Blackstone Group office in Luxembourg.
Geert Vanden Wijngaert | Bloomberg | Getty Images
Check out the companies that are making the headlines in midday trading.
DiDi – The shares of the Chinese ride-hailing giant lost more than 9% after Bloomberg News reported that Beijing is considering harsh penalties ranging from a massive fine to a forced delisting after its IPO last month. The DiDi share has fallen by around 25% since it went public at the end of June due to regulatory pressure. China is conducting cybersecurity screening of the company after it was alleged that Didi illegally collected user data.
Blackstone Group – The investment firm’s shares rose over 4% after Blackstone beat second-quarter revenue and earnings estimates. The company reported earnings per share of 82 cents on revenue of $ 2.12 billion, with total assets under management increasing 21% year over year. The analysts surveyed by Refinitiv were looking for earnings per share of 78 cents and sales of 1.84 billion US dollars.
Southwest Airlines – The airline’s shares fell more than 4%, despite posting a profit in the second quarter after receiving federal aid. Without special items, the airline recorded a higher loss than analysts expected. Revenue for the Dallas-based airline rose nearly 300% year over year to $ 4 billion. That was still 32% less than $ 5.9 billion for the same period in 2019. Net income for the second quarter was $ 348 million, compared to a loss of $ 915 million a year earlier. The airline also warned of higher fuel prices and costs related to employee return from voluntary vacation in the current quarter.
Netgear – The computer equipment manufacturer’s shares fell more than 10% after the company reported lower-than-expected sales and earnings for the last quarter. Netgear said supply chain restrictions and factory closures due to the pandemic weighed on its performance. The company also issued a forecast that fell short of analysts’ forecasts.
Crocs – Crocs’ shares rose over 5% after the shoemaker reported a lost profit in the second quarter. The company posted quarterly adjusted earnings of $ 2.23 per share versus an expected $ 1.60, according to Refinitiv. Crocs also reported record sales of $ 640.8 million. The shoe manufacturer raised its forecast for the year in view of the strong demand.
Las Vegas Sands – The casino giant’s share price fell more than 3% after the company missed analysts’ expectations in the second quarter. Las Vegas Sands reported a 26 cents per share loss on sales of $ 1.17 billion. Analysts surveyed by Refinitiv expected a loss of 16 cents per share on sales of 1.41 billion US dollars.
Whirlpool – Whirlpool shares were down 1.5% despite beating sales and earnings estimates in the second quarter. Whirlpool earned $ 6.64 per share on an adjusted basis, which Refinitiv estimates was above the expected $ 5.90. Revenue also exceeded expectations, and the company raised its forecast for the year.
Unilever – Unilever stock fell about 5% despite a better-than-expected earnings report for the second quarter. The consumer goods giant said an increase in raw material costs would hurt its profit margins for the full year.
MDH Acquisition Corp. Black Check company’s shares rose 1.7% in midday trading after it was announced that Olive.com and PayLink Direct will merge with MDH to form a new public company. Olive.com – an online platform for the payment and protection of vehicles – is listed on the NYSE under the ticker “OLV”.
DR Horton – The homebuilder stocks fell 2.3% despite beating the top and bottom lines of the quarterly results. DR Horton earned $ 3.06 per share on sales of $ 7.28 billion. According to Refinitiv, analysts expected earnings of $ 2.81 per share on sales of $ 7.19 billion.
Union Pacific – Rail stocks rose 1.4% after the company reported better-than-expected quarterly earnings. Union Pacific posted earnings per share of $ 2.72 for the second quarter, up from a FactSet estimate of $ 2.55 per share. Sales were also above expectations.
– with reports from Yun Li, Jesse Pound, Pippa Stevens and Hannah Miao from CNBC.