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Tesla, Chegg, Avis and others

The logo marks the showroom and service center of the American automobile and energy company Tesla in Amsterdam on October 23, 2019.

John Tees | AFP | Getty Images

Pay attention to the companies making headlines at noon.

Avis Budget – Shares in the car rental company jumped 108% after Avis Budget reported huge profit growth in the third quarter. There was an abnormally short interest in stocks prior to the release of the income statement, which appears to have triggered a squeeze as hedge funds tried to cover their bets against the stock.

Chegg – Shares in the education technology company fell 48.8% after the company released disappointing sales forecasts citing a slowdown in student growth due to the pandemic. Several Wall Street stores downgraded Chegg on Tuesday, including Morgan Stanley.

Tesla, Hertz – Tesla CEO Elon Musk tweeted Monday night that the electric car maker has not signed a contract with rental car company Hertz after Hertz announced last week that it would offer 100,000 Tesla vehicles by the end of 2022. Hertz said Tesla has already done this. started delivering cars to its rental fleet. Tesla Shares Down 3%, Hertz Up 2.7%

Under Armor – Shares in the sporting goods retailer rose more than 16.3% after raising their full-year guidance. Under Armor’s fiscal third quarter earnings and sales exceeded analysts’ estimates, reflecting the company’s progress in improving its brand image under the leadership of CEO Patrick Frisk.

Pfizer – The pharmaceutical giant rose 4.2% at noon after surpassing the top and bottom of its quarterly results. Pfizer also raised its 2021 revenue forecast and earnings per share.

Generac – Shares in the generator maker fell 4.4%, according to StreetAccount after the company reported third-quarter adjusted earnings per share and below-estimated revenue. Generac also said it plans to buy manufacturer of smart thermostats Ecobee, if it achieves certain performance goals. The deal will be worth $ 770 million in cash and stock.

McKesson – Shares of drug distributor McKesson rose 5.2% after publishing quarterly results that beat consensus. The company recorded earnings of $ 6.15 per share, beating the estimate of $ 4.66. It also topped revenue estimates thanks to significant supply of specialty drugs and a government contract to distribute Covid-19 vaccines.

DuPont – DuPont rose 8.8% after the chemical company beat expectations. The company earned $ 1.15 per share on revenue of $ 4.27 billion. Analysts had expected earnings of $ 1.12 a share on revenue of $ 4.14 billion, according to Refinitiv.

Simon Property Group – Simon Property gained 6.5% after a mall owner significantly exceeded earnings expectations. V the company posted a net profit $ 2.07 per diluted share compared to the consensus forecast of $ 1.09 per share via Refinitiv. The company’s revenue was also above expectations.

Clorox – Shares in the consumer goods company rose 1.2% after posting stronger-than-expected first quarter results. The company reported adjusted earnings per share of $ 1.21 on revenues of $ 1.81 billion. Analysts polled by Refinitiv estimated the price at $ 1.03 per share and $ 1.70 billion. Clorox also maintained its full-year guidance despite comments over price pressures.

Nutrien – Shares in the fertilizer company fell 5.3% despite declining quarterly earnings. Nutrien reported adjusted earnings of $ 1.38 per share compared to the StreetAccount consensus of $ 1.23 per share. The company also announced a quarterly dividend of 46 cents per share.

Marathon Petroleum – Marathon Petroleum fell 3.9%, despite beating Wall Street’s profit and loss expectations. Marathon said it is considering selling its Alaska refinery.

Global Payments – Shares of Global Payments fell 9.2%, despite the financial technology company topping earnings expectations. The company reported adjusted earnings of $ 2.18 per share on revenues of $ 2 billion. Analysts polled by StreetAccount expected earnings of $ 2.14 per share on revenue of $ 1.99 billion.

Estee Lauder – Shares in the cosmetics maker rose 4.1% after the company beat Wall Street’s quarterly results. Estee Lauder reported adjusted diluted earnings per share of $ 1.89 for the quarter, compared to the consensus forecast of $ 1.70 per share.

– Jesse Pound, Maggie Fitzgerald and CNBC’s Tanaya Mashil provided reporting.


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