Stocks making the biggest moves midday: Boeing, Amkor, Corning, Sandisk, Iqvia & more
Here are some of the companies making headlines in midday trading. Boeing — Shares of the aerospace giant gained about 5% after second-quarter revenues narrowly topped estimates. Sales for the period came in at $24.56 billion, while the LSEG consensus anticipated $24.25 billion. The company’s adjusted loss of 76 cents per share came in wider than the 30-cent loss per share forecast, however. Amkor Technology — The semiconductor product packaging stock tumbled 24% after the company issued weaker-than-expected guidance for the third quarter. Amkor sees its top line in a range of $1.95 billion to $2.05 billion. Analysts polled by FactSet expected a sales around $2.1 billion. Memory chips – Shares of memory chip companies tanked on Tuesday. The Roundhill Memory ETF (DRAM) was last down more than 8%. Sandisk plunged 13%, tumbling for a third consecutive session. Micron Technology and Seagate each slid nearly 9%. Iqvia — Shares rallied 12% after the clinical research services company reported better-than-expected results for the second quarter. Iqvia also hiked its earnings and revenue guidance for the year. CEO Ari Bousbib pointed out the company generated “record-level net new bookings of over $3.1 billion.” Corning — Shares plunged 16%. Despite beating expectations on both lines in the second quarter, the maker of specialty glass and optical fiber gave current-quarter revenue guidance that did not come in ahead of analyst forecasts. Photonics stocks Coherent and Lumentum dropped more than 11% and 8%, respectively, in sympathy. PayPal — The payments stock gained 4% on the heels of a strong second quarter report. Earnings came in at $1.38 per share on an adjusted basis, topping the $1.28 per share LSEG consensus estimate. Revenue of $8.68 billion also beat the call for $8.47 billion. Coca-Cola — Shares popped 5% after the beverage company topped earnings expectations and hiked its full-year outlook. Coca-Cola posted adjusted earnings per share of 97 cents, more than the 93 cents anticipated by analysts polled by LSEG. Revenue of $13.38 billion also exceeded the $13.16 billion expected. Sherwin-Williams Company — The paint manufacturer rose 8% after raising its full-year outlook. Sherwin-Williams sees adjusted earnings ranging from $11.80 to $12.20 per share, surpassing the FactSet consensus call for $11.76 a share. Second-quarter results also topped estimates. Royal Caribbean — Shares of the cruise operator gained almost 5% on the back of a top and bottom line beat in the second quarter. Royal Caribbean posted adjusted earnings of $4.21 per share on revenue of $4.83 billion. Analysts polled by LSEG sought $3.98 per share on $4.82 billion in revenue. UPS — The shipping company saw a 6% decline even as its second-quarter results surpassed estimates. Adjusted earnings came in at $1.76 per share on revenue of $22.8 billion, while the LSEG consensus anticipated $1.66 per share and $21.81 billion. Software stocks — The iShares Expanded Tech-Software Sector ETF (IGV) added more than 1%. Autodesk and Adobe each gained roughly 6%, while Salesforce jumped more than 5%. Travel stocks — Shares of businesses tied to travel rose as oil prices retreated 5%. Booking Holding s and Expedia jumped 5%, while cruise operator Carnival gained 4%. United Airlines and Delta Air Lines each saw a 3% advance. Hilton Worldwide Holdings — The hospitality stock dipped 2.7% after Hilton’s current quarter guidance missed expectations, though it reported a beat in second quarter earnings and revenue. The company issued guidance of $2.28 to $2.34 earnings per share in the third quarter, missing the FactSet consensus estimate for $2.43 per share. Johnson & Johnson — The health and pharma giant rose 1% after it agreed to settle thousands of lawsuits alleging some of its talc products caused ovarian cancer. J & J will pay a combined $5.5 billion to resolve the lawsuits. Cadence Design Systems — Shares rose 2% after the chip design company posted second quarter adjusted earnings of $2.11 per share, beating the LSEG consensus estimate of $2.05 per share. Revenue of $1.58 billion came in line with expectations. Rambus — Shares slid more than 7%, even after the maker of memory interface chips posted a beat in the second quarter. Rambus reported adjusted earnings of 77 cents per share on revenues of $207 million. Analysts polled by LSEG had expected earnings of 72 cents per share on revenues of $198 million. — CNBC’s Fred Imbert, Alex Harring, Nick Wells and Darla Mercado contributed reporting.
