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Market Movers: Howmet Aerospace, Paramount, Qorvo, and Etsy

Howmet Aerospace (HWM), a leader in engineered metal products, added 15.45% yesterday after posting strong second-quarter results. Revenue rose by 13.8% Y/Y to $1.82 billion. Consider initiating a position in this firm as CEO John Plant delivers on growing the company.

In the media sector, Paramount (PARA) could rise toward the $15 and higher level. WSJ reported yesterday that Sony (SONY) and Apollo (APO) sent a letter to formalize their all-cash $26 billion offer. The price is vastly better than the Skydance offer.

In the semiconductor sector, Qualcomm (QCOM) is an attractive smartphone chip supplier. It benefited from strengthening Android smartphone sales in China.

Conversely, Qorvo (QRVO) may add to yesterday’s 14.5% decline as shares closed at $95.67. The firm earned $1.39 a share (non-GAAP) after revenue rose by 48.7% Y/Y to $941 million. However, the GAAP operating income is $29.98 million, compared to $147.22 million under non-GAAP.

Avoid QRVO stock. The firm is bracing for a downturn in the smartphone market in its June quarter.

Online retailer Etsy (ETSY) may add to its 15% drop from yesterday. The stock still trades at a premium. GMS fell by 5.3% Y/Y to $2.6 billion in Q1. Furthermore, revenue rose by less than 1%, to $645.95 million.

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