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Check out the companies making headlines in midday trading.
Kodak — Shares of Kodak soared about 330% after President Donald Trump tapped the photography pioneer to produce ingredients in generic drugs in response to the coronavirus pandemic. The shares skyrocketed as much as 570% at one point. Trading was halted more than 15 times Wednesday due to volatility.
General Electric — Shares of General Electric fell more than 4% after the industrial giant reported a bigger-than-expected loss for the second quarter. GE posted a loss of 15 cents per share, which is bigger than the loss of 10 cents a share forecast by Refinitiv. The company’s revenue, however, was slightly ahead of estimates.
Wingstop — Shares of the restaurant chain jumped 15% after the company beat estimates on the top and bottom lines with its second-quarter results. Wingstop reported 39 cents in earnings per share on $66.1 million of revenue, and system-wide revenue rose 37% to $509 million. Analysts surveyed by FactSet expected earnings of 29 cents per share and revenues of $62.4 million.
Advanced Micro Devices – Shares of AMD soared 13% after the chipmaker reported better-than-expected quarterly results. AMD also raised its full-year forecast as the surge in the number of employees working from home raises demands for its chips. AMD now expects 32% revenue growth for the year, up from 25% growth the company predicted in April.
Starbucks — Shares of the coffee chain rose 3.9% after the company reported a smaller than expected loss for its fiscal third quarter. Starbucks raised its earnings outlook for the fiscal fourth quarter, with executives saying they expect to see continued recovery from the coronavirus pandemic into 2021.
Shopify — Shares of the Canadian e-commerce company rallied 10% on Wednesday after the firm reported second-quarter revenues well ahead of what the Street expected. Shopify said Covid-19 led many business to adopt its platform to take sales online, leading to 97% growth in the company’s top line compared to the second quarter of 2019. The stock has more than doubled over the last six months.
Spotify — The music streaming site saw its stock drop 2% on Wednesday after the company missed quarterly revenue expectations in large part thanks to a decline in ads amid the Covid-19 outbreak. The top-line results, however, eclipsed a sharp uptick in demand for music streaming as more users signed up for Spotify and paid subscriptions reached 138 million, ahead of the 136.4 million forecast.
Boeing – Shares of Boeing dropped 4% after the jet maker said it plans to cut aircraft production and warned about the possibility of further reductions in its workforce due to the pandemic. Boeing also reported a quarterly loss of $4.79 per share, wider than the loss of $2.54 anticipated by analysts, according to Refinitiv. Revenue was well below estimates.
Tesla – Shares gained more than 3% after Morgan Stanley raised its base case price target on the stock to $1,050, and its bull case target to $2,500. Analyst Adam Jonas maintained his underweight rating on the shares of the Elon Musk-led company, however. Tesla has more than tripled this year.
Six Flags – Shares of Six Flags fell nearly 4% after the theme park operator posted a wide-than-expected loss for the last quarter. Six Flags reported a quarterly loss of $1.62 per share, versus the loss of $1.01 that analysts had predicted, according to Refinitiv.
L Brands – Shares of L Brands jumped more than 35% after the retailer said it is cutting 15% of its corporate staff, or 850 jobs. The parent of Victoria’s Secret and Bath & Body Works also projected a smaller than expected current quarter sales decline.
– CNBC’s Jesse Pound, Pippa Stevens, Thomas Franck and Fred Imbert contributed reporting.
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