The Amazon logo is seen at the company logistics center in Lauwin-Planque, northern France.
Pascal Rossignol | Reuters
Check out the companies making headlines in midday trading.
Amazon — Shares of Amazon popped 13.5% following a stellar quarterly report. The company said its investment in electric vehicle company Rivian gained almost $12 billion in the fourth quarter. Amazon Web Services delivered almost 40% year-over-year growth in the fourth quarter, beating Wall Street estimates. Amazon also announced it would increase the price of Prime to $139 from $119 for annual memberships. The cost of a monthly Prime membership will also rise to $14.99 from $12.99.
Ford Motor — Ford fell 9.7% after a weaker-than-expected quarterly report. The automaker posted earnings of 26 cents per share on revenue of $35.3 billion. Analysts surveyed by Refinitiv expected a profit of 45 cents per share on revenue of $35.52 billion.
Snap — Shares of the social media platform soared 58.8% after the company reported its first-ever quarterly net profit. Snap’s quarterly results also showed it’s seeing quicker-than-expected progress on its transition with advertisers around Apple’s privacy changes on iOS. Its shares had just suffered a 23.6% sell-off on Thursday, prior to the earnings release.
Clorox — The cleaning products stock tumbled 14.5% after Clorox’s second-quarter earnings came in at 66 cents per share, which was 18 cents below expectations, according to Refinitiv. Clorox also delivered full-year earnings guidance that missed estimates. Atlantic Equities downgraded the stock to underweight.
Pinterest — Pinterest popped 11.2% following a better-than-expected quarterly report. The social media platform posted earnings of 49 cents per share, 4 cents above the Refinitv consensus estimate. Revenue also topped Wall Street expectations.
Unity Software – Shares of the video game platform surged 17.4% after the company reported better-than-expected quarterly results and issued upbeat current-quarter guidance. Unity also said it has strong growth opportunities over decades in the future based on interactive real-time 3D gaming.
Skechers — Shares of Skechers added 6.6% after the footwear retailer beat Wall Street expectations on its top and bottom lines. Skechers reported record 2021 sales amid strong demand for casual and comfortable shoes.
Meta Platforms — Shares of Facebook’s parent company fell for another day after the tech giant’s disappointing quarterly report Wednesday, down about 1.2% midday before closing 0.3% lower. Friday’s dip comes after other social media companies like Snap saw better-than-expected progress in adapting their digital advertising to Apple’s iOS privacy changes.
Penn National Gaming — Shares of Penn National Gaming dipped 0.8% following the company’s earnings report Thursday. Penn also received a downgrade from Roth to neutral from buy. “While we remain bullish on PENN’s digital opportunity longer term, we see several negative catalysts in 2022 that could erode confidence in its market share trajectory,” the firm said.
— CNBC’s Yun Li, Jesse Pound and Tanaya Macheel contributed reporting
Written by Admin
Corporate executives are taking a dim view of their prospects, with a majority now expecting ...
Stock futures were little changed in overnight trading Tuesday ahead of a key inflation reading.Futures ...
Factories in China affected by Covid lockdowns can conditionally resume work, by housing workers on-site ...