Check out the companies making headlines in midday trading.
Corning — Shares of the tech and specialty glass company rallied 11.1% after beating on the top and bottom lines of its quarterly results. Corning earned 54 cents per share on revenue of $3.71 billion. Wall Street expected earnings of 52 cents per share on revenue of $3.59 billion, according to Refinitiv.
DraftKings — The sports-betting stock jumped 5.2% following an upgrade to overweight from equal weight from Morgan Stanley. The firm said in a note that DraftKings was likely to be one of the long-term winners in the competitive online gambling space.
F5 — Shares of the cloud security company slid 8.4% following current quarter guidance issued by F5 that fell below analysts’ expectations. The company also cut its full-year outlook, citing supply chain issues.
Mattel — The toy stock jumped 4.3% after Mattel announced that it had won back the license to make toys based on the Walt Disney princess lineup. The company had lost the license to rival Hasbro in 2016.
Microsoft — Shares of Microsoft climbed 2.8% after the company gave an upbeat forecast for the current quarter on continued growth in cloud services revenue. It also reported a quarterly profit of $2.48 per share, beating analysts’ estimates by 17 cents, as well as revenue that beat forecasts.
Automatic Data Processing — Shares of ADP dropped 8.9% despite the payroll firm reporting better-than-expected fiscal second-quarter earnings. The company earned $1.65 per share, topping estimates of $1.63 per share, according to Refinitiv. ADP also beat Wall Street’s revenue forecasts.
Kimberly-Clark Corporation — The consumer products maker’s shares fell 3.3% after issuing weaker-than-expected guidance on earnings and revenue. The company beat expectations for per-share earnings and revenue for the fourth quarter, however.
Boeing — The aerospace company’s shares dropped 4.8% after it reported a much wider-than-expected fourth-quarter loss and missed on revenue. It also said it took a $3.5 billion pretax charge on its 787 Dreamliners after production issues delayed its delivery of the planes for the last 15 months.
Moderna — Moderna shares added 1.5% after Deutsche Bank upgraded the stock to hold from sell, mainly on valuation. Deutsche noted the shares “now both through our prior price target and discounted cash flow and at a more reasonable c$65bn valuation.”
Rollins — Rollins’ shares fell 4.9% after the company reported quarterly earnings or 13 cents per share. That was slightly lower than analysts’ expectations of 15 cents per share, according to FactSet. The pest control company also reported a revenue beat for the quarter.
Clorox — Shares of the cleaning products company fell 5.6% after Credit Suisse downgraded the stock to underperform, noting that pandemic-era sales growth may reverse. The firm said that if growth slows, Clorox could have difficulty navigating inflation in its supply chain.
— CNBC’s Maggie Fitzgerald and Jesse Pound contributed reporting.
Source: Finance - cnbc.com
