Check out the companies that are making the headlines in midday trading.
Snap – Snap shares rose 23.9% after better-than-expected earnings results in the second quarter. The social media company reported strong growth in users, engagement, and ads.
Twitter – Twitter stocks rose roughly 3% after reporting the fastest revenue growth since 2014. The social media platform reported earnings of 20 cents per share, beating analysts’ estimates of 7 cents per share, according to Refinitiv.
Intel – The chipmaker’s shares fell 5.3% after the company released cautious margin forecasts during the current quarter. Intel forecast a non-GAAP gross margin of 55% for the third quarter, a significant decrease from 59.2% in the second quarter. Intel said the reduced margin was due to supply bottlenecks as well as costs related to building chips with a new process technology.
American Express – The payment giant’s stocks rose 1.3% after hitting the upper and lower bounds of quarterly results. American Express reported earnings of $ 2.80 per share on sales of $ 10.24 billion. Wall Street expected earnings of $ 1.66 per share on sales of $ 9.58 billion, according to Refinitiv.
Honeywell – The industrial conglomerate’s stocks were down 1.5%, despite the company beating estimates in the second quarter. Honeywell earned $ 2.02 per share, which Refinitiv estimates was above its expected $ 1.94. At $ 8.81 billion, sales were also above the expected $ 8.64 billion. Honeywell has also raised its forecast for the year.
Boston Beer – Boston Beer slipped 26% after the company lowered its outlook for 2021 on expected weak sales of its hard seltzer brands. The company earned $ 4.75 per share for the quarter, which Refinitiv estimates was below its expected $ 6.69 per share. Sales also fell short of expectations. Goldman Sachs downgraded the company from Buy to Neutral.
Skechers – Skechers shares rose 5.9% after the footwear company reported sales of $ 1.66 billion in the last quarter, beating analysts’ forecasts of $ 1.5 billion. Skechers also issued strong earnings and sales forecasts for the third quarter and full year.
Veoneer – Veoneer shares rose 56.4% after the Swedish automotive tech company announced it would buy it from Canadian auto parts maker Magna International for about $ 3.8 billion. The transaction will support Magna in its efforts to improve its driver assistance technology business.
TAL Education, New Oriental Education and Technology – US-listed Chinese education stocks fell after reports of government crackdown on the sector that included a ban on foreign investment. TAL Education stocks fell 70.8% while New Oriental Education and Technology stocks fell 54%. Educational institutions are banned from raising money through listings while foreign capital cannot invest, according to a copy of the Chinese-language document reviewed and translated by CNBC.
– CNBC’s Tanaya Macheel, Yun Li, Pippa Stevens and Maggie Fitzgerald contributed to the coverage
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