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Takeaways
- The S&P 500 advanced 0.6% on Tuesday, April 29, notching a sixth straight winning session as the White House softened some tariffs on the auto industry.
- SBA Communications shares gained as domestic leasing strengthened the results of the telecom REIT’s quarterly sales.
- Shares of NXP Semiconductors dropped after the chipmaker announced that its top executive will step down and indicated tariff-related uncertainty.
Major U.S. equities indexes moved higher Tuesday as President Donald Trump worked to alleviate some of the tariff burden for carmakers.
The S&P 500 added 0.6%, securing its sixth consecutive day of gains. The Nasdaq closed 0.6% higher while the Dow gained 0.8%.
SBA Communications (SBAC), an REIT focused on telecommunications, reported better-than-expected revenue in the first quarter, thanks to its domestic leasing business. The firm also announced a new $1.5-billion share repurchase program and boosted its outlook for the full year. Several analysts raised their price targets on the stock to reflect an improved growth outlook. Shares of SBAC advanced 6.8%, gaining the most of any S&P 500 stock on Tuesday.
Shares of the computational software provider Cadence Design Systems rose 5.8% after quarterly profit results exceeded analyst’s expectations. Cadence also increased its full-year revenue and profit guidance as it anticipates robust demand from semiconductor companies for its chip designs products, as the proliferation of AI technologies heats up. There are still questions about the impact that tariffs will have on the company’s Chinese business.
Zebra Technologies (ZBRA), a manufacturer of barcode scanners, and other devices to help businesses track their inventories, beat top and bottom-line expectations with its first-quarter results. Zebra Technologies shares rose 5.2% on Tuesday.
Sherwin-Williams (SHW) shares jumped 4.8% after the paint and coatings manufacturer topped earnings per share (EPS) estimates for the first quarter of 2025. Although revenue fell short of expectations for the period, pricing strength and gross margin expansion in the Paint Store Group as well as successful cost-control measures contributed to profitability.
NXP Semiconductors, a company that makes semiconductors for the automotive industry and other industries, announced its CEO would be retiring at the end the year. The chip provider for the automotive industry and other industries pointed out that there was uncertainty in the market due to potential tariff impacts. NXP shares dropped 6.9% on Tuesday, suffering the heaviest losses in the S&P 500.
Regeneron Pharmaceuticals shares (REGN), which are also down 6.9%, fell after the biotech firm missed its quarterly sales estimates. Regeneron Pharmaceuticals’ (REGN) overall sales missed was largely due to a softening of revenue from Eylea. This treatment is used for a range of eye conditions.
Insurance brokerage Brown & Brown (BRO) missed expectations for organic revenue growth, and its shares slipped 6.0%. The risk management specialist’s adjusted profits, however, were ahead of consensus expectations, boosted by increases in fees and commissions.
