Omar Marques | LightRakete | Getty Images
Check out the companies that are making the headlines in midday trading.
Robinhood Markets – Robinhood stocks rose in the wild as the newly public online brokerage topped its IPO price of $ 38 per share. The brokerage app surpassed its debut IPO volume of 102.5 million shares on July 29 when it was trading over 104.6 million shares on Wednesday lunchtime, according to CNBC’s Gina Francolla. The stock was last up 37%, up $ 64.
Match Group – The dating app’s stocks fell more than 5% after a disappointing earnings report. The reported match reported 46 cents per share for the second quarter and missed Wall Street forecasts by 6 cents, according to Refinitiv. Still, Match’s revenues exceeded estimates as the dating scene rebounded as the economy re-opened.
Kraft Heinz – Food stocks fell 5.1% on Wednesday after the company reported that organic net sales and sales volumes fell year over year. Kraft Heinz exceeded sales and earnings estimates for its second quarter report.
CVS Health – CVS stock fell 1.9% in midday trading even after second-quarter earnings and revenue per share reported beating consensus forecasts. The sales of the drugstore and pharmacy company rose 12.3% better than expected. Separately, CVS said it had raised its minimum wage for employees to $ 15 an hour.
Lyft – The rideshare company lost about 9% after reporting a quarterly loss of 5 cents per share late Tuesday. That was still less than the loss of 24 cents a share estimated by Wall Street analysts. The company said demand continued to rise in July despite increased Covid-19 cases.
General Motors – General Motors shares fell 8.4% after the automaker missed Wall Street earnings expectations for the second quarter. GM reported earnings of $ 1.97 per share, which is below analysts’ estimate of $ 2.23 per share, according to Refinitiv. Despite a record operating profit, GM’s quarterly profits were negatively impacted by approximately $ 1.3 billion in warranty recall costs. The company also raised its forecast for the year.
Activision Blizzard – The video game company’s shares rose roughly 2.6% after Activision Blizzard beat earnings estimates in the second quarter. The company made 91 cents per share with no estimates of $ 1.92 billion in sales. According to estimates by Refinitiv, analysts expected 76 cents and 1.90 billion US dollars in sales. The company was also optimistic, thanks in part to the strength of Candy Crush and Call of Duty.
– CNBC’s Hannah Miao, Yun Li, Pippa Stevens, Jesse Pound and Tanaya Macheel contributed to the coverage.
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