Finance

Amazon workers sort packages for delivery in New York, July 12, 2022.
Michael M. Santiago | Getty Images News | Getty Images

Check out the companies making headlines in midday trading.
Amazon — The e-commerce giant surged 8.3% after delivering a massive profit beat and positive guidance. Amazon’s cloud and ad businesses also reported better-than-expected revenue for the quarter.

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3 hours ago

Apple — The big tech stock slipped 4.8%. Apple reported earnings per share for the fiscal third quarter of $1.26, 7 cents more than expected by analysts polled by Refinitiv. Revenue was also above Wall Street’s forecast but was down on a year-over-year basis.
Tupperware Brands — The stock popped 35.5% during midday trading after the container maker announced a finalized debt restructuring deal, which it expects will help reduce or reallocate about $150 million of cash interest and fees. Tupperware said Thursday that the deal would give the company immediate access to a revolving borrowing capacity of about $21 million.
Booking Holdings — Shares of the online travel company jumped 7.9% and hit a new 52-week high after it announced its quarterly results Thursday after hours. The company posted adjusted earnings of $37.62 per share on revenue of $5.46 billion in the second quarter. Analysts polled by Refinitiv estimated earnings of $28.90 per share on revenue of $5.17 billion.
Icahn Enterprises — Shares of Carl Icahn’s conglomerate dropped a whopping 23.2% after the firm slashed its quarterly dividend in half amid Hindenburg Research’s campaign. The short seller had taken issue with IEP’s high dividend yield, saying it’s “unsupported” by the company’s cash flow and investment performance.
Block — The fintech company’s shares plunged 13.6% despite a strong quarterly report. Square reported earnings of 39 cents per share, versus the 36 cents estimate per Refinitiv. Revenue of $5.53 billion also came in higher than the expectation of $5.10 billion. Block Chairman Jack Dorsey said the company is focused on reducing costs, including pulling back on the pace of hiring.

Nikola — Shares of the electric truck maker slid 26.4% after the company said Friday that its CEO will step down effective immediately due to a “family health matter.” Nikola also reported second-quarter results that fell short of Refinitiv consensus estimates, with its net loss coming to $217.8 million, or 31 cents per share, for the quarter. Late Thursday, the company had announced it won shareholder approval to issue new stock. The vote will allow Nikola to raise additional funds to support the launch of a fuel-cell-powered electric semitruck and the buildout of a hydrogen refueling network in the U.S. and Canada.
Fortinet — Shares of the cybersecurity stock plummeted 25.1% following a mixed second-quarter report and outlook. Fortinet posted 38 cents in adjusted earnings per share, while analysts polled by Refinitiv expected 34 cents per share. The company also reported $1.29 billion in revenue, slightly under the consensus forecast of $1.3 billion. Guidance for the current quarter was similarly mixed.
Opendoor Technologies — The real-estate tech stock tumbled 26.3% after telling investors to expect revenue to come in lower than analysts expect in the current quarter. Opendoor said to expect between $950 million and $1 billion, while analysts surveyed by FactSet estimated $1.36 billion.
DraftKings — The sports-betting stock climbed 5.8% on a strong quarterly report. DraftKings reported a loss of 17 cents per share, less than the 25 cents forecast by analysts surveyed by Refinitiv. Revenue came in at $875 million, better than the $764 million anticipated.
Airbnb — Shares shed 0.5% following the company’s second-quarter earnings announcement. Although Airbnb’s earnings and revenue came above analysts’ estimates, its nights and experiences bookings missed expectations.
Dropbox — The online collaboration platform added 5.9% after beating Wall Street expectations in the second quarter. Dropbox posted 51 cents in adjusted earnings per share, while analysts surveyed by Refinitiv anticipated 46 cents. Revenue came in at $623 million, beating the $614 million estimate.
Redfin — The real estate tech stock dropped 24.4% on soft third-quarter revenue guidance. The company forecast third-quarter revenue between $265 million and $279 million, lower than the $288 million expected by analysts polled by Refinitiv.
Corsair Gaming — Shares fell 9.8% even though the gaming company had a strong quarter and reaffirmed full-year guidance. Earnings per share came in line with the FactSet consensus estimate at 9 cents. Corsair beat expectations for revenue, posting $325.4 million while analysts forecast $322.8 million.
Coinbase — The crypto exchange slid 3.8% despite posting a strong second-quarter report. The company said it lost 42 cents per share and saw $708 million in revenue for the quarter, while analysts surveyed by Refinitiv expected 77 cents lost per share and revenue at $633 million.
Sprout Social — The digital media stock slid 12.3% Friday, a day after Sprout announced its acquisition of Tagger Media, a social intelligence and influencer marketing platform.
Intercontinental Exchange — The exchange company rose 1.7% after Citi upgraded the stock to buy from neutral. The firm said the company is showing signs of improvement.
Shake Shack — Shares added 5.6% in midday trading. The company reported adjusted earnings per share of 18 cents Thursday, topping the 10 cents expected from analysts polled by StreetAccount. However, revenue missed estimates. Raymond James upgraded the stock to outperform from market perform Friday, citing the second-quarter results.
Petrobras — The Brazilian oil stock retreated 3.5% following a downgrade to neutral from overweight by JPMorgan. The firm said many positives for the stock are already reflected in its price.
— CNBC’s Samantha Subin, Hakyung Kim, Pia Singh, Michelle Fox and Yun Li contributed reporting. More

