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Snack giant Mondelez dips on muted outlook despite Q2 beat

Shares of Mondelez slipped 5% after the snack giant beat Q2 expectations but stuck with a muted full-year outlook.

Adjusted earnings per share landed at $0.73, topping Wall Street’s estimate of $0.68 but falling about 14% from a year ago. Revenue also beat, rising to $8.9 billion, though it slipped year over year as cost-conscious North American shoppers pulled back.

Mondelez, which owns pantry staples like Chips Ahoy!, Ritz, and Triscuit, said strength in emerging markets and Europe helped offset weakness in the US. CEO Dirk Van de Put said volume mix was “flattish,” but pointed to strong quarters in EMEA and Latin America.

The company reiterated its full-year outlook, including a projected 10% drop in profit, as it continues to wrestle with historically high cocoa prices. Mondelez doesn’t provide formal EPS forecasts due to FX swings, market volatility, and the effects of potential deals.

Mondelez shares are up 11% year to date.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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