Microsoft, Alphabet, Boeing, XPeng, Snap, Teladoc, and More Stock Market Movers

Shares of
Alphabet
(GOOGL) rose 5.8% after the parent of search giant Google reported second-quarter earnings that were better than expected and announced that Chief Financial Officer Roth Porat would become president and chief investment officer starting in September. Porat will be responsible for the company’s Other Bets portfolio.
Alphabet
also touted a range of investments in artificial intelligence during its conference call.

AT&T (T) reported second-quarter earnings that beat analysts’ estimates and free cash flow of $4.2 billion topped forecasts of $3.7 billion. The telecommunications giant said it added 326,000 postpaid phone net subscribers in the second quarter, missing expectations of 342,500, according to analysts polled by FactSet. The stock traded up 0.6%.

Shares of
Boeing
(BA) rose 8.7% after the aerospace giant reported a narrower-than-expected second-quarter loss. Free cash flow in the period of $2.58 billion topped forecasts of $89 million.

Chip manufacturer
Texas Instruments
(TXN) posted second-quarter earnings that topped analysts’ expectations but issued a revenue forecast for the third quarter that was slightly below estimates.
Texas Instruments
said it expects third-quarter earnings of $1.68 to $1.92 a share on revenue of between $4.36 billion to $4.74 billion. Analysts had estimated third-quarter earnings of $1.91 a share on revenue of $4.59 billion. The stock fell 5.4%.

U.S.-listed shares of
XPeng
(XPEV) surged 27% after
Volkswagen
said it would invest $700 million in the Chinese electric-vehicle maker.

Snap
(SNAP) tumbled 14% after the
Snapchat
parent issued a forecast for third-quarter sales that was below expectations. The social-media platform said it expects third-quarter revenue of $1.07 billion to $1.13 billion. The midpoint of that range was below estimates of $1.13 billion.

Chip company 
MaxLinear
(MXL) announced late Wednesday it had terminated its pending acquisition of
Silicon Motion Technology
(SIMO). Earlier in the day, shares of Silicon Motion, which makes controllers used with flash-based storage devices, soared after China’s State Administration for Market Regulation approved the deal with conditions. A few hours later,
MaxLinear
called the whole thing off. Shares of MaxLinear were down 14% in after hours trading. Silicon Motion dropped 6% after the close.

PacWest Bancorp
(PACW) surged 27% to $9.76 after agreeing to be acquired by
Banc of California
 (BANC) in an all-stock deal. Under the terms of the deal, shares of PacWest were valued at $9.60 a share, a premium over its closing price of $7.69 a share on Tuesday. PacWest avoided the regional banking turmoil that led to the collapse of Silicon Valley Bank and two other lenders, but the stock has tumbled 57% this year amid deposit outflows.

Teladoc Health
(TDOC) jumped 27% after its second-quarter loss narrowed from a year earlier and the telemedicine provider issued an improved outlook for the year.

Gap
(GPS) ended its yearlong search for a new chief executive, naming Richard Dickson,
Mattel
‘s (MAT) chief operating officer and president, to lead the retailer. The stock rose 7.7%.

—Eric J. Savitz, contributed to this article

Write to Joe Woelfel at [email protected]