Check out the companies making headlines in midday trading.
Nike — Shares of Nike jumped 2.7% after the company reported a beat on the top and bottom lines in the third quarter. The retailer reported earnings of 87 cents per share on revenues of $10.87 billion, topping analysts’ estimates of 71 cents per share on revenues of $10.59 billion. Nike delayed giving its outlook for the year.
Datadog — Shares of the software company jumped 6.6% after investment firm BTIG initiated coverage of the stock with a buy rating. BTIG said in a note to clients that Datadog is set up for near- and long-term success.
Alibaba — Shares of the China-based e-commerce giant jumped more than 12% after the company increased its share buyback program to $25 billion from $15 billion, effective for a two-year period through March 2024. Alibaba also appointed Weijian Shan, executive chairman of Hong Kong-headquartered investment group PAG, to its board as an independent director.
Tencent Music Entertainment — The entertainment services company saw its shares jump about 10% after it reported better-than-expected earnings for the most recent quarter. Tencent Music also said it would pursue a secondary listing on the Hong Kong Stock Exchange.
Pfizer — The biopharmaceutical giant’s stock price slipped 2.1% in midday trading after the company said it will distribute up to four million treatment courses of its oral Covid pill to dozens of poorer nations in a partnership with the United Nations Children’s Fund.
Okta — Shares of the authentication and identity management firm fell 2.6% on news of a potential breach from a hacking group. Okta said it had “detected an attempt to compromise the account of a third party customer support engineer working for one of our subprocessors” but found no new evidence of an attack.
Alphabet — The tech giant’s stock price spiked 2.7% in midday trading after Google’s parent company spun off Sandbox AQ, a quantum computing start-up that includes former Google CEO Eric Schmidt as investor and chairman of the board.
Sherwin-Williams — The paint company’s shares gained about 2% after Bank of America upgraded the stock to a buy from neutral. Analyst Steve Byrne said the issues facing the chemicals sector are already accounted for in the stock price and that the shares could be a way to bet on the U.S. economy over Europe.
Carnival — The cruise company slipped nearly 1% after it provided a business update for the first quarter that includes a net loss of $1.9 billion, compared with estimates of $1.36 billion, according to FactSet’s StreetAccount. Carnival also reported revenues of $1.62 billion, compared to estimates of $2.26 billion.
Energy stocks — Several energy stocks were lower on Tuesday and were the top decliners in the S&P 500 after jumping in the previous session, as investors paused to take profits. Hess and Occidental fell more than 3%. EOG, Diamondback, Valero, Marathon and more lost more than 2%. Energy is the only sector in the green so far in 2022.
— CNBC’s Samantha Subin, Sarah Min and Jesse Pound contributed reporting