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A number of stocks fell in the afternoon session after the latest U.S. consumer confidence report revealed underlying weakness despite a headline increase, raising concerns about future spending.

Shares of offshore banking group Butterfield Bank (NYSE:NTB) jumped 3.8% in the afternoon session after the company reported strong second-quarter financial results that beat analyst expectations and announced an increase in its shareholder returns. The bank posted earnings per share of $1.26, surpassing consensus estimates, on revenue of $146.40 million, which marked a 2.31% increase year-over-year. Alongside the positive earnings, Butterfield announced a 14% increase to its quarterly dividend, bringing it to $0.50 per share, and initiated a new share repurchase program. This enhanced capital return strategy, coupled with the strong quarterly performance, underscored management's confidence and commitment to delivering shareholder value. The reported earnings also represented a notable improvement compared to the $1.09 per share earned in the same quarter of the prior year.

Shares of home appliances manufacturer Whirlpool (NYSE:WHR) fell 12.6% in the afternoon session after the company reported disappointing second-quarter earnings, significantly cut its dividend, and lowered its full-year financial forecast. The company's second-quarter earnings per share of $1.34 missed analyst expectations, and net sales fell 5.4% year-over-year to $3.77 billion. Management pointed to declining global demand, increased promotions, and competitors stockpiling imports ahead of U.S. tariffs as key pressures on the results. In response to the challenging environment, Whirlpool reduced its full-year earnings guidance to a range of $6.00 to $8.00 per share, a significant drop from its previous forecast of around $10.00. The company also announced a major cut to its annual dividend, lowering it to $3.60 per share. Following the news, Bank of America downgraded the stock to "underperform" and reduced its price target to $70.

Shares of equipment rental company Herc Holdings (NYSE:HRI) fell 17.9% in the afternoon session after the company issued a disappointing full-year forecast that overshadowed its second-quarter financial results. While the equipment rental company's revenue grew 18.2% year-over-year to $1.00 billion, it reported a net loss of $35 million. This loss stemmed primarily from $73 million in costs related to its acquisition of H&E Equipment Services and a $49 million asset impairment. The market reacted negatively to the company's updated guidance for the full year, with its revenue projection falling 15% below analyst expectations. The acquisition also increased Herc's debt load and pushed its net leverage ratio to 3.8x, amplifying concerns about the company's financial stability amid the costly integration process.

Shares of global pharmaceutical company Merck (NYSE:MRK) fell 3.2% in the afternoon session after the company reported second-quarter financial results that missed revenue expectations and revealed a new multi-year cost-cutting initiative. The pharmaceutical giant posted total sales of $15.8 billion, representing a 2% decrease from the same period last year. This revenue shortfall was primarily driven by a steep 55% drop in sales for its Gardasil vaccine, which faced declining demand in China. While the company's earnings per share beat analysts' forecasts, investors appeared to focus on the top-line miss. Alongside the earnings, Merck announced a major restructuring plan aimed at saving $3 billion annually through measures that included layoffs and real estate reductions. The company stated these savings would be reinvested to support new product launches and its research pipeline.

Shares of biopharmaceutical company Incyte Corporation (NASDAQ:INCY) jumped 10.4% in the afternoon session after the company reported second-quarter financial results that beat analyst expectations and raised its full-year guidance for its top-selling drug, Jakafi. The specialty drugmaker posted quarterly revenue of $1.22 billion, a significant 17.3% increase from the previous year, which surpassed the consensus estimate of $1.15 billion. Its adjusted profit of $1.57 per share also came in ahead of Wall Street's forecasts. The strong performance was driven by robust product sales, with revenue from its flagship drug Jakafi growing by 8% and sales of its Opzelura cream surging 35% year-over-year. Citing continued demand, Incyte lifted its 2025 sales forecast for Jakafi to a new range of $3.0 billion to $3.05 billion.

Shares of heating, ventilation, air conditioning, and refrigeration company Carrier Global (NYSE:CARR) fell 11.4% in the afternoon session after the company reported mixed second-quarter financial results and lowered its full-year sales guidance for its residential segment. Although the air conditioner maker beat analysts' estimates for second-quarter profit with a 26% year-over-year increase in adjusted earnings per share to $0.92, its revenue of $6.11 billion fell short of consensus estimates. Investor concern appeared to center on the company's outlook. Carrier lowered its full-year forecast for residential organic sales growth, citing a late start to the summer which led to a fall in orders. The market's negative reaction suggested that the revenue miss and reduced guidance for a key segment outweighed the strong profit performance.

Shares of regional banking company Enterprise Financial Services (NASDAQ:EFSC) jumped 3.6% in the morning session after the company reported strong second-quarter 2025 financial results that surpassed analyst expectations. The financial holding company announced adjusted earnings of $1.37 per share, comfortably beating the consensus analyst estimate of around $1.21. Revenue also painted a positive picture, coming in at $173.4 million for the quarter, which was ahead of Wall Street forecasts. The company’s performance was supported by growth in key areas, as net interest income reached $152.8 million and total loans increased to $11.4 billion. Adding to the positive news for shareholders, Enterprise Financial Services also announced an increase to its quarterly dividend, signaling confidence from management in the company's financial health.

Shares of insurance holding company Globe Life (NYSE:GL) jumped 4.3% in the morning session after the company announced it was cleared in a federal investigation into its sales practices. The company announced that the U.S. Attorney's Office for the Western District of Pennsylvania closed its investigation into sales practices by certain independent agents. According to the release, the Department of Justice would not be taking any enforcement action against Globe Life or its subsidiary, American Income Life. This development removed a significant legal uncertainty for investors. In response to the news, an analyst from Keefe, Bruyette & Woods maintained an "Outperform" rating on the stock and raised the price target. The positive update followed the company's recent second-quarter results, where it had reported increased net income and a 5% rise in life insurance premiums.

Shares of professional staffing firm Kforce (NYSE:KFRC) fell 11.3% in the morning session after the company issued a disappointing third-quarter forecast that overshadowed its second-quarter results. While the company’s second-quarter earnings of $0.59 per share met analyst expectations on revenue of $334.3 million, its outlook for the upcoming quarter concerned investors. Kforce projected third-quarter revenue in the range of $324 million to $332 million, which fell below the consensus estimate of $335.2 million. Similarly, its earnings per share guidance of $0.53 to $0.61 also fell short of the anticipated $0.61. Management attributed the weaker outlook to unanticipated project completions at the end of the second quarter. In response to the news, a Truist analyst reduced the price target on the stock to $46 from $50, citing a challenging environment.

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