Johnson & Johnson Covid-19 vaccines are seen on a table on May 7, 2021 in Los Angeles, California.
Frederic J. Brown | AFP | Getty Images
Discover the latest market movers during midday trading.
Netflix — Netflix’s stock declined by over 8% following its mixed quarterly results. While the company exceeded earnings per share expectations in the second quarter, its revenue of $8.19 billion fell short of the anticipated $8.30 billion.
Tesla – Tesla’s shares plummeted by more than 6%. Although the electric vehicle manufacturer surpassed Wall Street’s expectations for both revenue and earnings, the company experienced a decline in operating margins due to recent price cuts and incentives.
American Airlines – Despite strong quarterly results and an improved profit outlook for 2023, American Airlines’ stock dropped by over 6%. The airline reported adjusted earnings of $1.92 per share and $14.06 billion in revenue, surpassing analysts’ expectations. However, analysts had anticipated higher earnings per share of $1.59 on revenues of $13.74 billion.
IBM — The tech giant’s stock rose by more than 3% after reporting second-quarter earnings that exceeded analysts’ estimates. IBM’s expansion of its gross margin contributed to this success, although the company did fall short in terms of revenue due to a decline in the infrastructure division.
Johnson & Johnson — The healthcare company’s stock jumped by 6%, driving up the Dow Jones Industrial Average. This was in response to Johnson & Johnson’s second-quarter revenue and adjusted earnings exceeding Wall Street’s expectations, with a significant increase in sales from the company’s medtech business.
Abbott Laboratories — Shares of the healthcare products company rose by nearly 4% after surpassing estimates for both earnings and revenue in the second quarter. Abbott reported adjusted earnings per share of $1.08 on $9.98 billion in revenue, surpassing the anticipated $1.05 per share on $9.70 billion in revenue.
Discover Financial Services — The company’s stock tumbled 14% after missing analysts’ estimates for both revenue and earnings in the second quarter. Additionally, the Federal Deposit Insurance Commission is conducting a probe into a “card product misclassification issue.”
Zion Bancorp — The regional bank’s shares surged by 8.3% after reporting second-quarter earnings that were in line with expectations. Although the bank’s net interest income fell below expectations, it achieved $1.11 earnings per share, aligning with the Refinitiv forecast.
Travelers — The insurance company’s stock gained 3% following its second-quarter earnings announcement. Its adjusted earnings per share stood at 6 cents, while its revenue of $10.32 billion exceeded expectations of $10.02 billion.
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