Southwest Airlines planes sit idle on the tarmac after Southwest Airlines flights resumed following the lifting of a brief nationwide stoppage caused by an internal technical issue, according to the U.S. Federal Aviation Authority (FAA), at Chicago Midway International Airport in Chicago, Illinois, April 18, 2023.
Jim Vondruska | Reuters
Check out the companies making headlines in midday trading.
Roku — The streaming platform’s stock shed nearly 2% after Citi downgraded shares to neutral from buy. The firm said that Roku shares, which have jumped about 120% year to date, may have limited further upside.
Simon Property Group — Shares dropped close to 6% after Simon Property Group reported a decline in funds from operations compared to a year ago. During the second quarter, funds from operations came in at $2.88 per diluted share, compared to $2.91 per diluted share in the year-ago period.
Southwest Airlines — Shares slipped 2.5% after Jefferies downgraded the air carrier to underperform from hold. The firm cited difficulty competing against premium providers.
Etsy — Stock in the e-commerce company plummeted nearly 12% after reporting quarterly results. Etsy disappointed investors on Wednesday with lower forward guidance despite a second-quarter earnings beat.
Qualcomm — The chipmaker tumbled 9%. Qualcomm posted adjusted revenue of $8.44 billion, falling short of analysts’ estimates for $8.5 billion, per Refinitiv. The company also gave soft guidance and noted weak smartphone chip sales.
DoorDash – Shares of the food delivery company jumped almost 4% a day after the firm boosted its annual core profit forecast. DoorDash also reported revenue of $2.13 billion in the second quarter, beating analysts’ estimate of $2.06 billion, per Refinitiv. The company did post a bigger-than-expected loss last quarter, however.
Traeger — Stock in the grill maker soared 45% after an earnings beat after the closing bell on Wednesday. Traeger reported adjusted earnings of 4 cents per share on $171.5 million in revenue, while analysts polled by FactSet had forecasted a per-share loss of 2 cents and $154.9 million of revenue.
Clorox — Clorox stock added to earlier gains with a 9.5% jump in midday trading. The company beat on earnings and revenue a day earlier, reporting an adjusted $1.67 per share and $2.02 billion in revenue against analysts’ estimates of $1.18 per share and $1.88 billion of revenue, per Refinitiv.
PayPal — Shares lost 11.3% during Thursday’s midday trading session after the payments company posted earnings that were in line with analysts’ predictions Wednesday post market. PayPal reported adjusted earnings of $1.16 per share, which was also estimated by analysts polled by Refinitiv. The company’s revenue beat the Street’s expectations, posting $7.29 billion compared to analysts’ estimates of $7.27 billion.
SunRun — The solar stock added 10% in midday trading after reporting earnings. On Wednesday, the company reported earnings of 25 cents a share for the second quarter, while analysts forecasted a loss of 13 cents a share, per Refinitiv.
Shopify — The e-commerce company fell 5% despite an earnings beat. on Wednesday, Shopify reported an adjusted 14 cents per share on $1.69 billion in revenue, while analysts polled by Refinitiv forecasted 5 cents and $1.62 billion.
EVgo – Shares surged 21% a day after the charging network operator reported a big earnings beat. EVgo posted an 8-cent loss per share, versus the 27-cent loss expected, according to Refinitiv. Revenue was $50.6 million, topping the $29.6 million expected
Expedia — Stock in the online trip planner fell 17% after reporting a revenue miss for the second quarter. Expedia posted $3.36 billion in revenue, falling short of the $3.37 billion analysts expected, according to Refinitiv. The company issued soft guidance for the third quarter.
Cummins — Shares fell more than 8% after Cummins missed on earnings in its latest quarterly report. The engine manufacturer reported earnings of $5.18 per share, excluding items, and $8.64 billion in revenue. Analysts polled by FactSet called for earnings of $5.25 per share and $8.39 billion of revenue.
— CNBC’s Alex Harring, Yun Li, Michelle Fox, Hakyung Kim, Sarah Min and Pia Singh contributed reporting