Carl Icahn at the 6th annual CNBC Institutional Investor Delivering Alpha Conference on September 13, 2016.
Heidi Gutman | CNBC

Shares of Carl Icahn’s conglomerate Icahn Enterprises experienced a sharp sell-off Friday after the firm slashed its quarterly dividend in half amid notable short seller Hindenburg Research’s campaign.
IEP announced it issued a $1 per depositary unit distribution, which represents a 12% annualized yield. That’s compared with a $2 dividend in the previous quarter. The stock tanked a whopping 23.2% after the news.

Icahn’s company has been on a roller-coaster ride since the Nathan Anderson-led short seller took a public short position in May, alleging “inflated” asset valuations, among other reasons. Shares of IEP, a holding company that is involved in myriad businesses including energy, automotive and real estate, tumbled nearly 44% in the second quarter. The stock is down 50.5% year to date.

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Hindenburg took issue with IEP’s high dividend yield, saying it’s “unsupported” by the company’s cash flow and investment performance.
“The payment of future distributions will be determined by the board of directors quarterly, based upon current economic conditions and business performance and other factors,” 87-year-old investor Icahn said in a statement Friday. “We do not intend to let a misleading Hindenburg report interfere with this practice.”
Icahn Enterprises on Friday reported a net loss of $269 million for the second quarter, more than doubling the loss of $128 million from the same quarter a year ago. Icahn attributed the disappointing quarter to the short selling activity in his controlling companies and investments.
“I believe the second quarter partially reflected the impact of short-selling on companies we control or invest in, which I attribute to the misleading and self-serving Hindenburg report concerning our company. It also reflected the size of the hedge book relative to our activist strategy,” Icahn said.

In the aftermath of Hindenburg’s comments, federal investigators sought information regarding IEP’s corporate governance, capitalization, securities offerings, dividends, valuation, marketing materials, due diligence and other materials.
Icahn, the most well-known corporate raider in history, made his name after pulling off a hostile takeover of Trans World Airlines in the 1980s, stripping the company of its assets. Most recently, the billionaire investor has engaged in activist investing in McDonald’s and biotech firm Illumina. More

An employee of Tupperware Brands Corporation is at work on the production line at the group’s plant in Joue-les-Tours, centre France, on the day of its 40th anniversary. AFP PHOTO / JEAN-FRANCOIS MONIER (Photo credit should read JEAN-FRANCOIS MONIER/AFP/Getty Images)
Jean-Francois Monier | AFP | Getty Images

Check out the companies making headlines before the bell Friday.
Apple — Shares of the tech giant dropped nearly 2.4% in premarket trading. The company reported earnings per share for the fiscal third quarter came at $1.26, above the $1.19 expected by analysts polled by Refinitiv. Apple’s revenue, which came in higher than anticipated, was down about 1% on a year-over-year basis, showing a decline for the third consecutive quarter as the company reported a decline in sales of its hardware products.

