Stocks making the biggest moves midday: Carnival, FedEx, Zendesk and more

Stocks making the biggest moves midday: Carnival, FedEx, Zendesk and more


The Carnival Paradise cruise ship arrives in port June 30, 2017 in Havana, Cuba.

Alexander Creutzmann | Mambo photo | Getty Images

Here are the stocks making headlines in midday trading:

Carnival Cruise Lines – Shares of Carnival Cruise Lines jumped 11% after the travel company said it had its best booking volumes since the start of the pandemic during the second quarter. Carnival’s results missed estimates on top and bottom lines. The company also reported that cash from operations turned positive in April and was positive for the second quarter.

FedEx – The logistics and delivery stock rose nearly 7% after FedEx said it expected adjusted earnings to rise in its current fiscal year. FedEx reported mixed results for its fiscal fourth quarter, with adjusted earnings of $6.87 per share on $24.39 billion of revenue. Analysts surveyed by Refinitiv were looking for $6.86 in earnings per share of $24.56 billion of revenue.

Zendesk – Shares of the software company surged by 28% after the company announced a buyout deal with a group of private equity firms including Hellman & Friedman and Permira. The all-cash deal values Zendesk at about $10.2 billion.

Microsoft – The tech company saw shares advance by about 2% after Citi named it a “top pick” and said the sell-off in software stocks is mostly done. Citi has high conviction in Microsoft’s double-digit growth and long-term pricing power, it said in a note Friday.

CarMax – The car dealership stock rose 6% after CarMax beat estimates on the top and bottom lines The company reported $1.56 in earnings per share on $9.31 billion of revenue. Analysts surveyed by Refinitiv were looking for $1.49 in earnings per share on $9.06 billion of revenue.

Bausch Health Companies – The health stock surged 18% after Bausch announced that Joseph Papa resigned from its board of directors. Papa is being replaced by investor John Paulson, who will serve as the chairperson of the board.

LendingTree – The financial services stock dropped more than 8% after LendingTree lowered its second-quarter guidance. The company now expects revenue between $259 million and $264 million, down from a range of $283 million to $293 million previously. The company said in a release that inflation and rising interest rates have put pressure on its business.

Wolfspeed – The semiconductor stock jumped 11% after Goldman Sachs upgraded Wolfspeed to buy from neutral. Goldman said in a note that it is “tactically more bullish” on Wolfspeed after the stock’s recent declines.

Iron Mountain — Shares leapt more than 3% after Barclays initiated coverage of Iron Mountain with an overweight rating. Analysts said the records storage company has nearly 21% upside from Thursday’s close, as the business has “proven resilient” in recent years.

Wells Fargo —  Shares surged more than 7% after the Federal Reserve said Wells Fargo, among other large banks, passed the central bank’s annual stress test. The central bank said Wells Fargo has maintained strong capital levels to weather a severe recession. Wells Fargo did not see growth in its stress capital buffer, unlike some of its peers.



Source

La Compagnie CEO on business travel demand and impact of a weaker U.S. dollar
Travel

La Compagnie CEO on business travel demand and impact of a weaker U.S. dollar

ShareShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via Email Christian Vernet, La Compagnie CEO, joins ‘Money Movers’ to discuss the increase in demand for luxury travel, earnings and impact of a weaker dollar. Source

Read More
Delta CEO: Turbulence on trade policy caused pullback in confidence
Travel

Delta CEO: Turbulence on trade policy caused pullback in confidence

Ed Bastian, Delta CEO, joins ‘Squawk Box’ to discuss the company’s quarterly earnings results, any tourism trend impacts and much more. Source

Read More
Delta shares jump 10% after reinstating 2025 profit outlook
Travel

Delta shares jump 10% after reinstating 2025 profit outlook

CNBC’s Phil LeBeau reports on Delta Air Lines’ quarterly earnings results. Source

Read More