Penguin Solutions, Inc. (PENG) posted its third quarter results on Wednesday, July 8. The technology company’s stock fell over 8% following the release after reporting revenue that was below expectations.

The company’s revenue for the third quarter totaled $324.3 million. This was up 7.9% from revenue of $300.6 million during the same quarter last year but below analysts’ estimates of $328.8 million.

“We delivered solid third quarter results while executing against our strategic objectives,” said Penguin Solutions CEO, Mark Adams. “We also strengthened our balance sheet through a refinancing after the close of Q3, and we remain focused on developing our AI software and services capabilities, expanding go-to-market resources, and driving long-term value for our stockholders.” 

Penguin Solutions reported a net loss of $2.7 million or $-0.01 per diluted share for the quarter. This was down from net income during the same quarter last year of $5.6 million or $0.10 per diluted share.

The Milpitas, California-based company, which designs, builds and manages large-scale AI infrastructure projects, reported mixed changes in revenue across its segments. Advanced Computing revenue came in at $132.5 million, a decrease from $145.0 million compared to this time last year. The company attributed the decline to the timing of a major deployment at a large hyperscale customer. The company’s Integrated Memory revenue grew 42% to $130.1 million while its Optimized LED segment experienced a slight decrease to $61.6 million. For the current fiscal year, the company expects net sales to increase by 17%, with a margin of plus or minus 2%.

Penguin Solutions, Inc. (PENG) shares ended the week at $14.10, up 15% for the week.

Delta Air Lines Reports Quarterly Earnings

Delta Air Lines, Inc. (DAL) reported second quarter earnings on Thursday, July 10. The Atlanta-based airline company reported better-than-expected earnings and revenue, causing its stock to rise approximately 10% after the release of the report.

The company posted revenues of $16.65 billion for the quarter that ended June 2025. This is down 10% from $16.66 billion in revenue during the second quarter of 2024 but exceeded analysts’ estimates of $16.41 billion.

“In the June quarter, Delta delivered record revenue on a 13% operating margin, generating $1.8 billion in pre-tax profit and leading network peers across key operational metrics,” said Delta CEO, Ed Bastian. “As we look to the second half of our centennial year, we remain focused on executing our strategic priorities and managing the levers within our control to deliver strong earnings and cash flow."

Delta reported net income of $2.13 billion or $3.27 per adjusted share. This was up from net income of $1.31 billion or $2.01 per adjusted share in the same quarter last year.

Delta Air Line’s second quarter earnings were highlighted by record quarterly revenue. Domestic travel revenue decreased by 1% to $9.3 billion during the quarter. International passenger revenue jumped 2% as transatlantic travel remains strong and Delta increased its transpacific network capacity. Delta’s total passenger revenue was $13.9 billion, relatively unchanged from the prior year. The company updated its full-year fiscal 2025 guidance and expects adjusted earnings per share between $5.25 to $6.25.

Delta Air Lines, Inc. (DAL) shares ended the week at $11.82, up 12% for the week.

Conagra Brands Announces Revenue

Conagra Brands, Inc. (CAG) announced its fourth quarter and full year earnings on Thursday, July 10. After reporting a decline in revenue, shares in the packaged foods company fell by 5% following the release.

The company reported revenue of $2.78 billion during the second quarter. This was a decrease in revenue from $2.91 billion in the same quarter last year and just below analysts’ estimates of $2.83 billion. For the full year, revenue came in at $11.61 billion, down almost 4% from $12.05 billion in the previous fiscal year.

“I am proud of the Conagra team for their hard work throughout fiscal 2025 as we navigated an environment that proved to be more challenging than we anticipated,” said Conagra CEO, Sean Connolly. “In fiscal 2026, we expect elevated inflation and macroeconomic uncertainty to persist but remain focused on proactively managing the business by investing in our high-potential frozen and snacks domains, prioritizing volume strength, and further enhancing supply chain resiliency while continuing disciplined cost management and focus on cash flow.”

