Stocks making the biggest moves midday: Snap, Twitter, and more

0


Check out the companies making headlines in midday trading.

Snap — Shares of Snap soared 23.9% after better-than-expected second-quarter earnings results. The social media company reported strong growth of users, engagement and ads.

Twitter — Twitter shares gained about 3% after reporting its fastest revenue growth since 2014. The social media platform reported earnings of 20 cents per share, topping analysts’ estimates of 7 cents per share, according to Refinitiv. 

Intel – Shares of the chipmaker fell 5.3% after the company reported cautionary guidance on margins in the current quarter. Intel guided to non-GAAP gross margins of 55% in the third quarter, a notable drop from 59.2% in the second quarter. Intel said that the decreased margin was due to supply constraints as well as costs related to building chips with a new process technology.

American Express – Shares of the payments giant rose 1.3% after beating on the top and bottom line of its quarterly results. American Express reported earnings of $2.80 per share on revenue of $10.24 billion. Wall Street expected earnings of $1.66 per share on revenue of $9.58 billion, according to Refinitiv.

Honeywell – Shares of the industrial conglomerate dipped 1.5% despite the company beating estimates during the second quarter. Honeywell earned $2.02 per share excluding items, which was ahead of the expected $1.94, according to estimates from Refinitiv. Revenue came in at $8.81 billion, also ahead of the expected $8.64 billion. Honeywell also raised its full-year guidance.

Boston Beer – Boston Beer slid 26% after the company cut its 2021 outlook due to expectations of soft sales in its hard seltzer brands. The company earned $4.75 per share during the quarter, which was short of the expected $6.69 per share, according to estimates from Refinitiv. Revenue also missed expectations. Goldman Sachs downgraded the company to neutral from buy.

Skechers — Shares of Skechers gained 5.9% after the footwear company reported revenue of $1.66 billion for the most recent quarter, topping analysts’ projections of $1.5 billion. Skechers also issued strong third-quarter and full-year earnings and revenue guidance.

Veoneer – Veoneer stock soared 56.4% after the Swedish automotive technology company said it would be bought by Canadian auto parts maker Magna International for about $3.8 billion. The deal will help Magna in its efforts to enhance its driver assistance technology business.

TAL Education, New Oriental Education and Technology  – U.S.-listed Chinese education stocks plunged after reports of a government crackdown on the sector that included bans on foreign investment. TAL Education shares fell 70.8%, while New Oriental Education and Technology shares dropped by 54%. Educational training institutions are banned from raising money through stock listings, while foreign capital cannot invest, according to a copy of the Chinese-language document seen and translated by CNBC.

— CNBC’s Tanaya Macheel, Yun Li, Pippa Stevens and Maggie Fitzgerald contributed reporting

Become a smarter investor with CNBC Pro
Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. 
Sign up to start a free trial today



Source link

Denial of responsibility! Planetconcerns is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment