Traders await the Wayfair IPO on the ground of the New York Stock Exchange October 2, 2014.
Lucas Jackson | Reuters
Check out the firms making headlines in noon buying and selling.
Wayfair — The e-commerce identify superior more than 4% after the firm reported quarterly numbers that beat analyst expectations on each the prime and backside strains. Wayfair earned $2.30 per share on an adjusted foundation, which was almost triple the 80 cents analysts surveyed by Refinitiv anticipated. Revenue got here in at $3.84 billion, which was additionally forward of expectations.
SolarEdge Technologies — Shares of the solar-equipment maker slid more than 23% after the firm missed income expectations throughout the third quarter and issued weak steering for the fourth quarter. Research companies Northland Capital Markets and Oppenheimer downgraded the inventory following the report, whereas a number of analysts, together with Cowen, diminished their worth targets. The agency did say, nonetheless, that the firm’s points are “transitional and not structural” and that the downward transfer is an “opportunity to buy on weakness.”
Humana — The medical insurance inventory rose 4.1% after third-quarter outcomes beat Wall Street estimates on the prime and backside strains. The firm reported $3.08 in adjusted earnings per share and $18.82 billion in income. Analysts surveyed by FactSet projected $2.81 per share and $18.62 billion in income. The firm mentioned the utilization of care, which fell sharply early in the 12 months attributable to the pandemic, was rebounding however nonetheless under historic ranges by the finish of the quarter.
Ferrari — Shares popped more than 7% after the luxurious automobile firm reported better-than-expected earnings for the earlier quarter. Ferrari posted earnings per share of 92 euro cents, topping a FactSet estimate of 82 euro cents. The firm additionally mentioned it expects full-year earnings to return in at the prime of forecast vary.
PayPal – Shares dipped about 1% after the funds firm gave earnings steering that dissatisfied Wall Street. PayPal mentioned it expects fourth-quarter earnings development to vary between 17% and 18%. Analysts polled by FactSet had forecast earnings development of 23.9% for the quarter. However, the firm beat on the prime and backside strains for its third-quarter outcomes.
McKesson Corp. — Shares of the medical provides and pharmaceutical firm jumped more than 6% after McKesson reported a stronger-than-expected fiscal second quarter. The firm reported $4.80 in adjusted earnings per share and $60.81 billion in income. Wall Street analysts anticipated $3.87 in earnings per share and $59.45 billion in income. McKesson’s U.S. pharmaceutical income grew 5% 12 months over 12 months.
Skyworks Solutions — The semiconductor firm dropped almost 2% regardless of reporting better-than-expected quarterly outcomes. Skyworks earned $1.85 per share on income of $957 million. Wall Street forecast earnings of $1.52 per share on income of $842 million, in response to Refinitiv. Skyworks additionally gave sturdy first quarter and income steering.
Cirrus Logic — Shares of the semiconductor provider rallied more than 7% after beating on the prime and backside strains of its earnings outcomes. Cirrus reported earnings of $1.26 per share, whereas Wall Street had forecast earnings of 90 cents per share, in response to Refinitiv. Revenue got here in at $347 million, topping expectations of $311 million. Cirrus additionally gave sturdy subsequent quarter income steering.
Monster Beverage — Shares of the drink maker ticked 2.8% increased after Morgan Stanley upgraded Monster Beverage to chubby from equal weight. The Wall Street agency mentioned it sees “upside” potential and “strong” worldwide topline momentum.
Constellation Brands —Shares of the beer, wine, and spirits maker jumped almost 5% after Morgan Stanley upgraded Constellation Brands to chubby from equal weight.. The agency mentioned the firm has a “compelling valuation” and that markets issues had been “overdone.”
AMC Entertainment – Shares surged more than 13% even after the movie show chain reported wider-than-expected quarterly earnings and a 90% income drop. AMC posted a lack of $5.70 per share in the earlier quarter, vs. lack of $4.85 anticipated by analysts, in response to FactSet. Its income got here in at about $120 million in the third quarter, a drastic decline from a 12 months in the past however higher than Wall Street expectations of simply $84 million. The inventory fell almost 9% on Monday after AMC detailed plans to promote as much as 20 million class A shares to safe almost $50 million in new capital.
— with reporting from PIppa Stevens, Yun Li, Jesse Pound and Yun Li.