Check out the companies making headlines in midday trading:
- Spotify Technology — Shares surged 12% after the music streaming company posted better-than-expected second-quarter earnings. Gross margin and operating income also surpassed expectations. Analysts said they remain cautiously optimistic despite softness in monthly active user counts, pointing to strong margin performance and the company’s focus on premium subscribers and bundles.
- United Parcel Service — The package delivery company plunged more than 12%, hitting a new 52-week low, after posting a miss on both top and bottom lines in the second quarter. UPS reported $1.79 in earnings per share on $21.80 billion in revenue. Analysts had estimated $1.99 in earnings per share and revenue of $22.18 billion. Shares were also headed for their worst day on record.
- MSCI — The stock popped more than 9% after the company reported second-quarter earnings that topped Wall Street’s estimates. MSCI posted earnings of $3.64 per share, excluding items, on revenue of $707.9 million, above the $3.55 in earnings per share on $696.4 million in revenue that analysts were expecting.
- Pentair — The water treatment company moved more than 7% higher, beating expectations for the second quarter. Pentair posted earnings of $1.22 per share, excluding items, compared to the consensus estimate of $1.14 per share. Revenue also topped estimates, and Pentair raised its guidance for the full year.
- NXP Semiconductors — Shares plummeted more than 9% after the company missed earnings estimates for the second quarter. NXP Semiconductors posted adjusted earnings of $3.20 per share, below the consensus estimate of $3.21 per share, but revenue of $3.13 billion was in line with estimates.
- Crown Holdings — The stock advanced more than 8% after the packaging company’s second-quarter earnings beat. Crown posted earnings of $1.81 per share, beating the consensus estimate of $1.59 per share. While revenue missed expectations, Crown raised its full-year guidance.
- Danaher — Shares rose more than 6% after the company reported earnings of $1.72 per share, excluding items, on $5.74 billion in revenue, above the consensus estimates. CEO Rainer Blair highlighted positive momentum in the bioprocessing business and strong performance at Cepheid.
- Inter Parfums — The stock jumped more than 6% after the fragrance manufacturer posted record net sales for the second quarter and reaffirmed its full-year earnings and revenue guidance.
- Comcast — Shares moved 5% lower after the company reported mixed results. Adjusted earnings beat estimates, but revenue for the second quarter came in below expectations.
- Zions Bancorporation — Shares popped 5.8% on the back of second-quarter earnings that surpassed Wall Street forecasts. The regional bank earned $1.28 per share, above the consensus estimate.
- General Motors — Shares of the auto giant slid more than 6% after the firm announced delays in its plans for all-electric vehicles.
- GE Aerospace — The stock spiked more than 7% after the aerospace company’s second-quarter earnings beat expectations.
- Sherwin-Williams — Shares advanced more than 4% after the company posted an earnings beat for the second quarter and slightly raised its full-year guidance.
- Lockheed Martin — The stock gained about 3% after the defense company surpassed earnings and revenue expectations and raised its forecast.
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