Check out the companies making headlines in midday trading.
Snap – Snap shares plummeted by more than 24% after it reported its quarterly results, which included a revenue miss as well as an earnings beat. The social media company said its advertising business declined due to Apple’s privacy changes.
Facebook, Twitter – Social media and digital advertising stocks dipped following Snap’s insights into the impact of Apple’s privacy changes. Facebook shares pulled back 5.6% and Twitter shares fell 4.2%.
Intel – Shares of Intel retreated more than 11% following a weaker-than-expected sales report. The semiconductor company blamed an industry-wide chip shortage for its revenue miss and warned that its gross margin and free cash flow would decline in the next two to three years.
Moderna — Shares of biotechnology company fell 4.8% after Deutsche Bank initiated coverage of Moderna with a sell rating. The firm said potential innovation is already priced into Moderna’s stock. “We concur there is potential to disrupt dynamics in the broader viral infectious disease arena (e.g. flu) but, all that looks more than generously reflected in a valuation that looks detached from a problematic assessment of reality,” Deutsche said.
Digital World Acquisition Corp. — Shares of the SPAC that is taking former President Donald Trump’s planned social media platform public, soared again in roller-coaster trading. The blank-check firm, which trades under the ticker DWAC on the Nasdaq, skyrocketed 216% at one point and last traded up about 150%. The stock surged more than 350% Thursday in explosive trading volume and volatility.
Honeywell — Shares of Honeywell ticked 2.4% lower after the company cut its full-year revenue guidance. The company also reported quarterly revenue below analysts’ expectations for the third quarter. Earnings, however, topped forecasts.
American Express — American Express shares rose 4.8% after the company topped earnings expectations. The company reported earnings of $2.27 per share on revenue of $10.93 billion. Analysts surveyed by Refinitiv expected profit of $1.80 per share on revenue of $10.52 billion.
Urban Outfitters — Shares of Urban Outfitters added 2.3% after Citi upgraded the apparel retailer to a buy rating from neutral. “We can’t ignore the more favorable risk/reward with shares -25% since URBN’s 2Q (reported in August),” Citi said.
VF Corp. — Shares of the apparel company dropped 2.1% in midday trading after missing on the top and bottom lines of its quarterly results. VF Corp. reported earnings of $1.11 per share on revenue of $3.2 billion. Wall Street expected earnings of $1.15 per share on revenue of $3.5 billion, according to Refinitiv.
Seagate — Seagate shares gained 5.2% after the data storage company topped earnings estimates. The company reported earnings of $2.35 per share, 13 cents higher than expected, according to Refinitiv. Seagate also beat revenue estimates and issued strong revenue and earnings-per-share guidance for its current quarter.
Chipotle Mexican Grill — Chipotle shares fell 2.6% despite an earnings beat. The fast-casual chain crushed analyst expectations, posting adjusted earnings of $7.02 per share versus $6.32 per share expected, according to Refinitiv. Higher menu prices helped the company offset higher input costs.
Boston Beer — Shares of Boston Beer gained 2.7% after the brewery’s third-quarter sales report. Boston Beer posted revenue of $561.6 million, beating the consensus analyst estimate of $531.5 billion, according to StreetAccount.
Whirlpool — Whirlpool shares ticked up 2.5% after the home appliance maker beat Wall Street expectations for per-share earnings. The company reported earnings of $6.68 per share, 56 cents higher than the Refinitiv consensus estimate.
Mattel — Shares of Mattel gained 1.7% after the toymaker’s quarter earnings report topped analysts’ expectations. Mattel posted earnings of 84 cents per share on revenue of $1.76 billion, while analysts surveyed by Refinitiv expected earnings of 72 cents per share on revenue of $1.69 billion.
— CNBC’s Tanaya Macheel, Maggie Fitzgerald and Yun Li contributed reporting