Snap, Intel, Moderna, Digital World Acquisition Corp and others
Pay attention to the companies making headlines at noon.
Snap – Snap shares fell more than 24% after the company reported its quarterly results, which included lower revenue as well as lower earnings. The social media company said its ad business has declined due to changes in Apple’s privacy.
Facebook, Twitter – Social media and digital ad stocks dropped after Snap talked about the impact of Apple’s privacy changes. Facebook shares fell 5.6% and Twitter shares fell 4.2%.
Intel – Intel shares fell more than 11% after a weaker-than-expected sales report. The semiconductor company blamed the industry’s chip shortage for revenue shortfalls and warned that its gross margins and free cash flow would decline in the next two to three years.
Moderna – Shares in the biotech company fell 4.8% after Deutsche Bank initiated a sell-rating coverage of Moderna. The firm said potential innovation has already been factored into Moderna’s share price. “We agree that there is an opportunity to disrupt the dynamics in the broader realm of viral infectious diseases (eg influenza), but this all looks more than generous, reflected in an assessment that appears to be out of touch with a problematic reality assessment,” Deutsche said.
Digital World Acquisition Corp. SPAC, which publishes former President Donald Trump’s planned social media platform, has taken off on a roller coaster again. The blank check company, which trades under the DWAC ticker on the Nasdaq, skyrocketed 216% at one point and most recently climbed about 150%. Shares rose more than 350% on Thursday amid explosive trading volume and volatility.
Honeywell – Honeywell fell 2.4% after the company cut its full-year revenue guidance. The company also reported quarterly revenue for the third quarter, below analysts’ expectations. However, profit exceeded forecasts.
American Express – American Express rose 4.8% after the company beat earnings expectations. The company reported earnings of $ 2.27 per share on revenue of $ 10.93 billion. Analysts polled by Refinitiv expected earnings of $ 1.80 per share on revenue of $ 10.52 billion.
Urban Outfitters – Urban Outfitters rose 2.3% after Citi upgraded its Buyer Rating to Neutral. “We cannot ignore the more favorable risk / earnings on stocks of -25% from Q2 URBN (the report was published in August),” Citi said.
VF Corp. – Shares of the garment company fell 2.1% at noon after missing the top and bottom lines of its quarterly results. VF Corp. reported earnings of $ 1.11 per share on revenue of $ 3.2 billion. Wall Street expected earnings of $ 1.15 per share on revenue of $ 3.5 billion, according to Refinitiv.
Seagate – Seagate gained 5.2% after the storage company beat its earnings forecast. According to Refinitiv, the company posted earnings of $ 2.35 per share, 13 cents higher than expected. Seagate also beat its revenue forecasts and posted good revenue and earnings per share forecasts for the current quarter.
Chipotle Mexican Grill – Chipotle fell 2.6% despite declining earnings. According to Refinitiv, the fast-casual network exceeded analysts’ expectations with adjusted earnings of $ 7.02 per share versus an expected $ 6.32 per share. Higher prices on the menu helped the company offset higher manufacturing costs.
Boston Beer – Boston Beer rose 2.7% after the brewery reported third-quarter sales. Boston Beer’s revenues were $ 561.6 million, according to StreetAccount, higher than the analyst consensus estimate of $ 531.5 billion.
Whirlpool – Whirlpool rose 2.5% after the home appliance maker beat Wall Street’s earnings per share expectations. The company posted earnings of $ 6.68 per share, 56 cents above the Refinitiv consensus.
Mattel – Mattel rose 1.7% after the toy maker’s quarterly report beat analysts’ expectations. Mattel earned 84 cents a share on revenue of $ 1.76 billion, while analysts surveyed by Refinitiv expected earnings of 72 cents a share on revenue of $ 1.69 billion.
– CNBC’s Tanaya Mashil, Maggie Fitzgerald, and Yoon Lee provided reporting.