Check out the companies making headlines in midday trading.
Six Flags — Shares dropped 18.7% after the theme park company sharply missed second-quarter earnings expectations. Six Flags reported earnings of 53 cents per share on revenue of $435 million. Analysts surveyed by Refinitiv forecast earnings of $1.01 per share on revenue of $519 million. The theme park operator attributed the miss to weak attendance, or a 22% drop in visitors.
Walt Disney – Disney shares jumped 4.68% after the company posted better-than-expected results for the quarter on the top and bottom lines, helped by strong attendance at its theme parks and better-than-expected streaming numbers. The company also revealed a new pricing structure for its streaming service that includes an ad-supported tier.
Pharma stocks –Shares of Pfizer, GSK and Sanofi slipped 3.32%, 6.71% and 3.94% respectively as investors watched ongoing litigation around Zantac, a recalled heartburn medication. The drug was pulled from shelves in 2020 after the Food and Drug Administration found an impurity in Sanfoli’s version that could cause cancer.
Ralph Lauren – Shares of Ralph Lauren climbed 3.77%, continuing a rally that began after the company reported earnings earlier in the week that beat Wall Street’s expectations on the top and bottom lines.
Bank stocks – Shares of Goldman Sachs, Wells Fargo and JPMorgan gained more than 1% Thursday, outperforming the broader market. The stocks may have been boosted by easing concerns about a recession after a second soft inflation report in a row.
Oil stocks – Oil and energy companies led the S&P 500 on Thursday, supported by a jump in crude futures. Devon Energy jumped 7.34%, notching the best performance in the index midday.
Vacasa —Shares of Vacasa jumped 33.22% after the vacation rental services company boosted its full-year outlook, citing a surge in demand. The company also posted a quarterly profit, surprising Wall Street.
Warby Parker – Shares of Warby Parker surged 19.18% after reporting earnings before the bell. The eyewear retailer, which cut its financial forecast for the year, posted a smaller-than-expected quarterly loss and sales in-line with analysts’ estimates. It also cut 63 jobs.
Bumble – Shares of the dating app dropped 8.61% after the company cut its annual revenue forecast. Bumble posted a negative impact of $9.4 million from foreign currency movements year over year. Meanwhile, its Badoo app and other revenue declined by double digits.
Cardinal Health – Shares of Cardinal Health jumped 5.18% after the company reported mixed quarterly earnings. The pharma company’s earnings beat Wall Street estimates, but revenue fell short. The company also announced its CEO Mike Kaufmann would step down Sept. 1 and be replaced by its CFO Jason Hollar.
Sonos –Shares of the maker of high-end speakers slid 24.95% after the company missed expectations on the top and bottom lines. Sonos also cut its full-year guidance amid the challenging economic backdrop and announced the upcoming departure of its current chief financial officer.
— CNBC’s Samantha Subin, Michelle Fox, Yun Li, Sarah Min and Tanaya Macheel contributed reporting
Source: Finance - cnbc.com
