record High As Traders Eye July Jobs Data

Magna International FY24 Outlook: Revised Sales Outlook At $42.5B - $44.1B (Prior $42.6B-$44.2B) Vs $43.28B Est, Reiterated Adj. Net Income At $1.5B - $1.7B

Magna International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGA#NYSE">MGA</a>) reported quarterly earnings of $1.35 per share which missed the analyst consensus estimate of $1.44 by 6.25 percent. The company reported quarterly sales of $10.958 billion which missed the analyst consensus estimate of $11.012 billion by 0.49 percent. This is a 0.22 percent decrease over sales of $10.982 billion the same period last year.

Magna International Q2 2024 Adj. EPS $1.35 Misses $1.44 Estimate, Sales $10.958B Miss $11.012B Estimate

The earnings reports of last week were a mixed bag, with some Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Alphabet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) and STMicroelectronics N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STM#NYSE">STM</a>), among companies <a href="https://www.benzinga.com/news/earnings/24/07/39918390/tesla-q2-earnings-highlights-revenue-beat-eps-miss-robotaxi-update-2024-growth-rate-to-be-notably-l">disappointing to the downside</a>. As the focus shifts to the unfolding week, more tech companies are lined up to disclose their quarterly results, potentially offering cues regarding the health of the sector.
The Week That Was: Most on Wall Street viewed Tesla&#8217;s earnings as lacking quality because a significant portion of them came from one-time regulatory credits. On the other hand, Google-parent Alphabet alienated investors by flagging higher capex that will likely weigh down on margins and in turn the bottom line.
Franco-Italian chipmaker, which is a key supplier to the automotive market, cut its full-year guidance. But not all tech tidings were received with pessimism. International Business Machines Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>) rose as investors cheered the company&#8217;s strong artificial intelligence bookings. 
Healthy Trend: Data from financial data analytics company FactSet <a href="https://advantage.factset.com/hubfs/Website/Resources%20Section/Research%20Desk/Earnings%20Insight/EarningsInsight_072624C.pdf">showed</a> that about 14% of the S&amp;P 500 companies have reported their quarterly results so far. The percentage of S&amp;P 500 names that reported upside earnings surprise is 80%, above the one-year average (78%), five-year average (77%), and 10-year average (74%). But the percentage of upside was sub-part at 5.5%, below the one-year average (+6.5%), five-year average (+8.6%), and 10-year average (+6.8%).
The blended earnings of S&amp;P 500 companies are expected to grow by 9.7%, the fastest pace since the fourth quarter of 2021. Eight of the 11 S&amp;P 500 companies are on track to report year-over-year earnings growth for the June quarter, with communication Services, healthcare, IT, and financials likely reporting double-digit growth.
On the other hand, the materials space is expected to witness the steepest earnings decline.
See Also: <a href="https://www.benzinga.com/money/best-tech-stocks">Best Tech Stocks Right Now</a>
The Week Ahead: According to FactSet, this week will feature earnings reports from 138 S&amp;P 500 companies, including seven components of the Dow 30. Some heavily-weighted companies such as Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) are all in the mix.
Meta is expected to be the largest contributor to earnings per share growth, given the consensus models nearly 60% increase.
After last week&#8217;s brutal tech sell-off, a bullish analyst is optimistic concerning the the sector, its prospects and the stock trajectory. &#8220;We believe the tech sell-off seen last week will be short-lived as the Street better digests results and commentary from the broader tech sector over the coming weeks during 2Q earnings season,&#8221; Wedbush&#8217;s Daniel Ives said in a note published Sunday.
&#8220;This is the start….not the end of this tech bull run we expect the next few years,&#8221; he said, adding that companies, utilities, governments will spend over $1 trillion combined in AI capex over the coming years fueling this AI Revolution.
The analyst said investors will likely look for clues around the pace of AI revolution from the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39899280/microsoft-stock-has-further-room-to-run-says-analyst-as-software-giant-remains-on-t">earnings reports of Microsoft,</a> Amazon, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Meta and Apple and others.
Tech stocks extended their weekly declines in the week ended July 26 amid the disappointment from early tech reporters. The Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), an index that tracks the performance of the Nasdaq 100 Index, ended Friday&#8217;s session down 1.03% to $462.97, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a> The ETF is trading off its record close of $502.96 reached on July 10. The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) climbed 1.12% on Friday before closing at $5544.44. The QQQ and SPY climbed 0.48% and 0.25%, respectively, in premarket trading Monday.
Notable among the companies reporting this week are:
Monday
Before market open:
<ul>
<li>McDonald&#8217;s Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>)</li>
<li>ON Semiconductor Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>)</li>
</ul>
After close:
<ul>
<li>F5, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIV#NASDAQ">FFIV</a>)</li>
<li>Rambus Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RMBS#NASDAQ">RMBS</a>)</li>
<li>Lattice Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LSCC#NASDAQ">LSCC</a>)</li>
<li>Chesapeake Energy Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHK#NASDAQ">CHK</a>)</li>
<li>Sanmina Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SANM#NASDAQ">SANM</a>)</li>
<li>Tilray Brands, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>)</li>
</ul>
Tuesday
Before market open:
<ul>
<li>American Electric Power Company, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEP#NASDAQ">AEP</a>)</li>
<li>Archer-Daniels-Midland Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADM#NYSE">ADM</a>)</li>
<li>BP p.l.c. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>)</li>
<li>Illinois Tool Works Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITW#NYSE">ITW</a>)</li>
<li>JetBlue Airways Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBLU#NASDAQ">JBLU</a>)</li>
<li>LGI Homes, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LGIH#NASDAQ">LGIH</a>)</li>
<li>Logitech International S.A. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LOGI#NASDAQ">LOGI</a>)</li>
<li>Merck &amp; Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>)</li>
