Companies Making Headlines in Midday Trading
Check out the companies making headlines in midday trading.
Toyota Motor
Shares of Toyota Motor rose 1.7% after the company reported a revenue beat in the fiscal first quarter. Toyota posted operating income of 1.12 million yen ($7.84 billion), which was 94% higher than a year prior. Analysts had expected 9.878 trillion yen.
Coinbase
Shares of Coinbase dropped 8% after a federal judge ruled that some crypto assets are considered securities regardless of the context in which they are sold. This ruling followed a controversial decision in the Securities and Exchange’s suit against Ripple in July, which provided optimism for Coinbase’s battle with the SEC.
ResMed
The health technology stock advanced 1.9% after RBC upgraded shares to outperform, citing an appealing risk-reward profile.
Gap and American Eagle
Shares of Gap were up 2% and retailer American Eagle gained 2.8% during midday trading after Barclays upgraded both stocks. Barclays analyst Adrienne Yih assigned a $13 price target to Gap, suggesting a potential 26.2% rally from Monday’s close.
DoorDash
Shares of DoorDash tumbled about 4% ahead of the company’s quarterly earnings announcement on Wednesday after the bell.
ZoomInfo Technologies
Shares of ZoomInfo Technologies fell 25% after the data company reported a weak revenue outlook for the third quarter. ZoomInfo forecasted $309 million to $312 million in revenue, below analysts’ expectations of $326 million.
JetBlue Airways
Shares of JetBlue Airways fell more than 8% after the company cut its 2023 outlook and warned of a potential loss in the current quarter. Challenges from a shift toward international travel and the end of its partnership with American Airlines in the Northeast contributed to the decline.
Zebra Technologies
The stock of Zebra Technologies slid more than 18% after the company posted disappointing results for the second quarter, missing revenue expectations. The company’s third-quarter earnings guidance also fell below analyst estimates.
Norwegian Cruise Line Holdings and Carnival
Shares of Norwegian Cruise Line plunged 13% while Carnival’s shares shed 5.7% after Norwegian Cruise Line’s third-quarter guidance missed analyst estimates, despite posting an earnings and revenue beat in the second quarter.
Rockwell Automation
The stock of Rockwell Automation fell 9% after the industrial automation company reported lower-than-expected earnings and revenue in its second-quarter results.
Monolithic Power Systems
Shares of Monolithic Power Systems dropped 2.54.6% following its earnings announcement, despite reporting better-than-expected earnings and revenue in the second quarter. The company’s third-quarter revenue guidance was lower than analysts’ expectations.
Molson Coors Beverage
Shares of Molson Coors Beverage fell 4% after the brewing and beverage company reported mixed quarterly results. Its second-quarter revenue fell short of expectations, but adjusted earnings per share exceeded estimates.
Leidos Holdings
The defense solutions company’s shares rallied 6.7% after its second-quarter results surpassed analyst estimates in both earnings and revenue.
Eaton Corporation
The power management company’s shares increased 5.6% after beating analyst expectations on both earnings and revenue in the second quarter. The company’s full-year earnings guidance also exceeded estimates.
Global Payments
Shares of Global Payments jumped 7.1% following the company’s second-quarter earnings announcement. Global Payments reported adjusted earnings per share of $2.62 on $2.2 billion in adjusted net revenue, surpassing analysts’ estimates.
— ‘s Alexander Harring, Yun Li, Pia Singh, Tanaya Macheel
