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Try the businesses making headlines in noon buying and selling.
Snap — Shares of Snap soared 23.9% after better-than-expected second-quarter earnings outcomes. The social media firm reported sturdy progress of customers, engagement and adverts.
Twitter — Twitter shares gained about 3% after reporting its quickest income progress since 2014. The social media platform reported earnings of 20 cents per share, topping analysts’ estimates of seven cents per share, in keeping with Refinitiv.
Intel – Shares of the chipmaker fell 5.3% after the corporate reported cautionary steerage on margins within the present quarter. Intel guided to non-GAAP gross margins of 55% within the third quarter, a notable drop from 59.2% within the second quarter. Intel mentioned that the decreased margin was as a result of provide constraints in addition to prices associated to constructing chips with a brand new course of expertise.
American Categorical – Shares of the funds big rose 1.3% after beating on the highest and backside line of its quarterly outcomes. American Categorical reported earnings of $2.80 per share on income of $10.24 billion. Wall Avenue anticipated earnings of $1.66 per share on income of $9.58 billion, in keeping with Refinitiv.
Honeywell – Shares of the economic conglomerate dipped 1.5% regardless of the corporate beating estimates throughout the second quarter. Honeywell earned $2.02 per share excluding objects, which was forward of the anticipated $1.94, in keeping with estimates from Refinitiv. Income got here in at $8.81 billion, additionally forward of the anticipated $8.64 billion. Honeywell additionally raised its full-year steerage.
Boston Beer – Boston Beer slid 26% after the corporate reduce its 2021 outlook as a result of expectations of soppy gross sales in its exhausting seltzer manufacturers. The corporate earned $4.75 per share throughout the quarter, which was wanting the anticipated $6.69 per share, in keeping with estimates from Refinitiv. Income additionally missed expectations. Goldman Sachs downgraded the corporate to impartial from purchase.
Skechers — Shares of Skechers gained 5.9% after the footwear firm reported income of $1.66 billion for the latest quarter, topping analysts’ projections of $1.5 billion. Skechers additionally issued sturdy third-quarter and full-year earnings and income steerage.
Veoneer – Veoneer inventory soared 56.4% after the Swedish automotive expertise firm mentioned it might be purchased by Canadian auto elements maker Magna Worldwide for about $3.8 billion. The deal will assist Magna in its efforts to reinforce its driver help expertise enterprise.
TAL Schooling, New Oriental Schooling and Know-how – U.S.-listed Chinese language schooling shares plunged after studies of a authorities crackdown on the sector that included bans on international funding. TAL Schooling shares fell 70.8%, whereas New Oriental Schooling and Know-how shares dropped by 54%. Instructional coaching establishments are banned from elevating cash by means of inventory listings, whereas international capital can not make investments, in keeping with a replica of the Chinese language-language doc seen and translated by CNBC.
— CNBC’s Tanaya Macheel, Yun Li, Pippa Stevens and Maggie Fitzgerald contributed reporting
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