Stocks making the biggest moves midday: Chevron, Apple, Clorox, Amazon and more
Check out the companies making headlines in midday trading: Chevron — Stock in the oil major slipped 2.7% after the company’s second-quarter earnings missed Wall Street estimates. Chevron reported adjusted earnings $2.55 per share on revenue of $51.18 billion. Analysts polled by LSEG forecast earnings of $2.93 per share on $50.8 billion in revenue. Intel — The chipmaker slumped more than 26% and was on track for its worst single day ever following softer-than-expected guidance and steep layoffs. Intel said it would trim its workforce by 15,000 employees and would also not pay its fiscal fourth-quarter dividend. Amazon — Stock in the e-commerce firm pulled back 9% after Amazon reported a disappointing third-quarter outlook . The firm now expects revenue of $154 billion to $158.5 billion in the fourth quarter, while analysts polled by LSEG expected $158.24 billion. Apple — The tech giant’s shares jumped nearly 1%, one of the few stocks in the green amid Friday’s sell-off, after the firm reported fiscal third-quarter results that beat Wall Street expectations. Apple’s overall revenue rose 5% year over year, with iPhone, iPad and Services sales all topping analysts’ expectations. Snap — Stock in the parent company of Snapchat declined 26% on weaker-than-expected third-quarter guidance . Snap now expects adjusted earnings in the range of $70 million to $100 million, while analysts surveyed by LSEG forecast $110 million. Cloudflare — Shares advanced roughly 7% after the IT firm raised its full-year forecast. Cloudflare now expects full-year adjusted earnings between 70 cents and 71 cents per share, up from the previous range that called for 60 cents to 61 cents per share. DoorDash — The food delivery stock jumped 8.3% after the company’s second-quarter revenue surpassed Wall Street estimates. DoorDash reported revenue of $2.63 billion, against a forecast from analysts polled by LSEG of $2.54 billion. Clorox — Shares advanced 7.4%. The household goods and cleaning company raised its forecast following a fiscal fourth-quarter earnings beat. Clorox now expects full-year adjusted earnings between $6.55 and $6.80 per share, while analysts surveyed by LSEG expected $6.45 per share. Twilio — The cloud communications company climbed 12% after second-quarter results surpassed analysts’ estimates on the top and bottom lines. Twilio reported an adjusted 87 cents per share on $1.08 billion in revenue, while analysts polled by LSEG called for 70 cents a share on $1.06 billion in revenue. GoDaddy — Shares climbed 7% after the company increased its full-year outlook. The web hosting firm now expects full-year revenue between $4.525 billion and $4.565 billion, compared to a forecast from analysts polled by FactSet that called for $4.53 billion. Coterra Energy — Shares slumped more than 5% after the company’s second-quarter earnings results missed analysts’ estimates. Coterra reported adjusted earnings of 37 cents per share, while analysts surveyed by FactSet were looking for 39 cents a share. Roku — Shares fell nearly 4% even after Roku’s second-quarter results topped expectations. The streaming device company posted a quarterly loss of 24 cents per share, better than analysts’ estimated loss of 43 cents per share, according to LSEG. Revenue of $968 million exceeded the $938 million consensus estimate. Atlassian — The software company fell more than 17% after disappointing forward guidance. Atlassian now forecasts fiscal first-quarter revenue between $1.149 billion and $1.157 billion, while analysts polled by LSEG had expected $1.16 billion. Microchip Technology — Shares of the chipmaker fell nearly 11%. Adjusted earnings in the fiscal first quarter topped analysts’ estimates, while revenue came in line with forecasts. Guidance for the current quarter’s earnings and revenue fell short of the Street’s expectations, per FactSet. Management cited a challenging macro backdrop leading to an extended period of an inventory correction. — CNBC’s Hakyung Kim, Sarah Min and Yun Li contributed reporting. This post has been syndicated from a third-party source. View the original article here.
