A woman walks by an AT&T store in Washington D.C.
Ting Shen | Xinhua News Agency | Getty Images
Check out the companies making headlines in midday trading.
Danaher – Shares of the medical conglomerate jumped more than 88% after the company reported better-than-expected earnings and revenue for its most recent quarter, citing higher sales that helped offset an increase in its expenses. Danaher posted adjusted earnings of $2.76 per share on revenue of $7.75 billion, compared to expected earnings of $2.35 per share on revenue of $7.3 billion, according to Refinitiv.
Tesla – Tesla rose more than 9% a day after the automaker reported earnings that were slightly better than Wall Street expected in the second quarter. Tesla posted adjusted earnings of $2.27 per share on $16.93 billion in revenue, compared to expected earnings of $1.81 per share on revenue of $17.10 billion, according to Refinitiv.
AT&T – Shares of the telecom giant plunged more than 7% after AT&T trimmed its free cash flow guidance for the full year. AT&T topped analysts’ estimates on the top and bottom lines in the second quarter, posting adjusted earnings of 65 cents a share on revenues of $29.64 billion.
CSX Corp. – The transport stock gained 4% after CSX reported stronger-than-expected revenues for the second quarter. CSX said higher prices and a fuel surcharge helped boost revenue. Loop upgraded CSX to buy from hold after the report, saying that the company’s pricing power could make it a smart recession play for investors.
Phillip Morris – Phillip Morris’ shares gained 4% after the company reported quarterly earnings that beat analyst expectations. The cigarette maker also increased its growth expectations for profit going forward.
United Airlines and American Airlines – Shares of both United and American dropped 9.4% and 7.6% respectively after both airlines reported quarterly results. United’s earnings fell short of Wall Street’s expectations, while American scaled back its growth plans. United posted its first profitable quarter since the start of the pandemic.
Cruise stocks – Shares of cruise lines were slammed after Carnival sold an additional $1 billion in stock at a significant discount, pricing the deal at $9.95 per share, roughly 10% lower than Wednesday’s close. Carnival slipped 11%. Royal Caribbean and Norwegian also traded lower — they fell 8.6% and 7.7%, respectively.
Discover Financial – Shares of Discover Financial Services slumped more than 9% after the company announced it would suspend share buybacks and had started an investigation into compliance in its student loan servicing business. The company also announced quarterly earnings that beat expectations but were overshadowed.
— CNBC’s Samantha Subin, Jesse Pound and Tanaya Macheel contributed reporting.
Originally Published Here -Source link