A brief nationwide stoppage caused by an internal technical issue has been lifted and Southwest Airlines flights have resumed at Chicago Midway International Airport in Chicago on April 18, 2023, according to the U.S. Federal Aviation Authority. Southwest Airlines planes sit idle on the tarmac during this time, as seen in the image provided by Jim Vondruska | Reuters.
Discover the latest developments of these companies in midday trading.
The stock of Roku, the streaming platform, experienced a nearly 2% decline after Citi downgraded its shares from buy to neutral. Citi mentioned that despite Roku’s year-to-date increase of about 120%, there may be limited further upside.
Simon Property Group saw a close to 6% drop in its shares after reporting a decline in funds from operations compared to the previous year. For the second quarter, funds from operations came in at $2.88 per diluted share, down from $2.91 per diluted share in the same period last year.
Jefferies downgraded Southwest Airlines from hold to underperform, causing a 2.5% slip in the air carrier’s shares. Jefferies cited difficulties in competing against premium providers as the reason for the downgrade.
E-commerce company Etsy experienced a nearly 12% plummet in its stock price after reporting quarterly results. Despite beating second-quarter earnings estimates, Etsy disappointed investors with lower forward guidance.
Chipmaker Qualcomm tumbled 9% as it fell short of analysts’ expectations with adjusted revenue of $8.44 billion, while estimates were at $8.5 billion. Qualcomm also provided soft guidance and noted weak sales of smartphone chips.
The stock of food delivery company DoorDash jumped almost 4% following an increase in its annual core profit forecast. DoorDash also exceeded revenue expectations in the second quarter, reporting $2.13 billion compared to the estimated $2.06 billion.
Grill maker Traeger saw a 45% surge in its stock price after reporting better-than-expected earnings. Traeger’s adjusted earnings per share stood at 4 cents, with revenue amounting to $171.5 million, surpassing analysts’ forecasted per-share loss of 2 cents and $154.9 million in revenue.
Clorox experienced a 9.5% jump in its stock price during midday trading as it beat earnings and revenue expectations. The company reported adjusted earnings of $1.67 per share and $2.02 billion in revenue, while analysts expected $1.18 per share and $1.88 billion in revenue.
Payments company PayPal saw an 11.3% loss in its shares during Thursday’s midday trading session despite meeting analysts’ predictions for earnings. Although PayPal reported adjusted earnings of $1.16 per share, its revenue of $7.29 billion surpassed expectations of $7.27 billion.
Solar stock Sunrun surged 10% after reporting earnings. The company reported earnings of 25 cents per share for the second quarter, exceeding analysts’ forecasted loss of 13 cents per share.
E-commerce company Shopify fell 5% despite beating earnings expectations. Shopify reported adjusted earnings of 14 cents per share and $1.69 billion in revenue, outperforming analysts’ estimates of 5 cents and $1.62 billion.
Following a significant earnings beat, charging network operator EVgo experienced a 21% surge in its shares. EVgo reported a loss of 8 cents per share, surpassing the expected 27 cents, and posted revenue of $50.6 million compared to the estimated $29.6 million.
Online trip planner Expedia’s stock fell 17% after reporting lower-than-expected revenue for the second quarter. Expedia’s revenue of $3.36 billion fell short of the estimated $3.37 billion.
Engine manufacturer Cummins saw a downfall of over 8% as it missed earnings expectations in its latest quarterly report. Cummins reported earnings of $5.18 per share, excluding items, and $8.64 billion in revenue, while analysts expected earnings of $5.25 per share and $8.39 billion in revenue.
Contributors: Alex Harring, Yun Li, Michelle Fox, Hakyung Kim, Sarah Min, and Pia Singh from CNBC.
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