Stocks enjoyed a strong first half of 2021. The month of July was not a great start for those who follow the Nasdaq Composite. Even though other market benchmarks showed modest gains, the Nasdaq was still down around a tenth percent at 12:15 p.m. ET on Thursday.Two key earnings reports from large companies that are listed on the Nasdaq were crucial in bringing the Nasdaq back. Both Walgreens Boots Alliance and Micron Technology (NASDAQ;MU) had their opinions on the current market state, but shareholders didn’t like what they heard. We'll be looking at these reports in more detail and how they impact the stock market.The drugstore chain is a little less financially soundWalgreens shares were down nearly 6% by midday Thursday. Investors weren't happy with the results, although Walgreens showed signs of continued growth.Walgreens saw a significant turnaround in sales from last year. Walgreens reported a significant turnaround in fiscal third quarter sales, with an increase of more than 12 percent year-over-year. Walgreens also reversed a loss from last year and posted adjusted earnings $1.51 per share. This was well above expectations. Walgreens also increased its earnings growth forecasts for the entire year to 10%.The COVID-19 vaccination activity gave Walgreens a significant boost in its numbers. To date, the drugstore chain has administered more than 25,000,000 vaccinations. The company stated that it believes that this number has reached its peak and will be administering fewer vaccine doses during the fourth quarter.This assessment may be too optimistic from a business perspective, but it could also be too pessimistic in terms of public safety. Many people see the need to continue vaccinations into the future, particularly if booster shots are needed later in the year or 2022. Walgreens shareholders are disappointed by the current outlook, but they can only hope things improve.Take a breakMicron Technology shares fell more than 5% following the release of its fiscal third quarter financial results. Despite numbers that were quite impressive, the shares dropped.Micron witnessed many positive developments during the quarter. Micron's revenue jumped 36% over the previous year. Micron also posted adjusted earnings at $1.88 per share. This is more than twice the amount in the same quarter last years. Year over year, operating cash flow increased by more than 75%.Micron also believes that the good times will continue into the next quarter. The guidance for the fiscal fourth quarter was $8 billion to $8.4 trillion in revenue and adjusted earnings of $2.20-2.40 per share.Micron's Micron report was not all that well received by stock analysts. One analyst downgraded Micron's stock due to the belief that the current shortages won't last too long into the future. This is a common opinion, but not all investors agree with it. Some argue that the current upward cyclical move could be prolonged by the severity of the pandemic-caused shortfall.Investors in Nasdaq need to understand that even positive fundamental news doesn't always translate into share-price increases. It will be up to Walgreens or Micron to demonstrate that they can deliver solid results over the long-term.
