Visitors walk past the Google logo as high-profile startups and high-tech executives gather at Viva Tech on May 16, 2019 in Paris, France.
Charles Platiau | Reuters
Check out the companies that are making headlines in midday trading.
Alphabet – Google’s parent company shares rose more than 7% after Alphabet reported quarterly results that exceeded analysts’ expectations on its income statement. The company had adjusted sales of $ 22.30 per share on revenue of $ 56.90 billion for the fourth quarter. Refinitiv estimates The Street expected $ 15.90 per share and sales of $ 53.13 billion. Alphabet’s revenue grew 23% on an annualized basis while advertising spending rebounded.
Spotify – The music streaming company’s stocks were down about 9% after Spotify reported a higher-than-expected loss for the previous quarter. In the fourth quarter, the company lost 66 cents per share, compared to the loss of 55 cents expected by Refinitiv. Revenue was $ 2.17 billion, slightly above the expected $ 2.15 billion. According to Spotify, premium subscribers were up 24% year over year.
GameStop – The stationary gaming trader’s shares rose about 6% in midday trading as the share price was just below $ 100. It’s been a wild ride for GameStop stock, which rose 400% last week – only to scratch 70% this week.
Electronic Arts – The video game company’s shares fell more than 6% even after the company raised its annual revenue forecast. The result was 72 cents per share, which was not comparable to estimates. Electronic Arts had sales of $ 2.4 billion, slightly more than a refinitive forecast of $ 2.39 billion. Analysts said that given the strength of the market and the stock’s recent surge, investors might have expected stronger results and a more optimistic forecast.
Chipotle – The Mexican fast food chain’s shares fell more than 2% after the company missed analysts’ expectations for its quarterly results and digital orders slowed from record pace. According to Refinitiv, Chipotle made $ 3.48 per share, missing estimates of $ 3.73 per share. Sales were in line with estimates of $ 1.61 billion.
Amgen – Amgen’s shares fell about 3% and became the biggest loser on the Dow Jones Industrial Average as of noon. The weakness came after the biotech company released a disappointing full year outlook, noting that the pandemic would continue to hurt sales.
Biogen – The biotech company’s stocks fell 4% after a fourth quarter report that fell short of expectations. Biogen reported adjusted earnings per share of $ 4.58, lower than what Wall Street analysts expected to be $ 4.87. The company also anticipated a decline in sales and earnings in 2021. However, fourth-quarter sales exceeded expectations.
– CNBC’s Maggie Fitzgerald, Pippa Stevens, Darla Mercado and Jesse Pound contributed to the coverage.
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