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Stocks making the largest moves midday: Chipotle, Microsoft, Spotify, Alphabet and much more

Signage is displayed outside a Chipotle Mexican Grill Inc. restaurant in SAN FRANCISCO BAY AREA, California, U.S., on Monday, July 20, 2020. Chipotle is scheduled release a earnings figures on July 22.

David Paul Morris | Bloomberg | Getty Images

Browse the companies making headlines in midday trading.

Chipotle Mexican Grill Shares of Chipotle surged a lot more than 16% following the restaurant chain reported quarterly earnings Tuesday following the bell. Profits improved mostly because of price hikes to offset inflation, and the business said another increase is to arrive August. UBS on Wednesday reiterated Chipotle as a buy following results.

Alphabet The Google parent jumped 6% after showing strong year-over-year search revenue growth in the recent quarter. Despite a miss at the top and bottom lines, results were much better than feared.

Microsoft The Windows and Xbox maker climbed a lot more than 4% after issuing a rosy income forecast for the entire year ahead. However, Microsoft reported quarterly results that missed analysts’ expectations on both its top and bottom lines. Microsoft turned in the slowest revenue growth since 2020, at 12% year-over-year, in the next quarter.

Shopify Shopify advanced 6% despite the fact that the e-commerce platform posted disappointing earnings and issued weak forward guidance. It said inflation and rising interest levelswill hurt consumer spending, reiterating what it said on Tuesday when it announced layoffs.

Enphase Energy The solar equipment stock rocketed 18% higher after posting strong results for the recent quarter. Enphase said strong growth in Europe amid surging gas prices helped results.

PayPal PayPal shares rallied 11% on the trunk of a written report from the Wall Street Journal that activist investor Elliott Management took a stake in the business.

Teva Pharmaceutical The Israel-based pharmaceutical company’s stock soared almost 25% after it reached a tentative settlement to cover a lot more than $4 billion because of its alleged role in the opioid crisis.

Spotify Shares added 14% following the music streaming service reported a 14% upsurge in premium subscribers in its latest earnings report. Spotify reported a worse-than-expected quarterly loss, but exceeded analysts’ revenue estimates.

Garmin – Shares of the digital camera company dropped a lot more than 7% after second-quarter sales declined to $1.24 billion. Analysts surveyed by Refinitiv were expecting $1.34 billion. The business pointed to a solid dollar and offer chain issues as known reasons for the weakness. Garmin’s adjusted earnings per share came in at $1.44, or 4 cents much better than estimates.

Hilton – The hotel stock rose almost 5% after beating estimates at the top and bottom lines for the next quarter. Hilton reported $1.29 in adjusted earnings per share on $2.24 billion of revenue. Analysts surveyed by Refinitiv were expecting $1.04 in earnings per share on $2.08 billion of revenue. Hilton said its revenue per-available-room was ahead 54% weighed against exactly the same quarter this past year. The hotel chain also raised its full-year earnings guidance.

CNBC’s Tanaya Macheel, Jesse Pound, Sarah Min, Carmen Reinicke and Yun Li contributed reporting.

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