Check out the companies making headlines in midday trading.
Simon Property Group — The mall operator rose 7.2% after Stifel upgraded the stock to buy from hold. The Wall Street firm said Simon Property Group’s recent underperformance is a good entry point into a stock that poised to rebound.
Banks — Banks bounced Tuesday after taking a hit Monday as bond yields plummeted. JPMorgan, Citigroup and Bank of America are all up more than 2% as the U.S. 10-year Treasury rose above 1.2%. Regionals are trading even higher, with Zions adding 7%, and Regions and Fifth Third adding more than 4.5%.
Virgin Galactic — Shares of the space tourism company fell 1.1% after rival Blue Origin successfully completed its first manned flight with billionaire founder Jeff Bezos aboard. Virgin Galactic and its found Richard Branson completed its own inaugural flight earlier this month.
PPG Industries – Shares fell 4.4% after the company reported worse-than-expected earnings results. The paint and coatings maker earned an adjusted $1.94 per share for its latest quarter, falling short of analysts’ $2.19 consensus estimate. PPG also warned that input and other costs would increase during the current quarter.
Airlines — The sector was among the hardest hit during Monday’s selloff, losing about 4%, but are now climbing higher and recovering their losses. United and Delta Airlines rose about 4% in midday trading. American Airlines jumped about 5%.
Royal Caribbean Cruises — The cruise company’s stock rose 7.8%, regaining its losses from Monday. Shares of Carnival and Norwegian are also trading higher by about 6%.
IBM – Shares of the enterprise technology and services provider advanced 1.5% after the company’s second quarter earnings beat top- and bottom-line estimates. IBM earned an adjusted $2.33 per share on $18.75 billion in revenue. Analysts had been expecting the company to earn $2.29 per share on $18.29 billion in revenue, according to estimates from Refinitiv. Revenue grew 3% year over year.
Halliburton – The oilfield services company advanced 3.7% after reporting a profit for a second straight quarter amid a rebound in oil prices. The company earned 26 cents per share, which was ahead of the expected 23 cents. Revenue came up short, however, at $3.71 billion versus the expected $3.74 billion.
Apple — Shares of the tech giant rose 2.6%, helping to lift the broader markets. UBS hiked its price target for Apple ahead of next week’s earnings report, saying that strong iPhone and Mac sales should boost the stock.
Citizens Financial — Shares rose 3.6% after reporting better-than-expected earnings. The company posted EPS of $1.46 per share, topping estimates by 35 cents, according to Refinitiv. Revenue, however, fell short of expectations.
KeyCorp — Shares rose 3.3% after the company beat on the top and bottom lines of its quarterly results. KeyCorp reported earnings of 73 cents on revenue of $1.77 billion. Analysts expected earnings of 54 cents on revenue of $1.73 billion, according to Refinitiv.
Philip Morris International — The cigarette manufacturer dropped 3.1% after the company missed second-quarter revenue estimates. Philip Morris reported $7.59 billion in quarterly revenue versus Wall Street’s estimate of $7.69 billion, according to Refinitiv.
— with reporting from CNBC’s Tanaya Macheel, Hannah Miao, Pippa Stevens and Jesse Pound.
Source: Finance - cnbc.com
