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Check out the companies making headlines in midday trading.
Snap – Snap shares plummeted by more than 24% after it reported its quarterly results, which included a revenue miss as well as an earnings beat. The social media company said its advertising business declined due to Apple’s privacy changes.

Facebook, Twitter – Social media and digital advertising stocks dipped following Snap’s insights into the impact of Apple’s privacy changes. Facebook shares pulled back 5.6% and Twitter shares fell 4.2%.
Intel – Shares of Intel retreated more than 11% following a weaker-than-expected sales report. The semiconductor company blamed an industry-wide chip shortage for its revenue miss and warned that its gross margin and free cash flow would decline in the next two to three years.
Moderna — Shares of biotechnology company fell 4.8% after Deutsche Bank initiated coverage of Moderna with a sell rating. The firm said potential innovation is already priced into Moderna’s stock. “We concur there is potential to disrupt dynamics in the broader viral infectious disease arena (e.g. flu) but, all that looks more than generously reflected in a valuation that looks detached from a problematic assessment of reality,” Deutsche said.
Digital World Acquisition Corp. — Shares of the SPAC that is taking former President Donald Trump’s planned social media platform public, soared again in roller-coaster trading. The blank-check firm, which trades under the ticker DWAC on the Nasdaq, skyrocketed 216% at one point and last traded up about 150%. The stock surged more than 350% Thursday in explosive trading volume and volatility.
Honeywell — Shares of Honeywell ticked 2.4% lower after the company cut its full-year revenue guidance. The company also reported quarterly revenue below analysts’ expectations for the third quarter. Earnings, however, topped forecasts.

American Express — American Express shares rose 4.8% after the company topped earnings expectations. The company reported earnings of $2.27 per share on revenue of $10.93 billion. Analysts surveyed by Refinitiv expected profit of $1.80 per share on revenue of $10.52 billion.
Urban Outfitters — Shares of Urban Outfitters added 2.3% after Citi upgraded the apparel retailer to a buy rating from neutral. “We can’t ignore the more favorable risk/reward with shares -25% since URBN’s 2Q (reported in August),” Citi said.
VF Corp. — Shares of the apparel company dropped 2.1% in midday trading after missing on the top and bottom lines of its quarterly results. VF Corp. reported earnings of $1.11 per share on revenue of $3.2 billion. Wall Street expected earnings of $1.15 per share on revenue of $3.5 billion, according to Refinitiv.
Seagate — Seagate shares gained 5.2% after the data storage company topped earnings estimates. The company reported earnings of $2.35 per share, 13 cents higher than expected, according to Refinitiv. Seagate also beat revenue estimates and issued strong revenue and earnings-per-share guidance for its current quarter.
Chipotle Mexican Grill — Chipotle shares fell 2.6% despite an earnings beat. The fast-casual chain crushed analyst expectations, posting adjusted earnings of $7.02 per share versus $6.32 per share expected, according to Refinitiv. Higher menu prices helped the company offset higher input costs.
Boston Beer — Shares of Boston Beer gained 2.7% after the brewery’s third-quarter sales report. Boston Beer posted revenue of $561.6 million, beating the consensus analyst estimate of $531.5 billion, according to StreetAccount.
Whirlpool — Whirlpool shares ticked up 2.5% after the home appliance maker beat Wall Street expectations for per-share earnings. The company reported earnings of $6.68 per share, 56 cents higher than the Refinitiv consensus estimate.
Mattel — Shares of Mattel gained 1.7% after the toymaker’s quarter earnings report topped analysts’ expectations. Mattel posted earnings of 84 cents per share on revenue of $1.76 billion, while analysts surveyed by Refinitiv expected earnings of 72 cents per share on revenue of $1.69 billion.
— CNBC’s Tanaya Macheel, Maggie Fitzgerald and Yun Li contributed reporting

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Federal Reserve Chairman Jerome Powell speaks Friday to the Virtual Bank for International Settlements’ South African Reserve Bank Centenary Conference. The format is a question-and-answer session with the central bank chief.

