Stocks making the biggest moves midday: Ford, Virgin Galactic, Chegg, Take-Two Interactive & more

Finance news

GP: A logo of a Virgin Galactic is seen outside the building during the company’s first day of trading on the New York Stock Exchange (NYSE) on October 28, 2019 in New York City.


Check out the companies making headlines in midday trading. 

Take-Two Interactive – Shares rose more than 4% after the company said that its sales jumped 136% to $996.2 million in the first quarter as consumers stayed home amid the coronavirus pandemic. The company’s profit per share nearly doubled during the quarter, and Take-Two also raised its forecast as strength in games including Grand Theft Auto V and NBA 2K20 drove returns.

SolarEdge Technologies – Shares jumped more than 18% to a new all-time high following the company’s second quarter results. SolarEdge reported revenue of $331.9 million, which represented a 23% decline from the prior quarter, but was ahead of Street estimates according to data from FactSet, and was also up 2% year over year.

Virgin Galactic — Shares of the commercial space flight company tanked more than 12% after reporting another quarterly loss. Virgin Galactic also told investors that it doesn’t expect to fly founder Sir Richard Branson until the first quarter of next year. The company also announced plans to raise about $460 million, in a sale of about 20.5 million shares of common stock.

AIG — The insurance stock dropped 6.2% after the company reported a quarterly loss of $7.9 billion, compared with a profit of $1.1 billion in the same period last year. The loss was mostly attributable to the sale of the Fortitude business to Carlyle and lower investment income and higher interest expense, the company said. The general insurance pre-tax income also missed Wall Street estimates, according to FactSet.

Apple — Shares of the technology giant jumped more than 1% after Axios reported the tech giant had expressed interest in buying popular social video app TikTok. The report comes after Microsoft confirmed it was in talks to buy TikTok even amid concerns from President Donald Trump over the app’s ties to China. 

Ford Motor — Shares of the automotive giant rose more than 1% after the CEO Jim Hackett announced he would retire from his post, effective Oct. 1. Hackett will be succeeded by COO Jim Farley. Hackett faced criticism for his leadership, lack of transparency and his execution of a multiyear restructuring plan.

AMC Networks — Shares of the television company jumped 3.9% after AMC Networks beat Wall Street estimates on the top and bottom lines for its second quarter results. The company reported adjusted earnings per share of $2.39 and $646 million in revenue. Analysts surveyed by Refinitiv expected $1.23 in earnings per share and $626 million in revenue. The company said it doesn’t expect the pandemic to “affect its liquidity position.”

Edgewell Personal Care — Shares of the company tanked more than 10% following its dismal quarterly earnings results. Edgewell reported earnings of 66 cents per share on revenue of $484 million, missing Wall Street estimates of 82 cents per share on revenue of $530 million, per Refinitiv. Organic net sales dropped more than 14%. 

Vornado Realty Trust — Shares of the REIT jumped 5.5% on news Facebook is leasing all 730,000 square feet of office space in Vornado’s landmark Farley building in New York. 

Chegg — Shares of the textbook company dipped more than 4% despite beating on the top and bottom lines of its quarterly earnings. The company gave next quarter and full year guidance above estimates. Chegg said it has more subscribers in the second quarter than in all of 2018. 

Mosaic Co. — Shares of Mosaic jumped more than 13% after the fertilizer producer reported better-than-expected quarterly results. Mosaic posted an EPS of 11 cents for its latest quarter, compared to analyst expectations of a 1 cent per share loss, according to Refinitiv. The company’s quarterly revenue also topped estimates.

— with reporting from CNBC’s Pippa Stevens, Yun Li, Fred Imbert and Jesse Pound.