Check out the companies making headlines in midday trading.
Amazon — The e-commerce giant surged 10% after delivering a massive profit beat and positive guidance. Amazon’s cloud and ad businesses also reported better-than-expected revenue for the quarter.
Apple — The big tech stock slipped 3%. Apple reported earnings per share for the fiscal third quarter of $1.26, 7 cents more than expected by analysts polled by Refinitiv. Revenue was also above Wall Street consensus forecast higher than anticipated but was down on a year-over-year basis.
Tupperware Brands — The stock popped 44.1% during midday trading after the container maker announced a finalized debt restructuring deal, which it expects will help reduce or reallocate about $150 million of cash interest and fees. Tupperware said Thursday that the deal would give the company immediate access to a revolving borrowing capacity of about $21 million.
Bookings Holdings — Shares of the online travel company jumped 9% and hit a new 52-week after it announced its quarterly results Thursday after hours. The company posted adjusted earnings of $37.62 per share on revenue of $5.46 billion in the second quarter. Analysts polled by Refinitiv estimated earnings of $28.90 per share on revenue of $5.17 billion.
Icahn Enterprises — Shares of Carl Icahn’s conglomerate dropped a whopping 25% after the firm slashed its quarterly dividend in half amid Hindenburg Research’s campaign. The short seller had taken issue with IEP’s high dividend yield, saying it’s “unsupported” by the company’s cash flow and investment performance.
Block — The fintech company’s shares plunged 13% despite a strong quarterly report. Square reported earnings of 39 cents per share, versus the 36 cents estimate per Refinitiv. Revenue of $5.53 billion also came in higher than the expectation of $5.10 billion. Block Chairman Jack Dorsey said the company is focused on reducing costs, including pulling back on the pace of hiring.
Nikola — Shares of the electric truck maker slid 12% after the company said Friday that its CEO will step down effective immediately due to a “family health matter.” Nikola also reported second-quarter results that fell short of Refinitiv consensus estimates, with its net loss coming out to $217.8 million, or 31 cents per share, for the quarter. Late Thursday, the company had announced it won shareholder approval to issue new stock. The vote will allow Nikola to raise additional funds to support the launch of a fuel-cell-powered electric semi truck and buildout of a hydrogen refueling network in the U.S. and Canada.
Fortinet — Shares of the cybersecurity stock plummeted 23% following a mixed second-quarter report and outlook. Fortinet posted 38 cents in adjusted earnings per share, while analysts polled by Refinitiv expected 34 cents per share. The company also reported $1.29 billion in revenue, slightly under the consensus forecast on $1.3 billion. Guidance for the current quarter was similarly mixed.
Opendoor Technologies — The real-estate tech stock tumbled 19% after telling investors to expect revenue to come in lower than analysts expect in the current quarter. Opendoor said to expect between $950 million and $1 billion, while analysts surveyed by FactSet estimated $1.36 billion.
DraftKings — The sports-betting stock climbed 4% on a strong quarterly report. DraftKings reported a loss of 17 cents per share, less than the 25 cents forecasted by analysts surveyed by Refinitiv. Revenue came in at $875 million, better than the $764 million anticipated.
Airbnb — Shares dropped 1.3% following the company’s second-quarter earnings announcement. Although Airbnb’s earnings and revenue came above analyst estimates, its nights and experiences bookings missed expectations.
Dropbox — The online collaboration platform added 6.8% after beating Wall Street expectations in the second quarter. Dropbox posted 51 cents in adjusted earnings per share, while analysts surveyed by Refinitiv anticipated 46 cents. Revenue came in at $623 million, beating the $614 million estimate.
Redfin — The real estate tech stock dropped 20.2% on soft third-quarter revenue guidance. The company forecast third-quarter revenue between $265 million and $279 million, lower than the $288 million expected by analysts polled by Refinitiv.
Corsair Gaming — Shares fell 8.6% even though the gaming company had a strong quarter and reaffirmed full-year guidance. Earnings per share came in line with the FactSet consensus estimate at 9 cents. Corsair beat expectations for revenue, posting $325.4 million while analysts forecasted $322.8 million.
Coinbase — The crypto exchange slid 1.2% despite posting a strong second-quarter second report. The company said it lost 42 cents per share and saw $708 million in revenue in the quarter, while analysts surveyed by Refinitiv expected 77 cents lost per share and revenue at $633 million.
Sprout Social — The digital media stock slid 10.8% on Friday, a day after Sprout announced its acquisition of Tagger Media, a social intelligence and influencer marketing platform.
Intercontinental Exchange — The exchange company rose 3.8% after Citi upgraded the stock to buy from neutral. The firm said the company is showing signs of improvement.
Shake Shack — Shares added 5% in midday trading. The company reported adjusted earnings per share of 18 cents on Thursday, topping the 10 cents expected from analysts polled by StreetAccount. However, revenue missed estimates. Raymond James upgraded the stock to outperform from market perform on Friday, citing the second-quarter results.
Petrobras — The Brazilian oil stock retreated 2.2% following a downgrade to neutral from overweight by JPMorgan. The firm said many positives for the stock are already reflected in its price.
— Tech Zone Daily’s Samantha Subin, Hakyung Kim, Pia Singh, Michelle Fox and Yun Li contributed reporting
