Check out the companies that are making headlines in mid-day trading.
Kellogg – Shares rose more than 8% after the cereal and snacks company beat expectations for the first quarter on the upper and lower levels. Kellogg earned adjusted sales of $ 1.11 per share on revenue of $ 3.58 billion, aided by international growth. Analysts polled by Refinitiv looked for earnings per share of 96 cents and sales of $ 3.38 billion. The company has also raised its guidance for the full year.
Uber – The hailship company’s shares fell more than 7% after losing sales. Uber had sales of $ 2.9 billion in the first quarter, which is an estimate of $ 3.3 billion per refinitive. However, the company’s loss improved due to the sale of its ATG self-propelled unit. Uber lost 6 cents per share in the most recent quarter, compared to expectations of a 54 cents per share loss.
Tapestry – Apparel inventory fell 4.8% despite an unexpectedly strong report for the company’s third fiscal quarter. Tapestry had adjusted earnings per share of 51 cents on sales of $ 1.27 billion. Analysts polled by Refinitiv had estimated 31 cents per share on sales of 1.22 billion US dollars. The company did not provide detailed guidance for the full fiscal year, citing the uncertainty about the pandemic.
Anheuser-Busch InBev – The brewer’s shares rose 6% after the company announced that CEO Carlos Brito will be stepping down this summer. Brito’s successor will be Michel Doukeris, who heads Anheuser-Busch InBev’s North American business. The company also reported stronger than expected earnings for the first quarter.
Moderna – Moderna shares fell 2% in midday trading a day after US sales representative Katherine Tai on Wednesday. Washington supports the waiver of intellectual property protection for manufacturers of Covid-19 vaccines. Moderna, which makes one of the few emergency vaccines approved in the United States, fell 6.1% on Wednesday. Another vaccine maker, Pfizer, was down 1.8% on Thursday.
Sunrun – Shares in the household solar company rose more than 8% after Sunrun beat sales estimates in the first quarter while raising its guidance for the full year. Goldman Sachs reiterated its Buy recommendation on the stock after earnings, saying it was a “Bellwether Solar Name”.
Etsy – The ecommerce retailer’s stock fell 14% after the company warned of a slowdown in user growth. However, the retailer beat sales and profit estimates in the first quarter. The company earned $ 1.00 per share on sales of $ 551 million. Analysts surveyed by Refinitiv expected the company to make 88 cents per share on sales of $ 530 million.
PayPal – The payment company’s shares rose more than 2% after a stronger-than-expected quarterly report. Adjusted earnings per share were $ 1.22 compared to $ 1.01 per share expected in a refinitive poll of analysts. PayPal’s first quarter revenue also exceeded expectations. In the earnings report, CEO Dan Schulman pointed to cryptocurrency as the most important growth engine and praised an upcoming “digital wallet” product.
– CNBC’s Jesse Pound, Pippa Stevens and Yun Li contributed to the coverage.
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