Stocks making the biggest moves midday: Netflix, Apple, CVS Health, Lamb Weston, U.S. Cellular and more
Check out the companies making headlines in midday trading: Netflix — Shares jumped 10% due to the streamer’s third-quarter results beating Wall Street’s expectations. Netflix earned $5.40 per share on revenue of $9.83 billion, above the $5.12 per share and $9.77 billion in revenue that analysts were expecting, according to LSEG. Analysts lauded the results, with several increasing their price targets on the name amid anticipated further growth ahead. U.S. Cellular , Telephone and Data Systems — The two stocks rallied after U.S. Cellular said it has entered an agreement with Verizon Communications to sell part of its retained spectrum licenses for a $1 billion total consideration, and additionally has entered agreements with two other mobile network operators for the sale of its other spectrum licenses. Telephone and Data Systems owns 82% of U.S. Cellular. Shares of U.S. Cellular surged 9%, while shares of Telephone and Data Systems rallied 15%. Lamb Weston — Shares surged 9.2% after activist investor Jana Partners disclosed it has built a stake in the frozen french fries maker. In a regulatory filing, Jana Partners also said it plans to push Lamb Weston toward exploring a sale. CVS Health — Shares tumbled 8% after the pharmacy chain said longtime executive David Joyner has replaced Karen Lynch as CEO. Separately, CVS issued third-quarter adjusted earnings guidance between $1.05 and $1.10 per share, far weaker than the FactSet consensus estimate of $1.69 a share. MGP Ingredients — Shares tumbled 26% after MGP Ingredients, a distilled spirits producer, issued preliminary third-quarter earnings and revenue guidance that missed expectations. MGP expects earnings of $1.29 per share, lower than the consensus estimate of $1.44 in earnings per share, according to FactSet. It expects revenue of $161.5 million, missing the $186.5 million expected by analysts. American Express — Shares of the financial company slid 2.9% after posting third-quarter revenue of $16.64 billion, below the LSEG consensus forecast on $16.67 billion. On the other hand, earnings per share came in at $3.49, above the $3.28 figure anticipated by analysts. Intuitive Surgical — Shares jumped 8.7% after Intuitive Surgical, which provides robot-assisted surgical care, beat third-quarter expectations. Intuitive Surgical earned $1.84 per share on $2.04 billion in revenue. Analysts polled by LSEG had forecast earnings of $1.63 per share on $2 billion in revenue. Apple — Shares gained 1.2% after a Bloomberg report, citing data from Counterpoint Research, noted sales of the newest iPhones in China have jumped 20% on a yearly basis, in the first three weeks of sales. WD-40 Company — Shares dropped 5% after WD-40, the maker of lubricants and degreasers, reported disappointing fiscal fourth-quarter earnings and issued lackluster full-year earnings guidance. Earnings of $1.23 per share missed the FactSet consensus estimate of $1.34 in earnings per share. Western Alliance — Shares tumbled 6.3% after the regional bank stock reported net interest income that fell 3% in the third quarter. However, Western Alliance Bancorp’s quarterly revenue of $823 million topped the $808 million expected from analysts polled by LSEG. Fifth Third Bancorp — Shares slipped 2% after Fifth Third Bancorp posted third-quarter earnings of 78 cents per share, missing the FactSet consensus estimate of 83 cents in earnings per share. Comerica — The regional bank jumped more than 4% after it posted stronger-than-expected results for the third quarter. Comerica reported $1.33 in earnings per share, compared to $1.17 per share expected by analysts, according to FactSet. Net interest income for the bank also beat expectations. Crown Holdings — The consumer goods packaging company jumped 4% after raising its full-year guidance. Crown Holdings is guiding toward adjusted earnings per share coming in between $6.25 and $6.35 per share. Analysts had expected $6.15 in earnings per share, per FactSet. Adjusted earnings topped estimates in the third quarter, while revenue came in line with forecasts. SLB — Shares dipped 3% after Schlumberger’s third-quarter revenue missed estimates. Revenue of $9.16 billion came in below the LSEG consensus forecast of $9.25 billion. Still, adjusted earnings of 89 cents per share beat the expected earnings per share of 88 cents. Coherent — Shares dipped 3.8% after B. Riley downgraded the maker of engineered materials to neutral from buy, saying there is limited upside in the stock after its rally this year. Coherent more than doubled by 126% in 2024. Ally Financial — Shares dipped 1.5% even after third-quarter results topped analysts’ expectations on the top and bottom lines. Ally reported adjusted earnings per share of 95 cents on $2.1 billion in revenue. Analysts polled by FactSet had expected 52 cents in earnings per share on $2.03 billion of revenue. — CNBC’s Sean Conlon, Michelle Fox, Alex Harring, Hakyung Kim and Jesse Pound contributed reporting. This post has been syndicated from a third-party source. View the original article here.