For the quarter, Conagra reported a net income of $256.0 million or $0.53 per diluted share. This is an increase from a net loss of $567.3 million or $1.18 per diluted share at the same time last year. For the full year, the company reported net income of $1.15 billion, an improvement from net income of $347.2 million reported last year.

Conagra, which holds popular brands such as Duncan Hines, Healthy Choice and Birds Eye, reported that organic net sales decreased 3.5% due to, among other things, lower consumption trends. The company’s Grocery and Snacks segment accounted for $1.2 billion, a 2.1% decrease in net sales during the quarter. Conagra’s Refrigerated and Frozen segment decreased 4.4% to $1.1 billion in the quarter while Foodservice decreased 4.0% to $280 million. The company issued its fiscal 2026 outlook and expects organic net sales to range from a decline of 1% to an increase of 1%, with adjusted earnings per share between $1.70 to $1.85.

Conagra Brands, Inc. (CAG) shares ended the week at $19.40, down 8% for the week.

The Dow started the week of 7/7 at 44,803 and closed at 44.372 on 7/11. The S&P 500 started the week at 6,259 and closed at 6,260. The NASDAQ started the week at 20,491 and closed at 20,586.

U.S. Treasury yields declined midweek as investors reacted to the minutes from the Federal Reserve’s most recent meeting which suggested that future rate cuts were likely. Yields rose toward the end of the week following the latest data showing the labor market remains strong.

On Wednesday, the Federal Reserve released the minutes from its June Federal Open Market Committee (FOMC) meeting. At the meeting, the policy makers agreed unanimously to leave the key federal funds rate between 4.25% and 4.5%. The minutes suggested that while most officials believed that some rate reduction would be appropriate this year, there was a range of opinions concerning the number of cuts and the timing for their implementation.

“In considering the likelihood of various scenarios, participants agreed that the risks of higher inflation and weaker labor market conditions had diminished but remained elevated,” noted the minutes. “Participants agreed that although uncertainty about inflation and the economic outlook had decreased, it remained appropriate to take a careful approach in adjusting monetary policy

The benchmark 10-year Treasury note yield opened the week of July 7 at 4.34% and traded as high as 4.38% on Thursday. The 30-year Treasury bond opened the week at 4.88% and traded as high as 4.90% on Thursday.

On Thursday, the U.S. Department of Labor reported that initial claims for unemployment were 227,000 for the week ending July 5. This was down 5,000 from the prior week and fell below analysts’ expectations of 235,000. Continuing unemployment claims increased by 10,000 to 1.97 million.

“It is difficult to find a new job right now. Young people are struggling to get their first jobs and anyone who has been laid off is having a hard time landing their next role,” said chief economist at Navy Federal Credit Union, Heather Long. “The labor market is frozen outside of healthcare, education and law enforcement jobs. Hiring is anemic in other sectors as companies remain cautious in this environment.”

The 10-year Treasury note yield finished the week of 7/7 at 4.41%, while the 30-year Treasury note yield finished the week at 4.96%.

Freddie Mac released its latest Primary Mortgage Market Survey on Thursday, July 10. The survey showed mortgage rates rising after several weeks of decline.

This week, the 30-year fixed mortgage rate averaged 6.72%, up from last week’s average of 6.67%. Last year at this time, the 30-year fixed mortgage rate averaged 6.89%.

The 15-year fixed mortgage rate averaged 5.86% this week, up from last week’s average of 5.80%. During the same week last year, the 15-year fixed mortgage rate averaged 6.17%.

“After declining for five consecutive weeks, the 30-year fixed-rate mortgage moved slightly higher following a stronger than expected jobs report,” said chief economist at Freddie Mac, Sam Khater. “Despite ongoing affordability challenges in the housing market, we are seeing home purchase and refinance applications respond to the downward trajectory in rates, increasing by 25% and 56%, respectively, compared to the same time last year.”

Based on published national averages, the savings rate was 0.38% as of 6/16. The one-year CD averaged 1.62%.

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