Block — Shares of the payments tech company slid more than 5% in premarket trading even after the firm reported second-quarter earnings and revenue above expectations. The company formerly known as Square reported earnings of 39 cents per share, beating expectations by 3 cents, according to Refinitiv. Revenue of $5.53 billion also came in higher than the expectation of $5.10 billion.
Coinbase — Shares of the crypto exchange fell 1.5% in early morning trading Friday after the company posted a narrower-than-expected loss of 42 cents a share late Thursday. Analysts polled by Refinitiv estimated a loss of 77 cents per share. Revenue also surpassed expectations, coming in at $708 million, versus analysts’ forecast for $633 million.
Amazon — The e-commerce giant popped more than 9% following a strong second-quarter results and upbeat revenue guidance for the current period. Amazon reported earnings of 65 cents a share, ahead of the 35 cents expected by analysts, per Refinitiv. Revenue rose 11% during the period and came in at $134.4 billion, ahead of the expected $131.5 billion.
Booking Holdings — The stock soared by more than 12% after Bookings Holdings said it expects gross bookings to grow in the third quarter. The online travel company also reported second-quarter adjusted earnings of $37.62 per share on revenue of $5.46 billion, while analysts polled by Refinitiv called for earnings of $28.90 per share on revenue of $5.17 billion. 
Nikola — Shares of the electric truck maker rose 1.9% after the company said late Thursday that it won shareholder approval to issue new stock. The vote will allow Nikola to raise additional funds to support the launch of a fuel-cell-powered electric semi truck and buildout of a hydrogen refueling network in the U.S. and Canada.

Fortinet — Fortinet tumbled 18.8% after posting a mixed second-quarter report and outlook. The cybersecurity company posted 38 cents in adjusted earnings per share on $1.29 billion in revenue, while analysts polled by Refinitiv had expected 34 cents per share on $1.3 billion. Fortinet similarly issued mixed guidance for the current quarter, with forecast earnings in line with expectations and revenue coming in softer than the Street’s expectations.
Tupperware Brands — The stock popped 56% before the bell Friday on news that the container maker finalized a debt restructuring deal, which it expects will help reduce or reallocate about $150 million of cash interest and fees. The deal would also give Tupperware immediate access to a revolving borrowing capacity of about $21 million, the company said Thursday. 
Opendoor Technologies — Shares dropped 10.3% after Opendoor Technologies issued weak third-quarter revenue guidance. The online home selling company estimates third-quarter revenue of $950 million to $1.0 billion, lower than the $1.36 billion expected by analysts polled by StreetAccount.
DraftKings — Shares of the digital gambling company gained 12% after DraftKings flew past analysts’ estimates in the second quarter. The company reported a loss of 17 cents per share on revenue of $875 million, surpassing analysts’ calls for a loss of 25 cents a share and $764 million in revenue, per Refinitiv.
— CNBC’s Tanaya Macheel, Yun Li and Sarah Min contributed reporting. More

Sheldon Cooper | Lightrocket | Getty Images

Check out the companies making headlines in after-hours trading.
Amazon — The e-commerce giant popped more than 7% in extended trading after posting strong second-quarter results and issuing upbeat revenue guidance for the current period. Amazon reported earnings of 65 cents a share, ahead of the 35 cents expected by analysts, per Refinitiv. Revenue rose 11% during the period and came in at $134.4 billion, ahead of the expected $131.5 billion.