<li>PayPal Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>)</li>
<li>Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>)</li>
<li>Procter &amp; Gamble Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PG#NYSE">PG</a>)</li>
<li>Restaurant Brands International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>)</li>
<li>SoFi Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>)</li>
</ul>
After close:
<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>
Wednesday
Before market open:
<ul>
<li>Altria Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MO#NYSE">MO</a>)</li>
<li>AutoNation, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AN#NYSE">AN</a>)</li>
<li>Barrick Gold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>)</li>
<li>Bausch + Lomb Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLCO#NYSE">BLCO</a>)</li>
<li>Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>)</li>
<li>DuPont de Nemours, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DD#NYSE">DD</a>)</li>
<li>Garmin Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NYSE">GRMN</a>)</li>
<li>GSK plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GSK#NYSE">GSK</a>)</li>
<li>Humana Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUM#NYSE">HUM</a>)</li>
<li>KKR &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>)</li>
<li>&nbsp;Kraft Heinz Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KHC#NASDAQ">KHC</a>)</li>
<li>Oshkosh Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OSK#NYSE">OSK</a>)</li>
<li>Teva Pharmaceutical Industries Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TEVA#NYSE">TEVA</a>)</li>
<li>Marriott International, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAR#NASDAQ">MAR</a>)</li>
<li>Wingstop Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WING#NASDAQ">WING</a>)</li>
<li>T-Mobile US, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>)</li>
<li>Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>)</li>
</ul>
After close:
<ul>
<li>Albemarle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALB#NYSE">ALB</a>)</li>
<li>American International Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIG#NYSE">AIG</a>)</li>
<li>Arm Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>)</li>
<li>C.H. Robinson Worldwide, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHRW#NASDAQ">CHRW</a>)</li>
<li>Carvana Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVNA#NYSE">CVNA</a>)</li>
<li>eBay Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>)</li>
<li>Etsy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ETSY#NASDAQ">ETSY</a>)</li>
<li>Host Hotels &amp; Resorts, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HST#NASDAQ">HST</a>)</li>
<li>Lam Research Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>)</li>
<li>Meta</li>
<li>MGM Resorts International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGM#NYSE">MGM</a>)</li>
<li>NETGEAR, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTGR#NASDAQ">NTGR</a>)</li>
<li>QUALCOMM Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>)</li>
<li>Teladoc Health, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDOC#NYSE">TDOC</a>)</li>
<li>Western Union Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WU#NYSE">WU</a>)</li>
</ul>
Thursday
Before market open:
<ul>
<li>Anheuser-Busch InBev SA/NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BUD#NYSE">BUD</a>)</li>
<li>Bausch Health Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHC#NYSE">BHC</a>)</li>
<li>Biogen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>)</li>
<li>ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>)</li>
<li>Dominion Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/D#NYSE">D</a>)</li>
<li>EVgo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVGO#NASDAQ">EVGO</a>)</li>
<li>&nbsp;Hershey Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSY#NYSE">HSY</a>)</li>
<li>Hertz Global Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTZ#NASDAQ">HTZ</a>)</li>
<li>Mobileye Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBLY#NASDAQ">MBLY</a>)</li>
<li>Regeneron Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REGN#NASDAQ">REGN</a>)</li>
<li>Sirius XM Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>)</li>
<li>Cigna Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CI#NYSE">CI</a>)</li>
<li>Wayfair Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/W#NYSE">W</a>)</li>
</ul>
After close:
<ul>
<li>Amazon</li>
<li>Apple</li>
<li>Beazer Homes USA, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BZH#NYSE">BZH</a>)</li>
<li>BigBear.ai Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBAI#NYSE">BBAI</a>)</li>
<li>Block, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>)</li>
<li>Booking Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NASDAQ">BKNG</a>)</li>
<li>Cloudflare, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NET#NYSE">NET</a>)</li>
<li>Clorox Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLX#NYSE">CLX</a>)</li>
<li>Coinbase Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>)</li>
<li>DraftKings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>)</li>
<li>Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>)</li>
<li>Microchip Technology Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>)</li>
<li>MicroStrategy Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>)</li>
<li>Opendoor Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPEN#NASDAQ">OPEN</a>)</li>
<li>RingCentral, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RNG#NYSE">RNG</a>)</li>
<li>Roku, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROKU#NASDAQ">ROKU</a>)</li>
<li>Vertex Pharmaceuticals Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRTX#NASDAQ">VRTX</a>)</li>
<li>Twilio Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TWLO#NYSE">TWLO</a>)</li>
<li>United States Steel Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>)</li>
</ul>
Friday
Before market open:
<ul>
<li>Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>)</li>
<li>Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>)</li>
<li>Magna International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGA#NYSE">MGA</a>)</li>
<li>Cinemark Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNK#NYSE">CNK</a>)</li>
<li>Fluor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLR#NYSE">FLR</a>)</li>
</ul>
After close:
<ul>
<li>AMC Entertainment Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>)</li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39925881/alphabet-investors-fret-over-margin-impact-of-higher-ai-related-capex-but-fund-mana">Alphabet Investors Fret Over Margin Impact Of Higher AI-related Capex, But Fund Manager Says Not Spending Enough Exposes Google&#8217;s Parent To Risk Of &#8216;Losing Their Grip On The Future&#8217;</a></li>
</ul>
Image via Shutterstock