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Digital World Acquisition Corp., the SPAC that is taking former President Trump’s planned social media platform public, soared Friday following a massive rally in the previous session.
The SPAC, which trades under the ticker DWAC on the Nasdaq, jumped more than 100% in premarket trading on Friday.
The ticker was among the most popular mentions on Reddit’s WallStreetBets, which indicated that DWAC could be having a meme stock moment like GameStop and AMC.

The social media app will be developed by Trump Media and Technology Group (TMTG).
Rafael Henrique | LightRocket | Getty Images

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SPAC stands for special purpose acquisition company, which raises money on the public markets with a goal of merging with a private company and taking it public within two years. Investors typically have no clue what the target company will be when the SPAC debuts and trades on the stock exchange.
Signs emerged that small-time retail investors could be behind the monstrous rally in the SPAC. On Thursday, DWAC the single most actively traded stock on Fidelity’s brokerage platform. Meanwhile, the ticker was among the most popular mentions on Reddit’s WallStreetBets. The SPAC was also a trending topic on Twitter, which indicated that DWAC could be having a meme stock moment like GameStop and AMC.
One top post on the WallStreetBets message board Friday morning featured what appeared to be the user’s equity portfolio, touting daily gains of over $10,000 from betting on the SPAC. The post, which called the former president “Daddy Trump,” quickly drew more than 800 comments.
The new company, the yet-to-be-launched Trump Media & Technology Group, said its “mission is to create a rival to the liberal media consortium and fight back against the ‘Big Tech’ companies of Silicon Valley, which have used their unilateral power to silence opposing voices in America.”
The move came after Trump got banned by social media giants Twitter and Facebook since early this year after he was accused of inciting the Jan. 6 Capitol riot by a mob of his supporters. The violence interrupted the confirmation of Trump’s Electoral College loss to President Joe Biden.

Warrants in the SPAC, which trade under the ticker DWACW, also experienced outsized trading volume on Thursday. Warrants are a deal sweetener that offers early investors more compensation for their cash. They are contracts that give the holder the right to purchase additional shares in the future at a certain price.
— CNBC’s Dan Mangan contributed reporting.

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Check out the companies making headlines before the bell:
Snap – Shares of the Snapchat parent plunged 19.5% in the premarket after the company warned of slowing growth due to the recent changes in Apple’s iOS privacy rules. Those rules make it more difficult to gather information from users and target ads. Snap did beat estimates by 9 cents with an adjusted quarterly profit of 17 cents per share, but its revenue was slightly short of Wall Street forecasts.

Intel – Intel tumbled 10% in premarket trading after the chip maker predicted lower profit margins over the next few years due to ongoing investments in new technology. Intel reported adjusted quarterly earnings of $1.71 per share, beating the consensus estimate of $1.11, but its sales were short of analyst projections.
Boston Beer – The brewer of Sam Adams beer reported an unexpected quarterly loss, due to a decline in sales of its Truly hard seltzer brand despite efforts to grow in that category. Boston Beer stock fell 3.3% in premarket action.
Whirlpool – The appliance maker’s stock fell 3.4% in the premarket, following a warning of “elevated” supply constraints. Whirlpool reported adjusted quarterly earnings of $6.68 per share, beating the $6.12 consensus estimate, but sales fell short of forecasts.
Digital World Acquisition – The SPAC that is merging with Trump Media & Technology Group is soaring another 59.8% in the premarket after more than quadrupling in Thursday’s trading. The company formed by former President Trump plans a beta rollout of its social network next month.
Mattel – Mattel surged 7.5% in premarket trading after the toy maker said supply chain disruptions would not prevent it from having a strong holiday season. Mattel also beat estimates on the top and bottom lines, reporting an adjusted quarterly profit of 84 cents per share compared to a 74 cent consensus estimate.