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Apple — The big technology stock slid 1% as traders parsed the company’s latest financial report. Earnings per share for the fiscal third quarter came in at $1.26, above the $1.19 expected by analysts polled by Refinitiv. Revenue also came in higher than anticipated but was down about 1% on a year-over-year basis.
Booking Holdings — Shares of the online travel company advanced 9% in extended trading. For its second quarter, Booking Holdings reported adjusted earnings of $37.62 per share on revenue of $5.46 billion. Analysts polled by Refinitiv called for earnings of $28.90 per share on revenue of $5.17 billion. 
Fortinet — Shares of the cybersecurity stock tumbled 17% following a mixed second-quarter report and outlook. Fortinet posted 38 cents in adjusted earnings per share on $1.29 billion in revenue. Analysts polled by Refinitiv had expected 34 cents per share on $1.3 billion. Guidance for the current quarter was similarly mixed, with forecast earnings in line with expectations and revenue softer than Wall Street anticipated.
DraftKings — Shares of the digital gambling company popped 10% after DraftKings surpassed analysts’ estimates in the second quarter. DraftKings posted a loss of 17 cents per share on revenue of $875 million. Analysts called for a loss of 25 cents a share and $764 million in revenue, per Refinitiv.
Airbnb — Shares slid 1% after the company reported its second-quarter earnings. Airbnb posted 98 cents in earnings per share on revenue of $2.48 billion. Analysts had forecast 78 cents in earnings per share on $2.42 billion in revenue, according to Refinitiv. However, the company’s nights and experiences bookings missed expectations.

Coinbase — The crypto trading platform jumped 1% after posting second-quarter results. Coinbase posted a narrower-than-expected loss of 42 cents a share, while analysts polled by Refinitiv estimated a loss of 77 cents per share. Revenue also surpassed expectations, coming in at $708 million, versus analysts’ forecast for $633 million.
Dropbox — The online collaboration platform advanced 3% on the back of strong second-quarter earnings. Dropbox reported 51 cents in adjusted earnings per share, while analysts surveyed by Refinitiv anticipated 46 cents. Revenue came in at $623 million, ahead of the $614 million forecast.
Redfin — Redfin dropped 10% after issuing weaker-than-expected third-quarter revenue guidance. The company forecast third-quarter revenue between $265 million and $279 million, lower than the $288 million expected by analysts polled by Refinitiv. Meanwhile, the real estate company posted second-quarter revenue of $276 million, which came in line with estimates. Redfin reported a narrower-than-expected loss of 25 cents per share, better than the expected loss of 32 cents per share.
Corsair Gaming — The gaming stock slid 1% despite posting strong earnings and reiterating its full-year outlook. For the second quarter, earnings per share came in line with the consensus estimate from FactSet of 9 cents. Revenue beat expectations at $325.4 million compared with a $322.8 million forecast.
Sprout Social — The digital media stock dropped 11% after the company announced its acquisition of Tagger Media, a social intelligence and influencer marketing platform.
Square — Shares of the payments tech company dipped more than 4% in after-hours trading even after the firm reported second-quarter earnings and revenue above expectations. Square reported earnings of 39 cents per share, versus analysts’ 36 cents estimate per Refinitiv. Revenue of $5.53 billion also came in higher than the expectation of $5.10 billion.
— CNBC’s Darla Mercado, Hakyung Kim, Sarah Min, Samantha Subin and Yun Li contributed reporting. More

