Check out the companies making headlines in midday trading.
GameStop —Shares of the video game retailer swooned 60% in midday trading to trade around $110 a share as the speculative trading that had catapulted the stock higher last week appeared to be nearing its end. At their current price, GameStop shares are down 65% so far this week having erased the majority of last week’s 399% rally. The stock closed down 30% on Monday.
AMC Entertainment — Shares of the brick-and-mortar retailer were down 41% on Tuesday as the retail trading frenzy appeared to fizzle in the name. After rallying 300% in a short squeeze last week, speculative buying appears to be losing steam. Other Reddit trades like BlackBerry, Express, Genius Brands, Koss and Nokia were lower on Tuesday.
Harley-Davidson — The motorcycle stock slid 17.2% after the company missed on the top and bottom lines for its fourth quarter. Harley-Davidson reported a loss of 63 cents per share on $725 million in revenue. Analysts surveyed by Refinitiv were looking for a positive 14 cents in earnings per share and $774 million of revenue.
Exxon – Shares of the oil giant gained 1.6% following the company’s fourth quarter earnings results. Exxon said it lost $20 billion during the period for its fourth straight quarter of losses. The company earned 3 cents per share excluding items during the fourth quarter, which was ahead of the 1 cent profit analysts surveyed by Refinitiv expected. Revenue, however, came up short of expectations at $46.54 billion. The Street consensus was for $48.76 billion.
Alibaba – Shares of the e-commerce giant slid 3.9% despite the company beating top and bottom line results during the third quarter. Alibaba earned $22.03 per share excluding items, which was above the expected $20.87 per share profit. Revenue came in at $221 billion, compared with the expected $214.4 billion, according to analysts surveyed by Refinitiv.
Pfizer — Pfizer’s shares fell 2.3% despite projecting that it will make some $15 billion in Covid-19 vaccines sales this year. The pressure on the stock also came notwithstanding an accelerated timeline for U.S. vaccine deliveries. Pfizer plans to offload 200 million doses of its coronavirus vaccine to the U.S. by May, earlier than its initial forecast of July.
UPS — Shares of the delivery company gained 2.6% after UPS beat Wall Street estimates on the top and bottom line for the fourth quarter. The company reported $2.66 in earnings per share on $24.9 billion of revenue. Analysts surveyed by Refinitiv were expecting $2.14 in earnings per share and $22.87 in revenue.
ConocoPhillips – Shares of the energy stock jumped 0.6% after the company reported a narrower-than-expected quarterly loss. ConocoPhillips posted a loss of 19 cents a share in the fourth quarter, better than a 25-per-share loss expected by analysts, according to FactSet. Its revenue also came in above expectations.
Emerson Electric — Shares of the company gained 3.7% after beating on the top and bottom lines of its earnings. Emerson Electric earned 83 cents per share on revenue of $4.16 billion. Wall Street expected earnings of 68 cents on revenue of $3.98 billion, according to Refinitiv.
SiriusXM – Shares of the satellite radio operator slid 1% after the company reported quarterly earnings and revenue that topped Wall Street analysts’ estimates, according to Refinitiv. SiriusXM also cited a growth in paying subscribers and increased audience penetration boosted by its Pandora and Stitcher units.
— with reporting from CNBC’s Pippa Stevens, Tom Franck, Jesse Pound and Yun Li.
Source: Finance - cnbc.com