Honeywell – The industrial conglomerate beat estimates by 3 cents with adjusted quarterly earnings of $2.02 per share, although revenue was slightly short of forecasts. Honeywell said it is seeing strong growth across all its segments, but is still facing tough supply chain challenges.
American Express – The financial services giant earned $2.27 per share for the third quarter, beating the $1.80 consensus estimate, with revenue also topping Wall Street forecasts. Results were driven in part by record card member spending. American Express rose 1.4% in the premarket.
Urban Outfitters – The apparel retailer’s stock added 2.7% in the premarket after Citi upgraded it to “buy” from “neutral,” citing a more favorable risk-reward profile following a 25% slump in the stock since Urban Outfitters last reported quarterly earnings in August.
Zoom Video Communications – J.P. Morgan Securities upgraded the stock to “overweight” from “neutral,” saying the stock already reflects a post-pandemic slowdown in remote video communication. The firm said growth will bottom this quarter and then accelerate due to increasing adoption by businesses. Zoom gained 2.9% in premarket trading.
VF Corp. – The maker of The North Face and other apparel brands tumbled 8.1% in the premarket, after it missed both top and bottom line estimates for its latest quarter. VF said it is seeing accelerated demand but that its recovery has been impacted by further pandemic-related disruptions.

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The European session of Sustainable Future Forum on Friday focused on technology and innovation.
The fourth industrial revolution is also going to be a green revolution. Technological advancement and innovation is promising to make our industries, lives and future more sustainable.  

CNBC meets those at the forefront of research and digital development to explore how the technology works and what environmental benefits it can bring to us all.
The lineup for Friday’s sessions are below, and click here for the full schedule of the week.

Fireside: Tackling greenwashing with blockchain6:30 p.m. SGT/HK | 11:30 a.m. BST
Kim Raath, CEO of Topl.
ESG commitments “mean nothing without proof” believes Kim Raath, CEO and founder of Houston-based start-up Topl. In a bid to increase accuracy and transparency to ESG reporting, Topl introduced blockchain to the process, using the technology to standardize and automate reporting, as well as track performance and progress. As companies face mounting pressure to report accurate ESG data, Raath joins us to discuss how Topl’s blockchain technology is increasing trust, who can access it and what kind of impact it will have.
Add to calendar

Fireside: Driving the electric vehicle revolution6:45 p.m. SGT/HK | 11:45 a.m. BST
Nico Rosberg, sustainability entrepreneur and former F1 world champion.
We’ll hear from F1 legend and sustainability entrepreneur, Nico Rosberg, on how the Extreme E all-electric racing championship is changing the perception of electric cars; what the future holds for e-mobility and whether his green investments are offering good returns.
Add to calendar

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Financial bubbles will form as investors scramble to make deals in the sustainability space, according to Tim Adams, the president and CEO of the Institute of International Finance.
Speaking during a panel at CNBC’s Sustainable Future Forum on Thursday, Adams said it was inevitable that the current drive toward ESG (environmental, social and governance) would create assets that exceeded their fundamental value.

“There’s always bubbles, it’s a lesson of history. Anyone who thinks we won’t have it is naïve,” he said.
“In times of great technological or economic transformation there’s disruption, there’s bubbles, we see it in the crypto markets now. We saw in the internet throughout the 1990s that all popped in March of 2000. And the weak firms were washed out and new firms rose like a phoenix. Yes, there’s going to be bubbles — there’s too much money chasing too few deals.”
Having appropriate policies and a resilient financial system in place when the bubble pops, Adams added, would allow investment into promising firms in the space to continue.
“We are going to intermediate across the spectrum in terms of continuing to channel capital into these new technologies,” he said. “Some will prove not to be viable and some will prove to be wildly viable — firms we haven’t even heard of yet will be the next Amazon or Tesla.”

The global green technology and sustainability market, valued at $9.57 billion last year, is expected to be worth $41.6 billion by 2028, according to a July report from the market research firm Fortune Business Insights. Meanwhile, a report published in April by consultancy Roland Berger estimated that global revenues in environmental technology and resource efficiency are set to reach 9.4 trillion euros by 2030.

