Visitors browse vehicles at the AutoNation Toyota dealership in Cerritos, California.
Mario Anzuoni | Reuters
Explore the latest market news during midday trading.
Scholastic — The publishing company surged by 14.2% after announcing a $100 million increase in its share repurchase plan. Investors also reacted positively to Scholastic’s quarterly results, which revealed earnings per share of $2.26 on revenue of $428.3 million.
American Express — Shares of American Express declined approximately 4% as the company reported second-quarter revenue of $15.05 billion, falling short of analysts’ expectations of $15.48 billion. However, American Express exceeded earnings per share estimates.
Herc — Herc experienced a decline of over 5% after Bank of America downgraded its shares to underperform from buy. Analyst Sherif El-Sabbahy expressed concerns about the ongoing writers and actors strike in Hollywood, which is expected to negatively impact the equipment rental stock.
AutoNation — AutoNation’s stocks plummeted by 7% during midday trading. The car dealership revealed second-quarter results that exceeded expectations in terms of both revenue and earnings. AutoNation achieved adjusted earnings of $6.29 per share on revenue of $6.89 billion, surpassing analysts’ projections of $5.91 per share on revenue of $6.78 billion.
Knight-Swift Transportation — Knight-Swift Transportation experienced a gain of over 2% in midday trading. This comes despite the company reporting weaker-than-expected second-quarter earnings and revenue. Knight-Swift also provided lackluster guidance.
PPG Industries — Shares of PPG Industries rose by 1.7% following the company’s strong second-quarter results. The supplier of paints, coatings, and other materials achieved adjusted earnings per share of $2.25 on revenue of $4.87 billion. This exceeded analysts’ expectations of $2.14 per share and revenue of $4.84 billion. PPG Industries also raised its earnings guidance for the current quarter and full year.
Capital One Financial — Capital One Financial experienced a 1% increase after beating earnings expectations for the second quarter. The financial company reported adjusted earnings per share of $3.52, surpassing Refinitiv’s estimate of $3.23. However, its revenue fell short of expectations. Total deposits also decreased by 2% at the end of the second quarter.
Intuitive Surgical — The health-care stock declined by 1.6% after Intuitive Surgical reported weaker-than-expected systems revenue for the second quarter. The company’s systems revenue reached $392.7 million, falling below the consensus estimate of $415.9 million according to StreetAccount.
Sunnova Energy International — Shares of Sunnova Energy International fell by more than 3% following a downgrade from BMO Capital Markets. The firm expressed constructive long-term growth prospects but highlighted the challenging macro environment for the residential solar industry in the U.S. at present.
CSX — CSX saw a decline of over 4% after reporting disappointing second-quarter revenue. The transportation company’s revenue amounted to $3.7 billion, falling short of analysts’ expectations of $3.74 billion. Earnings per share met consensus at 49 cents.
— Contributions to CNBC’s report by Michelle Fox, Alex Harring, and Hakyung Kim.
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