Here are some companies making waves in midday trading:
1. 3M: Shares of the chemical manufacturer surged 5.5% after reporting impressive earnings. 3M exceeded revenue expectations, posting $7.99 billion compared to analysts’ estimated $7.87 billion. The company also raised its full-year earnings guidance, instilling confidence in investors.
2. Spotify: The popular music streaming platform faced a 14% tumble due to weaker-than-expected revenue and guidance. Spotify reported revenue of €3.18 billion, falling short of the estimated €3.21 billion. The company’s decision to raise prices for premium subscription plans has also contributed to the decline.
3. Alaska Air: Despite beating estimates on both the top and bottom lines for the second quarter, Alaska Air witnessed a 12% drop in shares. The airline reported $3 in adjusted earnings per share on $2.84 billion in revenue, surpassing analysts’ expectations. However, the market response suggests a different sentiment.
4. RTX: Shares of the defense contractor fell over 12% after disclosing an issue with Pratt & Whitney engines that power Airbus A320neo models. Despite this setback, RTX reported second-quarter earnings that exceeded Wall Street expectations, with $1.29 in adjusted earnings per share and $18.32 billion in revenue.
5. F5: The cloud software company experienced a 5.7% rally following a strong fiscal third-quarter performance. F5 surpassed earnings and revenue estimates, reporting adjusted earnings of $3.21 per share on $703 million in revenue.
6. NXP Semiconductors: Shares rose 4% after the chipmaker announced its quarterly earnings, which surpassed expectations. NXP reported $3.43 in adjusted earnings per share on $3.3 billion in revenue, outperforming estimated earnings of $3.29 per share and $3.21 billion in revenue.
7. General Electric: The industrial giant’s shares soared over 5%, hitting a 52-week high, after reporting stronger-than-expected earnings for the second quarter. GE posted adjusted earnings of 68 cents per share on revenue of $16.7 billion, exceeding analysts’ projections. The company also raised its full-year profit guidance, citing strong demand in aerospace and renewable energy sectors.
8. Whirlpool: Whirlpool’s stock dipped over 3% after reporting lower-than-expected revenue in the second quarter. However, the company surpassed earnings expectations with adjusted earnings of $4.21 per share.
9. Biogen: Shares of the biotech company declined 3.8% after announcing its second-quarter earnings. Biogen reported adjusted earnings of $4.02 per share on revenue of $2.46 billion, falling slightly short of analysts’ estimated earnings of $3.77 per share but beating revenue expectations.
10. Progressive: The insurance company’s shares dropped nearly 2% following a downgrade by Morgan Stanley. The firm cited negative catalysts as the reason for the downgrade.
11. MSCI: Shares of MSCI rose 9% after the company reported second-quarter earnings and revenue that surpassed analysts’ estimates. The investment research company posted $3.26 earnings per share (excluding items) on revenue of $621.2 million.
12. General Motors: The automaker’s stock experienced a 4.5% dip after reporting a surprise $792 million charge related to new commercial agreements. However, GM lifted its 2023 guidance for the second time this year and reported better-than-expected revenue.
13. UPS: Shares of UPS rose about 1% after the Teamsters union announced a tentative labor deal with the shipping giant.
14. Invesco: The investment management firm’s shares fell 5% after posting lower-than-expected adjusted earnings of 31 cents per share in the second quarter.
15. Xerox: Shares of Xerox rose more than 7% after the company increased its full-year operating margin and free cash flow guidance.
16. Packaging Corp of America: The packaging products company experienced a 10% surge in stock, reaching a new 52-week high. Packaging Corp of America beat earnings estimates with $2.31 per share and cited lower operating costs for the boost.
17. Zscaler: Shares of the IT security company saw a 4.5% increase after receiving an upgrade from BTIG. The upgrade came as a result of improved demand in the Secure Service Edge and the continuation of stalled projects.
18. Sherwin-Williams: Shares of Sherwin-Williams added more than 3% after reporting record-breaking revenue for the second quarter. The company exceeded analysts’ expectations, reporting $6.24 billion in revenue.
These companies’ performances provide insights into their respective industries and can shape market sentiments.
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