Products You May Like
Check out the companies making headlines in midday trading Friday.
Amazon — Shares of the e-commerce giant jumped 10.4%, giving the broader market a boost, after the company reported better-than-expected second-quarter revenue and issued an optimistic outlook. Revenue growth of 7% in the second quarter topped estimates, bucking the trend among its Big Tech peers.
Roku — Roku shares plummeted 23.1% after the streaming company reported disappointing results for the second quarter, as it faces a slowdown in advertising. The company shared disappointing guidance for the current quarter, noting that dwindling ad spending and recessionary fears could continue to impact its business going forward.
Apple — Shares of Apple rose 3.3% after the company beat Wall Street profit and revenue forecasts, and CEO Tim Cook said he expects growth to accelerate despite “pockets of softness.” Sales of its iPhone saw double-digit growth in new customers.
First Solar — Shares of First Solar surged 12.1% after the company reported better-than-expected earnings for the second quarter. Oppenheimer also upgraded the stock to outperform from neutral on Friday citing a deal reached between Sen. Joe Manchin, D-W.V. and Senate Majority Leader Chuck Schumer, D-N.Y., on a bill that includes climate spending.
Chevron, Exxon Mobil — The energy stocks jumped on the back of record profits reported in their second-quarter earnings, boosted by higher oil and gas prices. Chevron jumped 8.9%, and Exxon Mobil added 4.6%.
Bloomin’ Brands — Shares jumped 3.1% after Bloomin’ Brands reported second-quarter earnings that beat analyst expectations. The restaurant company behind Outback Steakhouse and other brands earned 68 cents per share on revenue of $1.13 billion. Analysts expected a profit of 61 cents per share on revenue of $1.1 billion, according to Refinitiv.
Stanley Black & Decker — Shares of the toolmaker company slid 1.3% on Friday, building on a 16% loss on Thursday that came after a disappointing quarterly report and guidance cut. Wolfe Research downgraded the stock to peer perform from outperform, saying that “negative news flow likely dominates” through the end of this year.
Procter & Gamble — The consumer goods company posted mixed second-quarter results, sending shares down 6.2%. Procter & Gamble also said it expects rising commodity costs will continue to be a challenge ahead.
Church & Dwight — Shares dropped 8.6% after the household products company behind Arm & Hammer reported a revenue miss in its most-recent quarter, citing greater inflationary pressures.
Intel — Shares of the chipmaker tumbled 8.6% after a second-quarter report that came in well short of expectations. Intel reported 29 cents in adjusted earnings per share on $15.32 billion of revenue. Analysts surveyed by Refinitiv had penciled in 70 cents in earnings per share on $17.92 billion of revenue. Third-quarter guidance also came in below expectations. Susquehanna downgraded the stock to negative from neutral, warning that free cash flow could be “significantly depressed for at least the next few years.”
— CNBC’s Yun Li, Tanaya Macheel, Jesse Pound, Carmen Reinicke and Samantha Subin contributed reporting