Stocks making the biggest moves midday: Starbucks, Apple, Amazon, U.S. Steel and more
Check out the companies making headlines in midday trading.
U.S. Steel — Shares of U.S. Steel gained more than 15% as the company's quarterly results beat top and bottom line estimates. U.S. Steel reported adjusted earnings of $5.36 per share, compared with $4.81 per share expected, according to FactSet. Revenue also topped analysts' estimates.
Starbucks — Shares of the coffee giant fell more than 7% after reporting third-quarter revenue that fell short of analysts' expectations. China saw same-store sales shrink by 7% in the quarter, missing Starbucks' prior forecast of flat same-store sales growth.
Amazon — Shares of the e-commerce giant dropped 2.9% after the company badly missed earnings and revenue expectations for the third quarter. The company also issued disappointing sales guidance for the critical holiday period.
Apple — The tech giant's stock tumbled 2.2% after the company's quarterly revenue fell short of expectations amid larger-than-expected supply constraints on iPhones, iPads and Macs. It was the first time Apple's revenues have missed Wall Street estimates since May 2017. Amid Friday's decline in shares, Microsoft passed Apple to become the world's most valuable company.
Chevron — Chevron gained 1.1% after the energy company generated the quarterly profit since 2013, boosted by surging oil prices and lower operational costs. The company reported adjusted profit of $2.96 per share on revenue of $44.71 billion. Analysts expected Chevron to earn $2.21 per share on sales of $40.52 billion, according to Refinitiv.
Newell Brands — Newell Brands shares rose 6.7% after the consumer products company reported better-than-expected earnings results. The company reported profit of 54 cents per share in the third quarter, 4 cents above estimates. Newell also raised its full-year outlook.
Gilead Sciences — Shares of the pharmaceutical company ticked 3.3% lower in midday trading despite beating on the top and bottom lines of its quarterly results. Gilead saw strong demand for its antiviral Covid-19 treatment remdesivir, but it also said full-year sales of its non-Covid drugs won't reach earlier estimates.
Western Digital — Western Digital shares fell 7.8% despite the computer company beating analysts' earnings expectations. The company provided weaker-than-expected current-quarter guidance and said it was being hit by supply chain issues.
Church & Dwight — Church & Dwight shares rose 2.9% after an earnings beat. The consumer products company, parent to brands like Arm & Hammer and OxiClean, reported per-share earnings of 80 cents versus the 71 cents per share Refinitiv consensus.
AbbVie — The pharmaceutical stock rose 3.9% after AbbVie beat estimates on the top and bottom lines for its third quarter. The company reported $3.33 in adjusted earnings per share on $14.34 billion of revenue, powered by a roughly 15% increase in its immunology segment. Analysts surveyed by Refinitiv expected $3.22 earnings per share on $14.32 billion of revenue.
— CNBC's Jesse Pound, Yun Li and Maggie Fitzgerald contributed reporting.
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