Employees at a Kate Spade store in The Shoppes at Marina Bay Sands shopping mall in Singapore are busy preparing a captivating window display. The scene is a testament to their creativity and attention to detail, ensuring that customers are drawn to explore the store.
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Discover the latest updates on notable companies during midday trading on Thursday.
Disney
— The media giant’s shares surged by 5.3%. In a recent announcement, Disney revealed its plans to raise the price of its ad-free streaming tier in October and crack down on password sharing. However, the company did report a 7.4% decline in subscriber count last quarter and recorded $2.65 billion in one-time charges and impairments, resulting in a rare quarterly net loss.
AppLovin
— Shares of the game developer soared by over 24.1% on Thursday. AppLovin recently posted impressive second-quarter results and exceeded revenue expectations for the current period. The company anticipates revenue to range between $780 million and $800 million, surpassing the $741 million estimate by analysts. Earnings for the recent quarter also surpassed expectations, coming in at 22 cents compared to the anticipated 7 cents.
Alibaba
— U.S.-traded shares of Alibaba experienced a 4.3% increase on Thursday following the Chinese company’s better-than-expected performance. In the June quarter, Alibaba reported revenue of 234.16 billion yuan, surpassing the estimated 224.92 billion yuan by Refinitiv, and marking its largest year-over-year revenue growth since 2021.
Capri
, Tapestry
— Capri’s stock skyrocketed by more than 55.4%, while luxury company Tapestry witnessed a 16% slump during Thursday’s trading session. The market reacted to the news of Tapestry’s plans to acquire Capri Holdings in a deal worth roughly $8.5 billion. Capri owns prestigious brands such as Versace, Jimmy Choo, and Michael Kors.
Wynn Resorts
— The hotel and casino company’s shares climbed 3% after Wynn surpassed analysts’ estimates in its second-quarter results. The company reported adjusted earnings per share of 91 cents on $1.6 billion of revenue. Analysts surveyed by Refinitiv had projected 59 cents per share on $1.54 billion of revenue.
Global Payments
— The financial technology stock saw a nearly 3% increase after Jefferies upgraded the company’s rating from hold to buy. The upgrade was due to the projected long-term margin expansion and revenue growth as consumer spending continues to rise. The analyst set a price target of $145, implying a 16.9% gain from Wednesday’s closing price.
Penn Entertainment
— Shares of the company dropped approximately 3.9% on Thursday. Truist downgraded the shares to hold from buy, citing uncertainties surrounding the company’s partnership with Disney’s ESPN in relaunching its sports betting app.
Roblox
— The gaming company’s shares rose by 3.2% after receiving an upgrade to outperform from Wedbush. Analyst Nick McKay remains optimistic about Roblox’s long-term trajectory, despite the company falling short of analysts’ estimates in the second quarter.
Fleetcor Technologies
— Shares of the global business payments company surged by 4.5%. Several Wall Street firms increased their price targets on Fleetcor following the company’s strong performance in the second quarter. Recently, Fleetcor reported adjusted earnings of $4.19 per share on revenue of $948.2 million, surpassing analysts’ expectations of $4.17 per share on revenue of $945 million, according to FactSet.
— CNBC’s Brian Evans, Hakyung Kim, Samantha Subin, Jesse Pound, Yun Li, and Alex Harring contributed to this report.
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