Fiona Frick, CEO of asset manager Unigestion, told the same panel that investors looking to capitalize on a green revolution should not be looking at the biggest names in the space today.
“It is not [about] investing in the 10 or 20 companies that are the leaders in renewable energy today, but enlarging the scope of your investment to companies which are perhaps not trading at a premium today because the market hasn’t yet realized that they are on a journey, and that will be seen perhaps in three to four years,” she said.
“The beauty of the climate revolution is [it will be a] disruption that will have an influence on every sector, but on every sector differently,” Frick added.
“So on automotive, it will be the emergence of electric cars, on energy it will be a change of how they produce energy, on [construction] it will be how they produce a new kind of cement. For each sector there is a way to do their business more sustainably, so there is a lot of possibility to play that theme. That shouldn’t be concentrated around 20 names.” More

CNBC’s Sustainable Future Forum Asia on Friday focuses on technology and innovation.
The fourth industrial revolution is also going to be a green revolution. Technological advancement and innovation is promising to make our industries, lives and future more sustainable.  

CNBC meets those at the forefront of research and digital development to explore how the technology works and what environmental benefits it can bring to us all.
The lineup for Friday’s sessions are below, and click here for the full schedule of the week.

Panel: Harnessing technology for a greener future2 p.m. SGT/HK | 7 a.m. BST
Jean-Pascal Tricoire, CEO of Schneider Electric, and Anish Shah, CEO and managing director of Mahindra Group.
From AI to big data to electric vehicles, digitization and technology are playing a key role in our quest for a carbon-free future. Joining us to discuss how technological solutions can help businesses and governments deliver on their sustainability goals are Schneider Electric CEO Jean-Pascal Tricoire and Anish Shah, CEO and managing director of the Mahindra Group.
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Fireside: Smart technologies for sustainable cities2:20 p.m. SGT/HK | 7:20 a.m. BST
Shaoqian Jia, CEO of Hisense Group.
From creating smart, sustainable cities to producing more efficient products, consumer electronics giant Hisense is playing it’s part in China’s pledge to be carbon neutral by 2060. We’ll hear from CEO Shaoqian Jia on how the company is using cutting-edge technology to reduce carbon emissions.
Add to calendar

Fireside: Tackling greenwashing with blockchain6:30 p.m. SGT/HK | 11:30 a.m. BST
Kim Raath, CEO of Topl.
ESG commitments “mean nothing without proof” believes Kim Raath, CEO and founder of Houston-based start-up Topl. In a bid to increase accuracy and transparency to ESG reporting, Topl introduced blockchain to the process, using the technology to standardize and automate reporting, as well as track performance and progress. As companies face mounting pressure to report accurate ESG data, Raath joins us to discuss how Topl’s blockchain technology is increasing trust, who can access it and what kind of impact it will have.
Add to calendar

Fireside: Driving the electric vehicle revolution6:45 p.m. SGT/HK | 11:45 a.m. BST
Nico Rosberg, sustainability entrepreneur and former F1 world champion.
We’ll hear from F1 legend and sustainability entrepreneur, Nico Rosberg, on how the Extreme E all-electric racing championship is changing the perception of electric cars; what the future holds for e-mobility and whether his green investments are offering good returns.
Add to calendar

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Analysts say any easing by the People’s Bank of China may not come in overt moves, especially as the U.S. tightens monetary policy.
Instead, China will likely seek targeted measures.
The PBOC needs to support a slowing economy, while keeping inflation in check.

People walk past the headquarters of the People’s Bank of China (PBOC), the central bank, in Beijing, China September 28, 2018. 
Jason Lee | Reuters

BEIJING — China’s central bank is poised to move carefully toward easing monetary policy, even as the U.S. is on its way to tightening policy.
In moving in the opposite direction, the People’s Bank of China will need to strike a delicate balance, as policymakers keep a firm eye on inflation and the rising cost of U.S. dollar-denominated debt.

Analysts say that easing monetary policy may not come in overt moves like cutting the amount of cash that banks must hold as reserves, or the RRR — one of many policy tools that the central bank holds. Instead, China will likely seek targeted moves.
Here’s why.
For one, divergence with the U.S. could have many consequences for the market.
Jefferies’ analysts pointed out in a note Monday that many Chinese companies, especially property developers, have raised large amounts of U.S. dollar-denominated debt. That’s going to become more difficult to repay when the U.S. dollar climbs or U.S. yields start to rise on the back of the Federal Reserve’s planned reduction in asset purchases.
The Fed released meeting minutes last week that showed the U.S. central bank is on its way to tightening, potentially as soon as next month. The move comes as U.S. policymakers worry about whether inflation will persist.

