Check out the companies making headlines in midday trading.
Intel — The chip stock jumped more than 6% after the company posted better-than-expected second-quarter earnings results. The latest quarter marked a return to profitability after two consecutive losing periods. Intel’s forecast for the third quarter also came in above analyst expectations.
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Roku – Shares popped more than 25% after the company reported a smaller-than-expected loss for the recent quarter. The streaming stock posted a loss of 76 cents a share, ahead of the $1.26-loss per share expected by analysts, according to Refinitiv. Revenues came in at $847 million versus the estimated $775 million.
New York Community Bancorp – The regional bank stock added 4.8% after JPMorgan upgraded shares to overweight from neutral, calling it a “massive market share taker” in the near and medium term.
Biogen — The biotech company rose nearly 1% after the company said it’s acquiring Reata Pharmaceuticals for $172.50 per share, in a cash deal valued at about $7.3 billion. Shares of Reata popped more than 50% following the news.
Procter & Gamble — The consumer giant’s stock climbed nearly 5%, boosting the blue-chip Dow Jones Industrial Average. The rally came after the company reported quarterly earnings and revenue that beat analysts’ expectations. P&G did release a gloomy outlook for its fiscal 2024 sales that fell short of Wall Street’s estimates, however.
Exxon Mobil — The oil giant saw its shares dip 1.6% after the company posted mixed second-quarter results. The company reported earnings of $1.94 a share, excluding items, lower than the $2.01 estimate by analysts, per Refinitiv. Revenues came in at $82.91 billion, above the expected $80.19 billion.
Enphase Energy – The solar stock dropped nearly 10% to hit a 52-week low after the company posted a revenue miss. Enphase said its second-quarter revenue reached $711 million, falling short of analyst estimates of $722 million, according to Refinitiv. Deutsche Bank, Wells Fargo and Roth MKM downgraded the stock following the disappointing report.
Boston Beer — The alcohol beverage company saw its shares soar more than 18% following a stronger-than-expected quarterly report. Boston Beer posted earnings of $4.72 per share, well above an estimate of $3.38 per share from FactSet. Its revenue also came in above expectations.
Sweetgreen – Shares of the salad chain slid 10% after the company posted weak sales that missed Wall Street expectations in the second quarter and a loss of net loss of $27.3 million, or 24 cents per share. Sweetgreen also reported narrowing losses and raised its forecast for restaurant-level margins. It’s aiming to turn a profit for the first time by 2024.
Ford Motors – The automaker saw shares fall more than 3% after it said adoption of electric vehicles is going more slowly than expected and that it expects to lose $4.5 billion on the EV business this year, widening losses from roughly $3 billion a year earlier. Otherwise, Ford posted strong quarterly earnings that beat Wall Street expectations and raised its full-year guidance.
T. Rowe Price – Shares of the asset manager jumped more than 10% after T. Rowe Price reported stronger-than-expected earnings for the second quarter. The company earned an adjusted $2.20 per share on $1.61 billion of revenue. Analysts surveyed by Refinitiv were expecting $1.73 per share on $1.6 billion of revenue. CEO Rob Sharps said in a press release that T. Rowe Price has “identified substantial cost savings” that will slow expense growth going forward.
– CNBC’s Jesse Pound, Tanaya Macheel and Samantha Subin contributed reporting.
