Trading in AstraZeneca‘s (AZN 2.26%) American Depositary Shares (ADSes) was lively on Tuesday, on news that its leadership intends to directly list its sock on a U.S. exchange. Investors clearly liked that idea, as they bid those ADSes up by more than 2% that trading session. With that rise, it did better than the S&P 500 (^GSPC -0.11%), which closed the day marginally (0.1%) lower.

Bye-bye Britain?

That morning, U.K. newspaper The Times published an article stating that AstraZeneca CEO Pascal Soriot aims to move the company’s stock market listing onto our shores (ADSes are certificates conferring ownership of a stock, not the stock itself).

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Citing unidentified multiple sources, the newspaper wrote that Soriot might also be mulling a move of AstraZeneca’s headquarters from the U.K. to the U.S.

Currently, the global healthcare company is a component of the FTSE 100, considered by many to be the most important U.K. stock index.

According to The Times‘ reporting, the chief executive is “known to be deeply frustrated with the U.K.’s operating environment.” The newspaper added that he has publicly expressed concern about what he perceives to be a decline in European competitiveness against the U.S. and China. The pair happens to be the company’s two largest markets.

Neither Soriot nor AstraZeneca has yet officially commented on the article.

Land of opportunity

Since AstraZeneca has quite a presence in the U.S. healthcare market and does much of its business in the country, it makes abundant sense to shift the main stock market listing and even the headquarters here. It’s unclear (at least for now) how much this might affect the company’s fundamentals and operations, but as a concept, it’s a good idea.

It’s safe to say Lattice Semiconductor (LSCC -10.03%) investors did not have a Tuesday they would like to remember. Their stock fell by more than 10% in price that trading session, the cause being an uninspiring quarterly earnings report. That decline was significantly steeper than the 0.8% slide of the bellwether S&P 500 (^GSPC -0.77%).

Expected declines

Lattice’s first quarter revenue was just under $120.2 million, which represented a concerning year-over-year drop of almost 15%. On the bottom line, the fall was more pronounced, with non-GAAP (generally accepted accounting principles) adjusted net income sliding nearly 24% to $30.7 million, or $0.22 per share.

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Despite the declines, both headline metrics broadly met analyst expectations. The consensus pundit expectation for revenue was $120.1 million, while that for adjusted profitability was the achieved $0.22 per share.

In the earnings release, Lattice sounded a hopeful and optimistic tone for its future. It quoted CFO Lorenzo Flores as saying: “The prior realignment of our resources, coupled with our resilient supply chain and global customer base, position us well. We’re maintaining disciplined control over operating expenses while continuing to focus on execution.”

Guidance was in line too

Lattice proffered fairly comprehensive guidance for its current (second quarter). The company said it expects to book $118.5 million to $128.5 million in revenue, and adjusted net income ranging from $0.22 to $0.26 per share. The consensus analyst estimates fit within these ranges, with projections of $123.6 million on the top line and $0.24 for adjusted, per-share profitability.

In the earnings release, Lattice didn’t directly address how it might get its growth train restarted, which was likely a factor in the negative investor reaction. If the company can’t hit this goal, we can expect many market players to continue shunning the stock.

Nuclear power utility Constellation Energy Corporation (CEG 8.75%) exploded higher after reporting significantly higher revenue than expected for the first quarter of 2025.

Heading into today’s report, analysts forecast Constellation Energy would earn $2.15 per share on sales of $5.4 billion. Constellation actually missed the earnings forecast by a penny, but its revenue came in at $6.8 billion.

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Constellation Energy’s Q1 earnings

Both analysts and Constellation itself focused on Constellation’s adjusted operating earnings for the quarter. Generally accepted accounting principles (GAAP) profits were significantly lower at just $0.38 per share, down significantly from last year’s $2.78. Regardless, management described its results as “strong” and doubled down on its promise to grow its output to power “the new AI products that Americans increasingly are using in their daily lives.”

Yes, you read that right. Constellation energy is an artificial intelligence stock now, and poised to become even more so as it proceeds with its planned acquisition of Calpine Corporation, which when concluded will make Constellation America’s biggest electric utility.

Is Constellation stock a buy?

Turning to guidance, Constellation told investors it expects to earn between $8.90 and $9.60 per share, adjusted for one-time items, this year. Analysts are looking for the company to come in toward the high end of that range, at $9.45. But given that the midpoint of the range would be just $9.25 per share, it actually looks to me like Constellation is telling investors to expect earnings misses all year long — and bigger misses than the one just reported for Q1.

Constellation stock costs nearly 26 times trailing GAAP earnings right now, pays a negligible 0.6% dividend yield, and most analysts see earnings growing at less than 7% annually over the next five years. Constellation Energy stock is overpriced, and I cannot call it a buy.