Here are some companies that are making headlines in midday trading:
1. Amazon: The e-commerce giant saw a 10% surge in its stock after delivering a massive profit beat and positive guidance. Both its cloud and ad businesses also reported better-than-expected revenue for the quarter.
2. Apple: The big tech stock slipped 3% as it reported earnings per share for the fiscal third quarter that were 7 cents higher than expected. While revenue was above Wall Street’s forecast, it was down on a year-over-year basis.
3. Tupperware Brands: The stock popped 44.1% after the container maker announced a finalized debt restructuring deal that is expected to reduce or reallocate about $150 million of cash interest and fees. This deal will also give the company immediate access to a revolving borrowing capacity of about $21 million.
4. Bookings Holdings: Shares of the online travel company jumped 9% and hit a new 52-week high as it announced its quarterly results. It posted adjusted earnings of $37.62 per share on revenue of $5.46 billion, exceeding analysts’ estimates.
5. Icahn Enterprises: The conglomerate, owned by Carl Icahn, experienced a 25% drop in its shares after slashing its quarterly dividend in half. This move came in response to Hindenburg Research’s campaign, which criticized IEP’s high dividend yield, deeming it “unsupported” by the company’s cash flow and investment performance.
6. Block: Despite a strong quarterly report, the fintech company’s shares plunged 13%. Block reported earnings of 39 cents per share, beating expectations, and revenues of $5.53 billion, higher than anticipated. Block Chairman Jack Dorsey stated that the company is focused on reducing costs.
7. Nikola: The electric truck maker’s shares slid 12% after its CEO announced their immediate departure due to a “family health matter.” The company also reported second-quarter results that fell short of expectations. However, the shareholder approval to issue new stock will allow Nikola to raise funds for their upcoming projects.
8. Fortinet: The cybersecurity stock plummeted 23% following a mixed second-quarter report and outlook. Although it posted adjusted earnings per share of 38 cents, slightly exceeding expectations, its revenue of $1.29 billion fell below the forecast. Guidance for the current quarter also provided mixed signals.
9. Opendoor Technologies: The real estate tech stock tumbled 19% after cautioning investors about lower-than-expected revenue in the current quarter. Analysts estimated revenue between $950 million and $1 billion, while Opendoor predicted even lower figures.
10. DraftKings: The sports-betting stock climbed 4% after reporting a smaller loss per share than anticipated and better-than-expected revenue. DraftKings recorded a loss of 17 cents per share and revenue of $875 million.
11. Airbnb: Despite beating analyst estimates on earnings and revenue, Airbnb’s shares dropped 1.3% as its nights and experiences bookings missed expectations.
12. Dropbox: The online collaboration platform experienced a 6.8% boost in its shares after surpassing Wall Street’s expectations. It posted adjusted earnings per share of 51 cents and revenue of $623 million.
13. Redfin: The real estate tech stock dropped 20.2% due to soft third-quarter revenue guidance. The company expects revenue between $265 million and $279 million, falling short of analysts’ estimates.
14. Corsair Gaming: Even though the gaming company had a strong quarter and reaffirmed its full-year guidance, its shares fell 8.6%. Corsair matched the FactSet consensus estimate for earnings per share and beat revenue expectations.
15. Coinbase: The crypto exchange’s shares slid 1.2% despite reporting a strong second-quarter report. It announced a loss of 42 cents per share and $708 million in revenue, which exceeded analyst expectations.
16. Sprout Social: The digital media stock experienced a 10.8% decline after announcing its acquisition of Tagger Media, a social intelligence and influencer marketing platform.
17. Intercontinental Exchange: The exchange company rose 3.8% after being upgraded by Citi from neutral to buy. The firm noted signs of improvement in the company’s performance.
18. Shake Shack: Shares of Shake Shack added 5% as the company reported adjusted earnings per share that surpassed analysts’ expectations. However, revenue fell short. Raymond James upgraded the stock to outperform from market perform based on the second-quarter results.
19. Petrobras: The Brazilian oil stock retreated 2.2% after receiving a downgrade from JPMorgan, which shifted its rating to neutral from overweight. The firm stated that many positives for the stock are already factored into its price.
Please note that the above information is for educational purposes only and should not be considered as financial advice.
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