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📈 Semiconductors Dip, Health Tests Surge, Real Estate Rising

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tanishka & Michael Beer
July 23, 2024

Welcome back! This is Buy The Dip, read this daily to learn about stocks and finance! In todays newsletter:

- 🚨 NXP Semiconductors Stumbles
- 🚨 Quest Diagnostics Boosts Outlook
- 🚨 A. O. Smith Feels the Heat

NEWS
NXP Semiconductors Stumbles: Weak Forecast Sends Ripples Through Chip Sector

NXP Semiconductors' shares fell 9% after a weak revenue forecast. The company expects third-quarter revenue below analyst estimates. NXP's automotive segment revenue dropped 7%, reflecting slower EV sales. Competitors' shares also dipped in response. The situation highlights challenges in the semiconductor sector, though AI-related growth offers some promise.
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NEWS
Quest Diagnostics Boosts Outlook: Health Test Demand Surges

Quest Diagnostics raised its 2024 profit and revenue forecasts. Strong demand for health tests is driving growth. Postponed surgeries and new customers contribute to increased demand. The company expects higher revenue and profit per share. Quest is also acquiring LifeLabs, a Canadian diagnostic company, for about $981.53 million.
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NEWS
A. O. Smith Feels the Heat: Steel Costs and Real Estate Slump Pressure Earnings

A. O. Smith's quarterly earnings were impacted by rising steel prices and a slow real estate market. The company's shares fell 6% following the report. Margins in North America decreased due to higher material costs and selling expenses. International sales were affected by China's real estate slump. Despite these challenges, A. O. Smith's sales beat expectations, but it slightly revised its 2024 profit forecast.
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