Tesla reported second-quarter net profit of $1.1 billion, down 9% from a year earlier and below analysts’ $1.3 billion estimate. Revenue rose 25% to $28.2 billion. The company said profit per vehicle fell as it sharply increased spending on robotaxis, battery plants and Semi trucks. European gains offset weaker U.S. sales, while General Motors also posted a 30% profit drop, underscoring broader pressure on industry margins.

ServiceNow reported fiscal 2024 Q2 adjusted earnings of 90 cents per share and revenue of $3.99 billion, both above market expectations. The company said its AI portfolio surpassed $1 billion in annual contract value for the first time. ServiceNow raised its full-year subscription revenue forecast to $15.76 billion–$15.78 billion, implying growth of about 22.5%.

Molina Healthcare lifted its 2024 adjusted earnings forecast to at least $5.25 per share, up from at least $5.00, but its shares fell more than 9% in extended trading after a relatively modest guidance increase. The company said its Marketplace business faced pressure during the quarter as a larger share of members needed costly medical care than expected. Molina also flagged expected losses of $1.50 per share this year tied to a new Florida Medicaid contract and $1 per share related to its planned Medicare Advantage exit in 2027. The quarter’s adjusted EPS came in at $1.51 and the medical cost ratio was 92.2%.

Donald Trump and Ripple CEO Brad Garlinghouse held a joint live broadcast focused on “the future of XRP” and “Ripple transforming global finance.” The public, real-time event centered on XRP’s role in cross-border payments and financial infrastructure. No specific policy developments, regulatory breakthroughs, or technical upgrade details were disclosed. Trump’s participation as a former U.S. president and a key figure in the 2024 election made the XRP-focused discussion an unusually high-profile political endorsement event that amplified attention around the XRP narrative.

Intel Foundry said cybersecurity company Fortinet will be its first publicly named external customer, using the Intel 4 process to manufacture Fortinet’s next-generation SP6 security chip. Intel shares rose more than 8% on the day of the announcement, though the deal does not involve the 14A or 18A advanced nodes and external foundry revenue accounts for about 1.3% of total company revenue. The news came two days before Intel’s Q2 earnings release, with investors focused on whether outside foundry revenue is gaining traction and whether profitability is improving.

U.S. lean hog futures posted broad gains on Wednesday, with the October and December contracts up 22.5 cents and 57.5 cents, respectively. USDA’s national base hog cash price was $101.08 per cwt, up 86 cents from the prior day. The CME Lean Hog Index rose to $96.64 per cwt. Federally inspected hog slaughter for the week to date totaled 1.38 million head, down 17,913 head from the same week last year.

IBM cut its full-year revenue growth target to 4–5% after sales of its Z series mainframes fell 42% year on year in the second quarter. The company also lowered its annual software sales growth outlook to 6–8%. IBM said the weakness is entirely concentrated in its infrastructure unit and related software, while the rest of the business is performing strongly. Second-quarter revenue was roughly $17 billion, up about 1%, and adjusted earnings were nearly $3 per share.

European shares rose on Wednesday, with the Stoxx 600 up 0.58%, as weaker-than-expected UK inflation data and a run of upbeat corporate earnings lifted sentiment. The UK’s FTSE 100 gained 1.24%, while Germany’s DAX rose 0.58% and France’s CAC 40 added 0.89%. Oil prices climbed amid escalating U.S.-Iran tensions, but the move did not derail broader gains. Airbus, Gea Group and Fresnillo were among the stocks supported by company updates and results.