Stocks making the biggest moves midday: Alphabet, Starbucks, Boeing, more

A logo outside the Google Store Chelsea in New York, May 28, 2021.

Victor J. Blue | Bloomberg | Getty Images

Check out the companies that are making the headlines in midday trading.

Alphabet – Google parent company shares rose 3.2% on the company’s excellent quarterly earnings. Alphabet saw its advertising revenue increase 69% in the second quarter while it posted earnings per share of $ 27.26, beating expectations of $ 19.34 per share, according to Refinitiv. YouTube revenue was over $ 7 billion, 83% more than last year.

Starbucks – The stock fell 2.9% despite the company reporting third-quarter sales and earnings that beat Wall Street estimates. The coffee chain posted earnings of $ 1.01 per share and sales of $ 7.5 billion as sales in the same business rebounded in both the US and overseas. Starbucks has also raised its guidance on earnings per share for fiscal 2021.

Microsoft – Shares were down about 0.1%, despite outperforming them in both sales and bottom line in their quarterly earnings report. The tech company posted earnings of $ 2.17 per share, while analysts expected earnings of $ 1.92 per share, according to Refinitiv. The company’s quarterly revenue of $ 46.15 billion also beat Wall Street estimates. However, Microsoft’s revenue from device manufacturers for Windows licenses declined 3% in the quarter.

McDonald’s – The restaurant chain’s shares were down 1.9% despite the company reporting better-than-expected results in its second quarter report. McDonald’s had adjusted earnings per share of $ 2.37 on sales of $ 5.89 billion, compared to their respective projections of $ 2.11 and $ 5.6 billion, according to Refinitiv. The stock had gained six days in a row prior to the report.

Boeing – The aircraft maker rose 4.2% after reporting a surprising quarterly profit of 40 cents per share, with analysts expecting a loss of 83 cents per share. Revenue also beat estimates, aided by higher jet deliveries as aircraft demand recovers from a pandemic slump.

Pfizer – The drugmaker’s shares were up 3.2% after the company reported earnings per share of $ 1.07 and sales of $ 18.9 billion, beating analysts’ estimates for the second quarter. It also raised its full-year forecast, saying it expected the strong sales of its Covid-19 vaccine to continue.

Spotify – The stock fell 5.7% after Spotify reported a loss of 19 cents per share for the second quarter, 18 cents higher than the loss projected by Wall Street analysts. The music streaming service also reported that its monthly active user numbers have fallen below its previous projections.

Generac – The backup generator company’s shares were down 1.8% on the company’s second quarter results. Generac surpassed sales and earnings estimates for the period and posted record sales of $ 920 million, but the company said it was seeing higher input costs due to rising raw material and logistics prices.

Mondelez International – The global snack maker saw its shares fall 2.8% following the release of its latest quarterly results. Mondelez achieved earnings per share of 66 cents, exceeding the refinitive forecast of 65 cents per share. Mondelez, which includes brands like Oreo and Ritz, had sales of $ 6.6 billion in the three months ended June 30.

Advanced Micro Devices – AMD stock rose 7.6% after the company reported earnings of 63 cents per share, 9 cents higher than expected by analysts polled by Refinitiv. AMD also had sales of $ 3.85 billion, beating the forecast of $ 3.62 billion. The chipmaker issued a strong third quarter sales forecast and raised its full year sales forecast.

Teladoc Health – The telemedicine company fell 0.5% after Teladoc reported an unexpectedly large loss for the second quarter. The number of members also grew by only 1% compared to the previous year. Deutsche Bank downgraded the stock to “hold” from buying after the report.

Activision Blizzard – Activision Blizzard shares rose about 0.9% as the video game company’s employees hold a strike to demand better working conditions, especially for women and other marginalized people. The state of California sued the company for rampant sexual harassment and discrimination.

– CNBC’s Tanaya Macheel, Pippa Stevens, Jesse Pound and Yun Li contributed to the coverage

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