Pet drug supplier Zoetis (ZTS) shares continued to struggle. Shares fell by nearly 6% last Friday, closing at $72.66. Markets reacted to the firm’s Q2 results.
Zoetis fell short of expectations. Vet clinical visits fell across markets. Pet owners potentially cut back on pet care to offset the impact of high inflation in food and shelter. The lower net average selling price risks pressuring Zoetis’s profit margins.
Akamai (AKAM) traded at the lower end of the range of its trading range between $110 and $130. In the last quarter (Q2), the firm posted a 5.8% Y/Y increase in revenue, to $1.1 billion. Despite $2.8 billion in bookings for cloud infrastructure services, investors sold shares.
Akamai has growth prospects from its Security division. Revenue grew by 10% Y/Y. It benefited from strong demand for its web app firewall, API security, and Guardicore Segmentation solutions.
Hard disk supplier Seagate (STX) continued to pull back sharply. After topping $1,145, the stock closed last week at $812.76. A retest to $750 is possible if the negative momentum worsens.
In the last quarter, Seagate posted non-GAAP EPS of $5.71. Revenue jumped by 48.8% Y/Y to $3.63 billion. The blowout results failed to impress markets. Traders likely booked profits after this year’s strong run-up, so it was already priced in the strong quarterly report.
Peers like Western Digital (WDC) and SanDisk (SNDK) are also sharply lower from their 52-week highs.
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