Stocks making the biggest moves midday: Ralph Lauren, Walt Disney, Hershey and more
Check out the companies making headlines in midday trading. Walt Disney — The stock popped 12% after the entertainment giant posted higher-than-expected fiscal first-quarter earnings . The company also posted positive guidance for the 2024 fiscal year, alongside an announcement that it would increase its dividend by 50%. Ralph Lauren — Shares soared 16% after the apparel maker exceeded earnings and revenue expectations for its fiscal third quarter, saying it ended last year’s holiday shopping season with healthy inventory levels. Ralph Lauren posted earnings of $4.17 per share, while analysts surveyed by LSEG expected earnings of $3.54 per share. The company’s revenue was $1.93 billion for the period, while analysts had forecasted $1.87 billion. PayPal — The payments giant slid 10% after it issued weaker-than-expected guidance Wednesday despite an otherwise strong quarterly financial update. PayPal said it anticipates full-year earnings of $5.10 per share, short of the $5.48 per share analysts expected, according to LSEG. Arm Holdings — U.S.-traded shares soared 57% after the chipmaker posted stronger-than-expected quarterly results and forward guidance. Arm forecasts earnings per share for the current quarter to land between 28 cents and 32 cents, and revenue of $850 million to $900 million. Analysts were estimating earnings of 21 cents per share on $780 million in revenue, per LSEG. Hershey — Shares gained 6% after the chocolate confectionary manufacturer posted fourth-quarter adjusted earnings of $2.02 per share, which exceeded analysts’ estimate of $1.95 per share, per LSEG. However, Hershey’s full-year guidance came up short against the Street’s expectations. The company also announced it would increase its quarterly dividend by 15% to $1.37 per share. Intercontinental Exchange — Shares popped 5% after the financial exchange operator posted adjusted fourth-quarter earnings of $1.33 per share, exceeding the $1.29 per share that analysts polled by FactSet had expected. The company’s fourth-quarter revenue of $2.20 billion was in line with expectations. Intercontinental Exchange also announced it would increase its quarterly dividend by 7.1% to 45 cents a share. Tapestry — The stock jumped 8.5% after the fashion company, which owns major brands Coach, Kate Spade and Stuart Weitzman, reported a fiscal second-quarter earnings beat. Tapestry reported adjusted earnings of $1.63 per share on revenue of $2.08 billion, exceeding the earnings of $1.46 per share on $2.06 billion analysts surveyed by LSEG had anticipated. Wynn Resorts — Shares popped 6.8% after the luxury hotel operator reported fourth-quarter adjusted earnings of $1.91 per share, blowing analyst expectations of $1.15 per share out of the water, per LSEG. Wynn’s revenue for the quarter, $1.84 billion, also exceeded the $1.74 billion analysts had forecasted. Masco — The stock edged 4.5% higher after the home improvement manufacturer posted beats on earnings and revenue. Masco reported fourth-quarter adjusted earnings of 83 cents per share, higher than the 66 cents per share analysts had expected, according to FactSet. The company’s revenue of $1.88 billion also exceeded the $1.79 billion forecasted by analysts. Masco also guided for full-year earnings higher than anticipated, simultaneously raising its dividend by 1.8% to 29 cents per share. Kellanova — The stock added nearly 4% after the cereal maker posted a fourth-quarter earnings and revenue beat. Kellanova reported earnings of 78 cents per share on revenue of $3.17 billion, exceeding the 74 cents per share on $3.07 billion expected by analysts, per FactSet. Snap-On — Shares slid roughly 9%, despite the tool manufacturer posting fourth-quarter earnings of $4.75 per share, which surpassed the $4.66 per share analysts had expected, according to FactSet. Snap-On’s revenue of $1.20 billion came in line with analyst forecasts. BorgWarner — The stock slipped nearly 8% after the automotive supplier posted fourth-quarter results that missed analysts’ expectations. BorgWarner’s earnings of 90 cents per share on revenue of $3.52 billion came below the 95 cents per share on $3.62 billion analysts had expected, according to FactSet. S & P Global — Shares dipped 5% following a fourth-quarter earnings miss and disappointing full-year guidance from the financial analytics firm. S & P Global reported earnings of $3.13 per share, excluding items, lower than the $3.15 per share analysts polled by FactSet had expected. On the other hand, the company’s fourth-quarter revenue of $3.15 billion beat the $3.13 billion analysts had anticipated. Zimmer Biomet — The stock slid 5%, despite the medical device firm posting a fourth-quarter earnings and revenue beat. Zimmer Biomet also shared full-year adjusted earnings guidance that was greater than what analysts had anticipated, according to FactSet. Kenvue — Shares slipped 5% after the Band-Aid maker reported a fourth-quarter revenue miss and delivered disappointing guidance. Kenvue, which spun off from Johnson & Johnson last year , said it expects adjusted earnings of $1.10 to $1.20 per share for the full year, less than the $1.26 per share expected from analysts polled by LSEG. — CNBC’s Michelle Fox, Hakyung Kim, Tanaya Macheel and Pia Singh contributed reporting. This post has been syndicated from a third-party source. View the original article here.