Analyst Color

ANET

BBAI

BIIB

BLCO

CHRW

COIN

EBAY

ETSY

EVGO

FFIV

FRSH

FSLR

GOLD

GOOG

GOOGL

GRMN

JBLU

LGIH

LOGI

LRCX

LSCC

MDLZ

MSFT

MSTR

MTCH

NCLH

NTGR

OPEN

PINS

PYPL

QCOM

QRVO

REGN

RMBS

ROKU

SANM

SBUX

SIRI

SOFI

Apple, Amazon, Microsoft, Meta Lead The Charge As Investors Bank On Tech Cheer For Rally's Reacceleration: Week Ahead In Earnings

CIBC analyst Krista Friesen maintains Magna International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGA#NYSE">MGA</a>) with a Neutral and lowers the price target from $54 to $50.

CIBC Maintains Neutral on Magna International, Lowers Price Target to $50

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Magna International (MGA) Gets a Hold from RBC Capital

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Magna International (MGA) Gets a Buy from Morgan Stanley

Holding Or Selling? - July Dividend Income Report

Wells Fargo analyst Colin Langan maintained a Hold rating on Magna International (MGA – Research Report) yesterday and set a price target of $43.00...

Wells Fargo Sticks to Its Hold Rating for Magna International (MGA)

Dividend Champion, Contender, And Challenger Highlights: Week Of August 25

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2 Blue Chips Potentially Set To Soar And 1 You Should Ignore

Warning: MGA is at high risk of cutting its dividend

Wells Fargo analyst Colin Langan maintained a Hold rating on Magna International (MGA – Research Report) today and set a price target of $44.00. Th...

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Magna International

Magna International (MGA) Forecast

Magna International (NYSE:MGA) Stock, Quote.Headers.trade-ideas