Who really bought the house next door? In America purchasers of residential property typically fall into two categories. First are the owner-occupiers, buying a home and hearth where they can live out their white-picket-fence American dreams. The rest are investors of various kinds. They may be flippers, looking to spruce up an old home and sell it on. They could be buy-to-let landlords acquiring a property to rent it out. Or they could be pure speculators, more interested in betting on prices than collecting rent.Owner-occupiers have traditionally dominated the market. For most of the decade to 2020 only a sixth of house purchases were made by investors, according to Redfin, a property platform. But their presence is growing. By 2022 the investor share was closer to a fifth. And their numbers may be far greater than reported, according to a recent working paper from the Federal Reserve Bank of Philadelphia, written by Ronel Elul, Aaron Payne and Sebastian Tilson. The reason is occupancy fraud. When applying for a mortgage, some buyers say they will live in the home they intend to purchase. But then they never move in. These phoney owner-occupiers are investors in disguise. Why might an investor indulge in this kind of masquerade? Their motives are easy enough to understand. Homeowners who live in their houses often get much better deals on their mortgages. The perks can include gentler interest rates, lower fees and smaller downpayments. To sniff out fraudulent borrowers, the researchers looked at three kinds of data. In a database of mortgage loans, they identified borrowers who said they planned to be owner-occupiers. Then they looked at those who have more than one “first lien” mortgage, ie the primary loan taken out on a property. (Mortgages for second homes or investment properties are classified differently.) Finally, they used address data gathered by credit bureaus to look for those who did not move within a year of obtaining a new mortgage. The authors define fraudulent borrowers as those who trip all three measures: they say they will move to the new property, they take out a second owner-occupier mortgage and then they never move. Once these disguised investors are added back in, the pool of mortgage-backed investors is 50% larger than commonly measured. That, in turn, suggests that total investors’ share of home purchases could be 20% higher than previously thought. This finding raises three potential concerns. First, it implies that investors are more influential in the market than they appear. People are wont to blame rootless speculators for America’s rapid house-price rises. A common rebuttal is to point out that investors still represent a relatively small share of purchases. But that defence is weakened if many speculators are going uncounted. Second, the research raises questions about financial regulation. Mortgage fraud is associated with all kinds of housing-market ills. America’s great property bubble of the 2000s, for example, became notorious for its mortgage mendacity. Brokers turned a blind eye to underwriting standards that required borrowers to show sufficient income or a secure job. Regulators have cracked down on most of this. But occupancy fraud seems hard to stamp out. According to the calculations by Mr Elul and his colleagues, it persists at the same rate today as it did in the early 2000s.The third problem is that disguised investors are typically not the best kind of borrowers. They are 75% more likely to default on their mortgages than declared investors. And they are more likely to default than true owner-occupiers, too. This makes sense. Investors driven to commit fraud are probably in greater need of the perks their deception allows. Compared with self-declared investors, they may be stretching themselves thin to afford the property they buy. Their downpayments are also likely to be smaller, giving them less skin in the game. Compared with genuine owner-occupiers, the phoney kind are also probably quicker to indulge in “strategic default”, walking away from a property when its value falls below the debts secured against it (a predicament known as negative equity). Genuine owner-occupiers are often more sentimentally attached to their homes, staying put within their white fences even when their equity turns red.The housing and mortgage markets are certainly in better shape than they were two decades ago, when the seeds of calamity were being sown. But it is hard to weed out all the bad actors and, therefore, all sources of fragility. House prices are still grinding slowly upwards in America. But if a downturn ever arrives, it may rip the mask off many speculators next door. They do not live in the homes they have bet on. Can they live with the bets they have made? ■ More

Southwest Airlines planes sit idle on the tarmac after Southwest Airlines flights resumed following the lifting of a brief nationwide stoppage caused by an internal technical issue, according to the U.S. Federal Aviation Authority, at Chicago Midway International Airport in Chicago, April 18, 2023.
Jim Vondruska | Reuters

Check out the companies making headlines in midday trading.
Roku — The streaming platform’s stock shed nearly 2% after Citi downgraded shares to neutral from buy. The firm said that Roku shares, which have jumped about 120% year to date, may have limited further upside.

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Simon Property Group — Shares dropped close to 6% after Simon Property Group reported a decline in funds from operations compared with a year ago. During the second quarter, funds from operations came in at $2.88 per diluted share, compared with $2.91 per diluted share in the year-ago period.
Southwest Airlines — Shares slipped 2.5% after Jefferies downgraded the air carrier to underperform from hold. The firm cited difficulty competing against premium providers.
Etsy — Stock in the e-commerce company plummeted nearly 12% after reporting quarterly results. Etsy disappointed investors Wednesday with lower forward guidance despite a second-quarter earnings beat.
Qualcomm — The chipmaker tumbled 9%. Qualcomm posted adjusted revenue of $8.44 billion, falling short of analysts’ estimates of $8.5 billion, per Refinitiv. The company also gave soft guidance and noted weak smartphone chip sales.
DoorDash — Shares of the food delivery company jumped almost 4% a day after the firm boosted its annual core profit forecast. DoorDash also reported revenue of $2.13 billion in the second quarter, beating analysts’ estimate of $2.06 billion, per Refinitiv. The company did post a bigger-than-expected loss last quarter, however.

