Check out the companies making headlines in midday trading.
Boeing — Shares of Boeing fell more than 3%. The plane maker cut production of its 787 Dreamliners after a new flaw was detected on some of the jets. Boeing also cut its delivery target for the planes.
PepsiCo – Shares of the snack and beverage company advanced more than 2% to a new all-time high after the company beat top and bottom line estimates during the second quarter. Pepsi earned an adjusted $1.72 per share on $19.22 billion in revenue, compared to Wall Street’s expectations of $1.53 per share on $17.96 billion. The company also raised its forecast as restaurant demand returns.
Electronic Arts — The video game publisher rose 2.5% after BMO Capital Markets upgraded EA to outperform from market perform. The investment firm said in a note that the market appeared to be underestimating the strength of the video game market amid the economic reopening and that some of EA’s games show upside potential in the upcoming year.
Goldman Sachs — Shares of the New York-based bank fell more than 1% even after a stellar quarterly earnings report. Goldman’s second-quarter earnings and revenue blew past Wall Street’s expectations as its investment banking segment posted its second-highest revenue quarter ever, behind the first quarter of 2021, amid a booming IPO market. Since the stock is already up more than 40% this year, much of the good news might have been priced in.
Okta — Okta’s share price rallied over 2% after Goldman Sachs initiated coverage of the stock with a buy rating. The Wall Street firm Goldman said the cloud and identity management company that it was well positioned in the shift to digital.
Roblox — Shares of the video game company dropped more than 2% after Benchmark initiated coverage of the stock with a sell rating. The Wall Street firm cited concerns about the pull forward in the stock during the pandemic.
JPMorgan — The bank’s share price fell about 2.6% despite JPMorgan reporting a quarterly profit of $3.78 per share for the second quarter, beating the $3.21 consensus estimate. Revenue also topped the Street’s forecasts.
First Solar — Shares of the solar panel company dipped less than 1% on Tuesday after Citi downgraded First Solar to neutral from buy. The firm said in a note to clients that First Solar’s stock had priced in a lot of good news for the company, including the potential for green energy spending in an infrastructure deal in Congress. The stock had jumped nearly 20% in the past three months.
Conagra Brands — Shares of the food company slumped more than 4% despite beating on the top and bottom lines of its quarterly results. Conagra reported earnings of 54 cents per share on revenue of $2.74 billion. Analysts expected earnings of 52 cents per share on revenue of $2.71 billion, according to Refinitiv.
— with reporting from CNBC’s Hannah Miao, Jesse Pound, Pippa Stevens and Yun Li.