China faces the same challenge. The producer price index, a measure of production costs for factories, rose by a record 10.7% in September from a year ago.
“Persistent inflationary pressure limits the potential scope of monetary policy easing,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management.
But it’s become clearer than ever to many economists that China will need to ease.

[China’s] growth slowdown has hit levels policymakers can no longer ignore and we expect to see incremental loosening across three pillars – monetary, fiscal and regulatory.

BlackRock Investment Institute

Third-quarter GDP data released Monday showed China’s economy slowed more than expected. A power shortage has restricted factory production. Tighter regulation on debt in the real estate industry has cut into a sector that’s contributed to a quarter of China’s GDP.
“The growth slowdown has hit levels policymakers can no longer ignore and we expect to see incremental loosening across three pillars – monetary, fiscal and regulatory,” BlackRock Investment Institute analysts said in a note Monday.
Earlier this year, Beijing was more focused on addressing social issues, such as high child-raising costs in a country with a rapidly aging population. A regulatory crackdown over the summer included an abrupt order that after-school tutoring companies must drastically cut their operating hours.

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Sun Guofeng, head of the monetary policy department at the People’s Bank of China, emphasized to reporters last Friday how the central bank’s monetary policy remained “prudent.” He said producer prices would likely remain high, but moderate by the end of the year.
Sun also said the central bank was aware of the Fed’s statement. He did not discuss whether U.S. actions would affect China’s, and repeatedly said China had many monetary policy tools.

Targeted monetary policy adjustments

Analysts have long pointed out that China’s unique economic structure relies more on an array of monetary policy levers, rather than a single interest rate.
“Monetary policy will be loosened appropriately,” Zong Liang, chief researcher at the Bank of China said Tuesday in Mandarin, according to a CNBC translation.
While keeping overall monetary policy at a “normal” level, he said the central bank could ease policy for specific sectors. For example, the PBOC could help businesses struggling to bear the high cost of raw materials. Zong also expects support for stable economic growth will include a boost to infrastructure.

He said China wants to avoid a situation in which policy support causes a rise in costs for ordinary consumers as well as for businesses.
While producer prices surged 10.7% in September compared to a year ago, the consumer price index remained muted and climbed just 0.7% year-on-year.
When it comes to monetary policy changes, many economists have lowered their expectations for China to cut the reserve requirement ratio (RRR) by the end of this year.
“We think the weak Q3 data will prompt Beijing to further dial back growth-restraining policies,” said Aidan Yao, senior emerging Asia economist, AXA Investment Managers.

Seeing a broader and long-lasting slowdown of the real estate sector is probably [the] largest downside risk that we need to monitor.

Francoise Huang
senior economist, Euler Hermes

He said the likelihood of a broad-based RRR cut has declined following the latest PBOC comments, but “a targeted move is still possible if growth falters further.”
On the fiscal side, Yao expects local governments to deploy about 1.3 trillion yuan ($203.3 billion) in cash from special bond sales in the next two months, which should “provide strong support” for investment in infrastructure.

Letting the property market shake out

However, Yao noted that Beijing’s tight control over traditional channels of implementing monetary policy – including the housing market – will limit the overall stimulus effect of policy easing.
The greater drag on China’s growth still lies in the property sector. Beijing has increased its efforts in the last year to curb the industry’s reliance on debt for growth, sending property investment and new home sales falling in September.
“Seeing a broader and long-lasting slowdown of the real estate sector is probably [the] largest downside risk that we need to monitor,” said Francoise Huang, senior economist at Euler Hermes, a subsidiary of financial services firm Allianz.

She said policymakers are trying to “phase out the most indebted, or illiquid, or insolvent companies, in the meantime limiting contagion to other sectors.”
Huang doesn’t expect Beijing to allow the economy to slow down so drastically that China can barely meet its GDP target of 6% growth this year. Most economists expect growth of around 8% this year.
But with policymakers’ focus this year on addressing longer-term problems in the economy, Beijing may not be as inclined to stimulate growth as much as before, she said. “Their tolerance for slowdown and their tolerance for risk may be higher than in the past.”

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