Today's Market Movers: Starbucks (SBUX) and Qualcomm (QCOM) Popping Off While SolarEdge (SEDG) and Moderna (MRNA) Down Big

samxmeg / E+ via Getty Images

The Federal Reserve’s open market committee left interest rates unchanged on Wednesday, leaving them at 5.25% to 5.5%. That sent 10-year Treasury note rates down, regenerating investor interest in equities.

In early trading on Thursday, the Dow Jones industrials are up about 0.5%, the S&P 500 is up about 0.7% and the Nasdaq Composite is up about 1.1%.

Here’s a look at some of today’s market movers.


Before markets opened on Thursday, Starbucks Corp. (NASDAQ: SBUX) reported fiscal fourth-quarter results that beat consensus estimates on both the top and bottom lines.

Estimate Actual Surprise
Revenue ($B) 9.29 9.37 0.9%
Adj EPS 0.81 1.06 11.1%

Fourth-quarter revenue reached a new all-time high on a same-store sales increase of 8% year over year. The average ticket rose 4% and total transactions rose 3%. Bigger price increases in North America lifted the average ticket by 6% and transactions by 2%.

International same-store sales rose 5%, the same as China’s increase. The average ticket was down 1% internationally ‌and down 3% in China. Transactions picked up the slack, rising by 6% internationally and 8% in China.

In its initial outlook for the 2024 fiscal year, Starbucks said on its conference call that it expects recent momentum in China to continue. The company sees same-store sales rising by 4% to 6% in the first half of the fiscal year. Global and U.S. same-store sales were forecast to increase by 5% to 7% for the full year. (These are America’s most trusted food & drink brands.)

Starbucks expects its store count to rise by 7% globally, including a U.S. increase of 4% and 13% growth in China.

Shortly after Thursday’s opening bell, Starbucks stock traded up 11%, at $101.37 in a 52-week range of $82.97 to $115.48.


After markets closed Wednesday, Qualcomm Corp. (NASDAQ: QCOM) also reported EPS and revenue that topped estimates. Year over year, revenue fell 23.9% and EPS dropped from $3.13 in the year-ago quarter to $2.02.

Estimate Actual Surprise
Revenue ($B) 8.51 8.67 1.8%
Adj EPS 1.91 2.02 5.8%

On its conference call, Qualcomm said calendar year handset sales for 2023 will fall by mid-to-high single digits, somewhat better than its earlier estimate. (U.S.-China trade wars: How nine imports threaten U.S. national security.)

Qualcomm also pointed at the AI on-device market as a potential requirement for mobile device OEMs. Without naming names, the company believes its new Snapdragon chip is a solid challenger to Apple’s latest mobile and desktop/laptop chips.

Shares traded up 6.4% early Thursday morning at around $118.00 in a 52-week range of $101.47 to $139.94.


SolarEdge Technologies Inc. (NASDAQ: SEDG) designs, makes and sells inverter systems for solar PV systems. Since mid-July, SolarEdge stock has declined by more than 70%. When it reported third-quarter results late Wednesday, the company missed on both EPS and revenue estimates.

Estimate Actual Surprise
Revenue ($M) 769.2 725.3 -5.7%
Adj EPS 0.83 0.55 -33.7%

Adding to the misery, SolarEdge issued downside guidance for the fourth quarter. The company sees revenue of $300 to $350 million, compared to the previous analysts’ consensus estimate for revenue of $715.2 million.

SolarEdge stock is getting pummeled early Thursday, trading down more than 15% at the opening bell. After about half an hour, shares traded down about 5.7 $71.60. in a 52-week range of $63.25 to $345.80. The low was posted this morning.


Moderna Inc. (NASDAQ: MRNA), developer of the COVID-19 vaccine Spikevax, reported a much larger than forecast per-share loss Thursday morning, side by side with a solid beat on the revenue estimate.

Estimate Actual Surprise
Revenue ($B) 1.38 1.83 33.2%
Adj EPS -1.93 -9.53 -393.8%

Thinking ahead (way ahead), the company said it expects fiscal 2024 sales of about $4 billion and the return of organic sales growth in 2025. The company reported $12.8 billion in cash and other liquidity, a decline of $2 billion since the end of the second quarter. In its remarks about the future, Moderna said it expects a cash balance at the end of 2024 of around $9 billion. At the end of 2025, the cash balance is likely to dip to a range of $6 to $7 billion. This is not good news for investors. (These are the youngest members of the Fortune 500.)

Moderna stock was hammered early Thursday, trading down about 6%, at $71.63 in a 52-week range of $62.55 to $217.25. The low was posted early this morning.

Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE

Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.

Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.