Stocks making the biggest moves midday: Merck, Bristol-Myers Squibb, Align Technology and more
Check out the companies making headlines in midday trading. Bunge — Shares of the global crop trader and processor popped 4.1% after the company lifted its 2023 outlook and reported better-than-expected profit for the third quarter. Bunge’s earnings were lower year-on-year, however. Comcast — Comcast shares fell 8.4% after the telecom giant reported a loss in high-speed broadband subscribers. Advertising revenue from NBCUniversal was also weak. UPS — The shipping company saw shares decline 5.9% after releasing its third-quarter earnings report, which showed disappointing revenue. Full-year revenue guidance was also slightly below expectations. Hasbro — The toymaker tumbled 11.7% following a weaker-than-expected financial report for the third quarter. Hasbro earned $1.64 per share excluding items on $1.5 billion in revenue, while analysts polled by LSEG had anticipated $1.70 per share in earnings and revenue at $1.64 billion. Whirlpool — The home appliance company dropped 15.8% on Thursday after Whirlpool issued full year earnings guidance of about $16 per share. That’s below a StreetAccount estimate of $16.16 per share. Bristol-Myers Squibb — Shares of the drug maker fell 6.2% after the company reported a decline in sales of its popular blood cancer drug, Revlimid, citing generic competition. Merck — Shares added 2.8% after the pharmaceutical company reported third-quarter revenue and adjusted earnings that topped expectations on strong sales of its blockbuster cancer drug, HPV vaccine and its Covid drug. Merck also raised its full-year sales forecast to $59.7 billion to $60.2 billion. Align Technology — The medical device maker dropped 24.9% on Thursday after missing Wall Street forecasts in the third quarter and offering weak guidance for current-quarter revenue. Align posted $2.14 in earnings per share excluding items and $960 million in revenue in the third quarter. Analysts polled by LSEG expected earnings of $2.26 per share and revenue at $995 million. American Tower Corporation — The American real estate investment trust added 8.1% on better-than-expected results for the third quarter. American Tower also announced Steven Vondran would succeed Thomas Bartlett as CEO, effective Feb. 1, 2024. ServiceNow — The workflow software company jumped 1.6% after posting third-quarter earnings and revenue that beat analyst expectations. ServiceNow’s subscription revenue guidance for the current quarter also came in slightly above analyst expectations. Flex — The electronics manufacturer added nearly 11% after announcing its intention to spin-off all remaining interest in Nextracker to Flex shareholders. Additionally, the company boosted its guidance for its fiscal year ending in March 2024. It now expects earnings per share between between $2.49 and $2.66 ex-items, versus prior guidance between $2.35 and $2.55 per share. IBM — Shares of the technology conglomerate jumped 4.9% after the legacy firm posted third-quarter results that exceeded Wall Street estimates. IBM’s overall revenue grew 4.6% year over year in the quarter, or 3.5% at constant currency. The company’s Software unit produced $6.27 billion in revenue, up about 8%. — CNBC’s Alex Harring, Yun Li, Lisa Kailai Han, Tanaya Macheel and Hakyung Kim contributed reporting. Disclosure: Comcast owns NBCUniversal, the parent company of CNBC. This post has been syndicated from a third-party source. View the original article here.
