Check out the companies making headlines in midday trading.
3M – Shares rose 5.5% after the chemicals maker’s latest earnings report. 3M reported revenue of $7.99 billion, beating analysts’ expectations of $7.87 billion, according to Refinitiv data. The company also raised its full-year profit guidance and reiterated its revenue guidance.
Spotify — Shares of the music streaming platform fell 14% as revenue and guidance fell short of expectations. Spotify reported revenue of 3.18 billion euros, below the consensus estimate of 3.21 billion euros by analysts polled by Refinitiv. Full-year revenue guidance also fell short of analysts’ expectations. The results follow the company’s announcement that it will increase the price of its premium subscription plan.
alaska airlines — Shares of Alaska Air (Alaska Air) fell 12%, even though the airline’s second-quarter revenue and profit beat expectations. The airline reported adjusted earnings per share of $3 on revenue of $2.84 billion. Analysts polled by Refinitiv expected earnings of $2.70 a share on revenue of $2.77 billion. The airline guided for full-year earnings of $5.50 to $7.50 a share, roughly in line with analysts’ average estimate of $6.65, according to FactSet.
RTX – Shares in the defense contractor fell more than 12% after the defense contractor disclosed a problem affecting a “substantial portion” of the Pratt & Whitney engines that power the Airbus A320neo. Elsewhere, RTX reported second-quarter earnings that topped Wall Street expectations, with adjusted EPS of $1.29 on revenue of $18.32 billion. Analysts polled by Refinitiv expected earnings of $1.18 a share on revenue of $17.68 billion.
F5 — Shares of the cloud software company rose 5.7 percent. Later Monday, F5 reported revenue and profit for the fiscal third quarter. The company reported adjusted earnings per share of $3.21 on revenue of $703 million. Analysts were expecting earnings of $2.86 a share on revenue of $699 million, according to Refinitiv data.
NXP Semiconductors — Shares rose 4% after the chipmaker reported quarterly earnings after the bell on Monday. NXP reported adjusted earnings per share of $3.43 on revenue of $3.3 billion. Analysts were expecting earnings of $3.29 a share on revenue of $3.21 billion, according to Refinitiv data. The company’s projected third-quarter earnings also topped analysts’ expectations.
General Electric — Shares of the industrial giant rose more than 5 percent to hit a new 52-week high after the industrial giant reported stronger-than-expected second-quarter earnings. GE reported adjusted earnings of 68 cents a share on revenue of $16.7 billion. Analysts were expecting earnings of 46 cents a share on revenue of $15 billion, according to Refinitiv. GE also raised its full-year profit guidance, saying it was driven by strong aerospace demand and record orders for its renewable energy business.
swirl — Shares of Whirlpool fell more than 3% on the day after reporting second-quarter revenue that missed expectations. The appliance company reported revenue of $4.79 billion, missing the consensus estimate of $4.82 billion, according to Refinitiv data. The company did beat earnings estimates, reporting an adjusted EPS of $4.21, beating estimates of $3.76.
Biogen — Shares of the biotech company fell 3.8% after the release of second-quarter earnings. Biogen reported adjusted earnings of $4.02 a share on revenue of $2.46 billion. Analysts polled by Refinitiv expected earnings of $3.77 a share on revenue of $2.37 billion. The biotech’s revenue fell 5% year-over-year. The company also announced it would cut costs by cutting about 1,000 jobs, or about 11% of its workforce, ahead of the launch of Alzheimer’s drug Leqembi.
progress — Shares in the insurer fell nearly 2 percent after Morgan Stanley downgraded its rating to underweight from equal weight. The company cited too many negative catalysts as reasons for the downgrade.
MSCI — Shares rose 9 percent after the company beat analysts’ expectations for second-quarter profit and revenue. The investment research firm reported earnings per share, excluding items, of $3.26 on revenue of $621.2 million. Analysts polled by FactSet expected earnings of $3.11 per share on earnings of $602.5 million per share.
General Motors — Shares of the automaker fell about 4.5 percent. GM’s latest quarterly results included a surprise charge of $792 million related to new commercial agreements with LG Electronics and LG Energy Solutions. Separately, the company raised its 2023 guidance for the second time this year. GM also reported second-quarter revenue of $44.75 billion, above the $42.64 billion expected by analysts polled by Refinitiv.
ups – Shares of the truckers rose about 1% after the truckers union announced a tentative labor agreement with transportation giant UPS on Tuesday.
Invesco — The investment manager reported second-quarter adjusted earnings of 31 cents a share, compared with analysts polled by FactSet expecting 40 cents a share, and shares fell 5%. President and CEO Andrew Schlossberg said the company will focus on simplifying its organizational model, strengthening its strategic focus and realigning its spending base.
copy – Shares of the workplace products and solutions provider rose more than 7% after it raised its full-year operating margin and free cash flow guidance. Xerox now expects an adjusted operating margin of 5.5% to 6%, compared with previous guidance of 5% to 5.5%. It also calls for cash flow of at least $600 million, compared with previous expectations of at least $500 million.
american packaging co. — Shares of the packaged goods company soared more than 10% to a new 52-week high. The company earned $2.31 a share excluding special items in the second quarter, beating analysts’ expectations of $1.93 a share, according to Refinitiv data. Efficiencies have reduced operating costs, and freight and logistics expenses have also been reduced, the company said. Meanwhile, its revenue of $1.95 billion missed analysts’ expectations of $1.99 billion, according to FactSet.
Z scaler — Shares of the IT security company rose 4.5% after BTIG upgraded its rating to “buy” from “neutral.” “Our work on the ground leads us to believe that secure service edge (SSE) demand continues to improve and large projects put on hold in late 2022/early 2023 are starting to move forward again,” BTIG said in a report.
Sherwin-Williams – Shares up more than 3% After the company reported Revenue hit an all-time high of $6.24 billion in the second quarter. Analysts expected revenue of $6.03 billion, according to FactSet. The company earned $3.29 per share on an adjusted basis, while analysts expected $2.70 per share.
— CNBC’s Yun Li, Samantha Subin, Sarah Min, Tanaya Macheel, Brian Evans and Alex Harring contributed reporting
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