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Check out the companies making headlines in midday trading.
Netflix — Netflix dropped more than 8% after reporting mixed quarterly results Wednesday. The streaming giant beat on earnings per share for the second quarter, but its revenue of $8.19 billion fell short of the $8.30 billion expected from analysts polled by Refinitiv.
Tesla – Tesla shares tanked more than 6%. The electric vehicle maker topped Wall Street’s top-and-bottom line expectations but showed a drop in operating margins due to recent price cuts and incentives.
American Airlines – The airline shed more than 6% even after posting strong quarterly results and lifting its profit outlook for 2023. American Airlines reported adjusted earnings of $1.92 a share on $14.06 billion in revenue. Analysts had expected earnings per share of $1.59 on revenues of $13.74 billion.
IBM — The tech stock climbed more than 3% after the company reported earnings in the second quarter that topped analysts’ estimates as the company expanded its gross margin. However, IBM did post a revenue miss, caused partly by a slump in the infrastructure division.
Johnson & Johnson —The stock jumped 6%, lifting the 30-stock Dow Jones Industrial Average, after the the health care posted second-quarter revenue and adjusted earnings that topped Wall Street’s expectations. Johnson & Johnson also lifted its full-year guidance as sales from the company’s medtech business jumped.
Abbott Laboratories — Shares of the health care products company rose nearly 4% after Abbott beat estimates on the top and bottom lines for the second quarter. The company reported $1.08 in adjusted earnings per share on $9.98 billion of revenue. Analysts were looking for $1.05 per share on $9.70 billion of revenue, according to Refinitiv. The company’s sales did decrease more than 11% year over year as customers bought fewer Covid-19 tests.
Discover Financial Services — Shares tumbled 14% after the company’s second-quarter results missed analysts’ estimates on both top and bottom lines. The company also disclosed that it is undergoing a probe from the Federal Deposit Insurance Commission due to a “card product misclassification issue.”
Zion Bancorp — Shares of the regional bank jumped 8.3% after its second-quarter earnings matched estimates. Zions posted $1.11 earnings per share, in line with a Refinitiv forecast. To be sure, the bank’s net interest income came below expectations.
Travelers — The insurance company gained 3% following its second-quarter earnings announcement. Its adjusted earnings came in at of 6 cents per share. Meanwhile, its revenue of $10.32 billion topped expectations of $10.02 billion.
Estee Lauder — The cosmetics giants’ shares dropped 3% after Barclays downgraded them to equal weight from overweight. The firm cited concerns of a muted China recovery and pressure on medium-term margins.
Freeport-McMoRan — Shares gained more than 3% after the company announced its quarterly earnings Thursday morning. The mining company posted 35 cents earnings per share on $5.74 billion in revenue. Analysts polled by StreetAccount had estimated 36 cents earnings per share on $5.61 billion in revenue.
Genuine Parts — The auto replacement parts company lost almost 7% after posting its second quarter results. Although the company’s earnings and revenue beat analysts’ expectations, its revenue across its automotive and industrial segments missed Wall Street’s estimates.
MarketAxess — The electronic trading platform rallied 5.6% after releasing its second-quarter results. While revenue and earnings per share came in higher than expected, its adjusted earnings were lower than analysts’ estimates.
Equifax — Shares plunged almost 10% on the back of the company’s quarterly earnings report announcement Wednesday after the bell. While earnings per share came above analysts’ estimates, revenue fell short of expectations.
— CNBC’s Yun Li, Jesse Pound, Samantha Subin and Michelle Fox contributed reporting