Traeger — Stock in the grill maker soared 45% after an earnings beat following the closing bell Wednesday. Traeger reported adjusted earnings of 4 cents per share on $171.5 million in revenue, while analysts polled by FactSet had forecast a per-share loss of 2 cents and $154.9 million in revenue.
Clorox — Clorox stock added to earlier gains with a 9.5% jump in midday trading. The company beat on earnings and revenue a day earlier, reporting an adjusted $1.67 per share and $2.02 billion in revenue against analysts’ estimates of $1.18 per share and $1.88 billion in revenue, per Refinitiv.
PayPal — Shares lost 11.3% during Thursday’s midday trading session after the payments company posted earnings that were in line with analysts’ predictions Wednesday post-market. PayPal reported adjusted earnings of $1.16 per share, which was also estimated by analysts polled by Refinitiv. The company’s revenue beat the Street’s expectations, posting $7.29 billion compared with analysts’ estimates of $7.27 billion.
Sunrun — The solar stock added 10% in midday trading after reporting earnings. On Wednesday, the company reported earnings of 25 cents a share for the second quarter, while analysts forecast a loss of 13 cents a share, per Refinitiv.
Shopify — The e-commerce company fell 5% despite an earnings beat. On Wednesday, Shopify reported an adjusted 14 cents per share on $1.69 billion in revenue, while analysts polled by Refinitiv forecast 5 cents and $1.62 billion.
EVgo — Shares surged 21% a day after the charging network operator reported a big earnings beat. EVgo posted an 8 cent loss per share, versus the 27 cent loss expected, according to Refinitiv. Revenue was $50.6 million, topping the $29.6 million expected
Expedia — Stock in the online trip planner fell 17% after reporting a revenue miss for the second quarter. Expedia posted $3.36 billion in revenue, falling short of the $3.37 billion analysts expected, according to Refinitiv. The company issued soft guidance for the third quarter.
Cummins — Shares fell more than 8% after Cummins missed on earnings in its latest quarterly report. The engine manufacturer reported earnings of $5.18 per share, excluding items, and $8.64 billion in revenue. Analysts polled by FactSet called for earnings of $5.25 per share and $8.39 billion of revenue.
— CNBC’s Alex Harring, Yun Li, Michelle Fox, Hakyung Kim, Sarah Min and Pia Singh contributed reporting. More

Empty bottles of Moderna Covid-19 vaccine.
Fred Tanneau | AFP | Getty Images

Check out the companies making headlines before the market open.
Qualcomm — The chipmaker slipped 8.5%. after it posted $1.87 in adjusted earnings per share on $8.44 billion in revenue for the second quarter, while analysts polled by Refinitiv respectively anticipated $1.81 and $8.5 billion. Qualcomm also gave soft guidance and noted weak smartphone chip sales. Deutsche Bank downgraded shares to hold from buy following the report, while JPMorgan and UBS maintained their respective overweight and neutral ratings.

Moderna — Shares added 1.6% after the biotech company released its second-quarter results. Despite posting a quarterly loss and drop in revenue, Moderna raised its full-year outlook for its Covid vaccine, its only marketable product. 
Southwest Airlines — Shares of Southwest slid more than 3% after Jefferies downgraded the airline stock to underperform from hold. Jefferies said that low-cost airlines appear to be struggling relative to premium peers, citing a key revenue margin for Southwest that shrunk during the second quarter.
Albemarle —The energy stock added 5.4% following a mixed second-quarter report. Albemarle notably beat Wall Street expectations for earnings, reporting $7.33 per share excluding items against a consensus estimate of $4.44 compiled by Refinitiv. But revenue fell short at $2.37 billion on a $2.43 billion forecast. 
PayPal — Shares declined more than 8% after the company posted earnings that were in line with analysts’ predictions Wednesday post market. The payments company reported adjusted earnings of $1.16 per share, the same estimated by analysts polled by Refinitiv. Revenue came in higher than anticipated, with PayPal posting $7.29 billion, versus analysts’ estimates of $7.27 billion.
DoorDash — Shares jumped 3.5% after the company’s second-quarter results came above analyst estimates. The company reported its best-ever quarter for revenue and total orders. Management also cited improvements in expense management. 

