12:34 PM EDT, 07/22/2024 (MT Newswires) -- The S&P 500 and the Nasdaq Composite kicked off the new week with strong starts thanks to a bounce in tech shares, while the Dow Jones Industrial Average was also up in late-morning trading Monday, albeit at a lower level.

In company news, Verizon Communications ( VZ ) reported Q2 adjusted earnings Monday of $1.15 per share, down from $1.21 a year earlier and matching the Capital IQ consensus analyst estimate. Second-quarter total operating revenue was $32.8 billion, up 0.6% from the year-ago period but below the Capital IQ consensus estimate of $33.05 billion. The company said it continues to expect 2024 adjusted EPS of $4.50 to $4.70. Shares of Verizon were down 6.3% near noon.

Ryanair ( RYAOF ) reported fiscal Q1 2025 diluted earnings of 0.31 euro ($0.34) per ordinary share, down from 0.58 euro a year ago and below the estimate from two analysts surveyed by Capital IQ of 0.45 euro. Total operating revenue for the quarter ended June 30 was 3.63 billion euros, down from 3.65 billion euros in the year-ago period and below analysts' forecast of 3.87 billion euros. Shares of Ryanair ( RYAOF ) were down 15.9%.

Truist Financial ( TFC ) reported Q2 adjusted earnings Monday of $0.91 per diluted share, down from $0.92 a year ago but above the Capital IQ consensus analyst estimate of $0.83. Second-quarter revenue was negative $1.63 billion, compared with $5.04 billion a year earlier. The negative return was driven by securities losses, according to Truist, which said that adjusted revenue came in at $5.02 billion, up 3% sequentially but down 0.4% year over year. Truist shares were up 3.1%.

CrowdStrike Holdings ( CRWD ) said a large number of the 8.5 million Microsoft ( MSFT ) devices that were affected by a global tech outage last week related to a software update were operational again, Reuters reported Sunday. Nevertheless, CrowdStrike ( CRWD ) received downgrades from several analysts, including those at Scotiabank, Guggenheim and BTIG, and received price cuts from several more. CrowdStrike ( CRWD ) shares were down 13.3%, while those of Microsoft ( MSFT ) were up 0.7%.

Delta Air Lines ( DAL ) cancelations continued to mount Monday as the carrier continued to work through Friday's massive global tech outage. The company's total cancellations since the outage topped 4,500 on Monday morning, according to data from FlightAware. Delta has a "significant number" of applications that use the Microsoft Windows operating system that was impacted by the CrowdStrike ( CRWD ) system update, Chief Executive Ed Bastian said Sunday in a message to customers. Delta shares were down 2.1%.

Nvidia ( NVDA ) is working on a version of its new flagship "Blackwell" AI chip for the Chinese market that will be compatible with current US export controls, Reuters reported Monday, citing three sources familiar with the matter. The company will work with Inspur, one of its major distribution partners in China, on the launch and distribution of the chip that is tentatively named "B20," two of the sources told Reuters. Nvidia ( NVDA ) shares were up 3%.

Reddit ( RDDT ) is teaming up with the NFL, NBA, MLB and other sports leagues to get videos and other content for its social media site, The Information reported Monday, citing Reddit ( RDDT ) Chief Operating Officer Jen Wong. Reddit ( RDDT ) will use the content to bring in advertisers and then share the revenue with the sports leagues, according to the report. Shares of Reddit ( RDDT ) were up 4.8%.

Super Micro Computer ( SMCI ) said Monday in a regulatory filing that it entered into a term loan credit agreement on July 19 that provides for a $500 million term loan facility, the proceeds of which will be used to provide ongoing working capital and other general corporate purposes. In the same filing, the company disclosed that is in discussions with one or more financial institutions over a potential senior revolving credit facility and expects to use the proceeds from it to repay and retire each of the term loan facility and ABL agreement in full. The company anticipates entering into the revolving credit facility in Q1 of fiscal 2025, but added that there can be no assurance that will be able to do so on acceptable terms, or at all. Shares of SMCI were down 2.5%.

Boeing ( BA ) said Monday it has entered into an agreement for 10 of its 787 Dreamliners with Japan Airlines, with options for 10 more. Financial details of the order were not disclosed. Japan Airlines will have 10 of the 787s and 21 of the 737 Max jets on order once the latest order is finalized and posted to Boeing's ( BA ) orders and deliveries website, Boeing ( BA ) said. Separately, Korean Air intends to buy up to 50 widebody Boeing ( BA ) planes, including 20 777-9s and 20 787-10s, with options for 10 more 787-10s, the companies said. The 77-9 can carry 426 passengers with a range of 13,500 km, while the 787-1 can seat up to 336 passengers with a range of 11,730 km, the companies said. Financial terms of the deal were not disclosed. Lastly, Boeing ( BA ) has agreed to designate Lufthansa Technik as the first Boeing-licensed Service Center, or BLSC, for 787 Dreamliner cabin modifications, with the first project starting next year, the companies said Monday. Clients, including operators and lessors, can now opt for Lufthansa Technik to redesign cabin interiors, provide necessary engineering and integrate modifications according to their specifications, the companies said. Boeing ( BA ) shares were down 0.5%.

Berkshire Hathaway (BRK-A, BRK-B) sold nearly 33.9 million Bank of America ( BAC ) shares through a series of open-market transactions generating almost $1.48 billion in gross proceeds for the industrial and financial conglomerate, a Friday regulatory filing showed. Berkshire received between $42.70 and $44.44 for each of the shares sold between July 17 and July 19, the filing showed. The bulk of the shares had been held by Berkshire's various property and casualty insurance subsidiaries, including Government Employees Insurance Co., better known as GEICO. Separately, Berkshire sold over 2 million shares of Chinese electric vehicle maker BYD, reducing its stake to about 6%, according to a regulatory filing in Hong Kong. Shares of Berkshire Class A stock were mostly flat, while its Class B stock was down 0.3%. Bank of America ( BAC ) shares were down 1.1%.

Price: 39.05, Change: -2.57, Percent Change: -6.17