Find out which companies are making the midday headlines.
Snap – Shares of Snap climbed around 24% after better-than-expected results in the second quarter. The social media company reported strong growth in users, engagement, and ads.
Twitter – Twitter shares gained 3.4% after posting its fastest revenue growth since 2014. The social media platform reported earnings of 20 cents per share, beating analysts’ estimates of 7 cents per share. action, according to Refinitiv.
Intel – Shares of the chipmaker fell 6.4% after the company issued cautious margin advice in the current quarter. Intel moved towards non-GAAP gross margins of 55% in the third quarter, down significantly from 59.2% in the second quarter. Intel said the lower margin was due to supply constraints as well as the costs of building chips with new process technology.
American Express – Shares of the payments giant rose about 2% after beating the high and low in its quarterly results. American Express reported earnings of $ 2.80 per share on revenue of $ 10.24 billion. Wall Street expected earnings of $ 1.66 per share on revenue of $ 9.58 billion, according to Refinitiv.
Honeywell – Shares of the industrial conglomerate fell about 2.5% despite the company beating estimates in the second quarter. Honeywell earned $ 2.02 per share excluding items, which was higher than the expected $ 1.94, according to Refinitiv estimates. Revenue rose to $ 8.81 billion, also ahead of the expected $ 8.64 billion. Honeywell has also raised its forecast for the entire year.
Boston Beer – Boston Beer fell about 24% after the company slashed its outlook for 2021 due to low sales expectations in its hard seltzer brands. The company earned $ 4.75 per share in the quarter, which was lower than the expected $ 6.69 per share, according to Refinitiv estimates. Income also fell short of expectations. Goldman Sachs downgraded the company to buy neutral.
Skechers – Skechers shares gained more than 7% after the shoe company reported sales of $ 1.66 billion for the most recent quarter, beating analysts’ forecasts by 1.5 billion. dollars. Skechers also released strong earnings and revenue guidance for the third quarter and full year.
Veoneer – Veoneer stock has climbed more than 56% after the Swedish auto technology company said it would be bought by Canadian auto parts maker Magna International for around $ 3.8 billion. The deal will help Magna in its efforts to improve its driver assistance technology business.
TAL Education, New Oriental Education and Technology – China’s U.S.-listed education stocks plunged after reports of government crackdowns on the sector, which included bans on foreign investment. Shares of TAL Education fell more than 66%, while shares of New Oriental Education and Technology fell more than 58%. Teacher training institutions are prohibited from raising funds through stock quotes, while foreign capital cannot invest, according to a copy of the Chinese-language document seen and translated by CNBC.
– CNBC’s Tanaya Macheel, Yun Li, Pippa Stevens and Maggie Fitzgerald contributed reporting
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