Roku — The streaming platform’s stock shed 2% following a downgrade from Citi to neutral from buy. Citi said it would be moving to the sidelines, citing limited upside for shares. 
Clorox — The household good manufacturer’s shares jumped nearly 7% after posting an earnings and revenue beat in the second quarter. Clorox reported $1.67 earnings per share on $2.02 billion in revenue. Analysts had estimated $1.18 earnings per share on revenue of $1.88 billion, according to Refinitiv. The company also offered a strong full-year outlook. 
Etsy — Shares tumbled 9% after the company released its quarterly earnings Wednesday after the bell. Although its earnings and revenue topped analyst expectations, the company’s guidance for the third quarter was lighter than expected.
Qorvo — The stock rallied 6.8% after the company beat analyst expectations on top and bottom lines in the second quarter. Management said it expects September quarterly revenue to increase sequentially by more than 50%, “driven primarily by content gains” from Apple. 
Traeger — Shares jumped more than 24% following Traeger’s second-quarter earnings announcement Wednesday post-market. The company posted 4 cents earnings per share on $171.5 million in revenue. Analysts polled by FactSet had estimated a loss of 2 cents per share and $154.9 million in revenue. The company also raised its full-year revenue and earnings guidance. 
Unity Software — The software company surged about 5% after Unity exceeded analysts’ estimates for revenue in the second quarter. The company posted $533 million in revenue, while analysts polled by Refinitiv estimated $518 million.
DXC Technology — DXC Technology tumbled 24% after reporting earnings and revenue that missed estimates. The information technology firm reported adjusted earnings of 63 cents per share on revenue of $3.45 billion. Analysts polled by FactSet expected earnings of 82 cents per share on revenue of $3.56 billion. Separately, BMO Capital Markets downgraded the company to market perform from outperform following the results.
— CNBC’s Alex Harring, Sarah Min and Jesse Pound contributed reporting More

“Berkshire bought $10 billion in U.S. Treasurys last Monday. We bought $10 billion in Treasurys this Monday. And the only question for next Monday is whether we will buy $10 billion in 3-month or 6-month” T-bills, Buffett told CNBC’s Becky Quick.
“There are some things people shouldn’t worry about,” he said. “This is one.”

Warren Buffett tours the floor ahead of the Berkshire Hathaway Annual Shareholder’s Meeting in Omaha, NE.
David A. Grogan | CNBC

Warren Buffett shrugged off Fitch’s U.S. credit rating downgrade, noting it doesn’t change what his conglomerate, Berkshire Hathaway, is doing at the moment.
“Berkshire bought $10 billion in U.S. Treasurys last Monday. We bought $10 billion in Treasurys this Monday. And the only question for next Monday is whether we will buy $10 billion in 3-month or 6-month”  T-bills, Buffett told CNBC’s Becky Quick on Thursday.

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“There are some things people shouldn’t worry about,” he said. “This is one.”
On Tuesday, Fitch lowered its long-term foreign currency issuer default rating for the U.S. to AA+ from AAA. The ratings firm cited “expected fiscal deterioration over the next three years,” growing debt and an erosion of governance.
The downgrade sparked a sell-off in U.S. stocks. The S&P 500 fell 1.4% on Wednesday.
Buffett noted these concerns are valid, and the Oracle of Omaha said he doesn’t agree with everything the federal government is doing. That said, it’s not enough to change his views on U.S. Treasurys and the dollar.
“The dollar is the reserve currency of the world, and everybody knows it,” Buffett said. More