EconomicsGlobal NewsNews

Stocks making the biggest moves midday: Facebook, Kodak, Pinterest & more

malaysia news lab

Here are the companies making headlines in midday trading:

Facebook — Facebook equity rallied 7.4% after the company beat profit estimates by 41 cents a share, with quarterly earnings of $1.80 per share. Revenue also beat estimates. The social media giant also said it expects growth in ad sales despite a boycott by some key advertisers and cutbacks induced by the pandemic.

Eastman Kodak — Shares dropped 27% amid a wild week of trading for the one-time photography giant. On Tuesday, the company announced a $765 million loan from the U.S. government to begin drug production, which kicked off a frenzy of trading activity in the stock. On Tuesday, shares jumped more than 200%, followed by a 318% gain on Wednesday. Despite Thursday and Friday’s declines, the stock is still poised to end the week up more than 960%.

Amazon —  Shares of the e-commerce giant jumped 5% on Friday after the company posted better-than-expected second-quarter earnings results. The company reported $10.30 in profit per share and $88.91 billion of revenue for the quarter, easily topping consensus estimates of $1.46 per share and $81.56 of revenue, according to Refinitiv. The company said online grocery sales tripled year over year.

Apple — Shares of Apple soared 7% to an all-time high after the company reported a blowout quarter. The company’s revenue was up nearly 11% year over year, and every major product line saw year-over-year growth as consumers snapped up new iPads and Macs during the lockdowns. The tech giant also reported earnings per share of $2.58, versus the $2.04 estimated per Refinitiv. Apple also announced a 4-for-1 stock split.

Alphabet — Shares of Alphabet dropped more than 4% after the Google parent reported its first revenue decline in company history as advertisers pulled back spending amid the pandemic. The company’s earnings came in at $10.13 per share, beating Street estimates of $8.21 per share, according to Refinitiv. It also beat most expectations with the exception of its Cloud division.

Caterpillar — The industrial giant’s stock fell 3% in midday trading after Caterpillar said before the opening bell that its second-quarter revenue sank 31% from the same period one year ago. The Deerfield, Illinois-based equipment maker posted adjusted per-share earnings of $1.03 on revenues of $10 billion as dealers cut inventories during the second quarter.

Chevron — Shares slipped 5% after the company said it lost $8.3 billion in the second quarter as oil prices declined. The oil giant lost $1.59 per share on an adjusted basis, while revenue came in at $13.49 billion. Analysts expected the company to post a loss of 92 cents per share and $22.097 billion in revenue, according to estimates from Refinitiv. “The past few months have presented unique challenges,” CEO Michael Wirth said in a statement.”

Exxon Mobil — Shares dipped 1% after the U.S.’ largest oil company reported its second straight quarterly loss. Exxon lost 70 cents per share on an adjusted basis in the second quarter, compared with the 61-cent loss analysts polled by Refinitiv had expected. Revenue came in at $32.61 billion, which was also short of the consensus estimate of $38.157 billion. The company cited “global oversupply and COVID-related demand impacts” as reasons for the loss.

Pinterest — The social media stock soared more than 30% after the company said it had 416 daily active users in the second quarter, an increase of 39% year over year. The company’s total revenue rose 4% despite the impact to that industry from the pandemic.

— CNBC’s Pippa Stevens, Jesse Pound and Yun Li contributed to this story.

What's your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:Economics


TPB 2030

Kerajaan amat menitikberatkan pencapaian keseimbangan dan kesaksamaan di kalangan rakyat ⁣ Status sosioekonomi Bumiputera masih ...