Companies Making Headlines in Midday Trading
Check out the companies making headlines in midday trading.
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.
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.
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.
Shares of DoorDash tumbled about 4% ahead of the company’s quarterly earnings announcement on Wednesday after the bell.
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.
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.
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.
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.
The defense solutions company’s shares rallied 6.7% after its second-quarter results surpassed analyst estimates in both earnings and revenue.
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.
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