Johnson & Johnson’s Covid-19 vaccine is displayed on a table in Los Angeles, May 7, 2021.
Frederic Brown | Frederic J. Brown AFP | Getty Images
Check out the companies making headlines in midday trading.
Netflix — Netflix shares fell more than 8% after reporting mixed quarterly results on Wednesday. The streaming giant beat expectations for earnings per share in the second quarter, but its revenue of $8.19 billion fell short of the $8.3 billion expected by analysts polled by Refinitiv.
tesla — Tesla shares fell more than 9%. The electric automaker beat Wall Street’s top- and bottom-line expectations, but operating margins fell due to recent price cuts and incentives.
American airlines — Shares in the airline fell more than 6% even after reporting strong quarterly results and raising its 2023 profit forecast. American Airlines reported adjusted earnings per share of $1.92 on revenue of $14.06 billion. Analysts had expected earnings of $1.59 per share on revenue of $13.74 billion.
international business machines corp. — The tech stock rose more than 2% after the company reported second-quarter profit that topped analysts’ expectations as the company’s gross margin expanded. However, IBM’s revenue did decline, partly due to declines in its infrastructure segment.
Johnson & Johnson — Johnson & Johnson rose 6 percent, leading the 30-stock Dow Jones Industrial Average higher after Johnson & Johnson reported second-quarter revenue and adjusted profit that beat Wall Street expectations. Johnson & Johnson also raised its full-year guidance as sales in the company’s medical technology business rose sharply.
Abbott Laboratories — Shares of Abbott Laboratories rose 4.2 percent after the health care products company beat expectations for second-quarter revenue and profit. The company reported adjusted earnings per share of $1.08 on revenue of $9.98 billion. Analysts were expecting earnings of $1.05 a share on revenue of $9.7 billion, according to Refinitiv. The company’s sales did drop by more than 11% year over year as customers bought fewer Covid-19 test kits.
Explore Financial Services — Shares fell 15.9 percent after the company’s second-quarter results missed analysts’ expectations for both revenue and profit. The company also disclosed that it is being investigated by the FDIC for “a misclassification issue with card products.”
Zion Bank — Shares of the regional bank rose nearly 10 percent after second-quarter earnings met expectations. Zions reported earnings of $1.11 per share, in line with Refinitiv forecasts. The bank’s net interest income fell short of expectations.
traveler — Shares of the insurer rose 1.8 percent after reporting second-quarter earnings. Its adjusted earnings were 6 cents a share. Meanwhile, its revenue of $10.32 billion beat estimates of $10.02 billion.
Estee Lauder — Shares fell 4.5% after Barclays downgraded the two cosmetics giants to equal weight from overweight. The company cited concerns over a weak economic recovery in China and pressure on margins over the medium term.
Freeport McMoRan — Shares rose 3% after the company reported quarterly earnings Thursday morning. The mining company reported earnings of 35 cents per share on revenue of $5.74 billion. Analysts polled by StreetAccount expected earnings of 36 cents a share on revenue of $5.61 billion.
original accessories — The auto replacement parts company fell 7.6 percent after reporting second-quarter results. While the company’s earnings and revenue beat analysts’ expectations, revenue from its automotive and industrial divisions fell short of Wall Street expectations.
market axis — The electronic trading platform rose 2.2 percent after reporting second-quarter results. While revenue and EPS topped estimates, adjusted earnings fell short of analysts’ expectations.
Exfax — Shares plunged nearly 9% after the company released its quarterly earnings report after the bell on Wednesday. While earnings per share topped analysts’ expectations, revenue fell short.
— CNBC’s Yun Li, Jesse Pound, Samantha Subin and Michelle Fox contributed reporting.
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