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Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Check out the companies making headlines midday Wednesday:
Capri Holdings — Shares of the company that owns Michael Kors, Versace and Jimmy Choo jumped 11.3 percent for the day after the company reported earnings that beat expectations. Capri Holdings also said Jimmy Choo and Versace sales were strong.
Skyworks Solutions — Shares of the Apple chips supplier surged more than 11 percent after reporting quarterly earnings per share that easily beat expectations. Skyworks also said it would repurchase $2 billion in stock.
ING — The Dutch financial group gained 5.2 percent after the company reported better-than-expected pretax earnings Wednesday. ING cited rising interest income, commissions and fees as key tailwinds in the quarter.
Electronic Arts, Take-Two Interactive, Activision Blizzard —Electronic Arts fell more than 13 percent, leading lower other major video-game stocks like Take-Two Interactive and Activision Blizzard. EA reported weaker-than-expected sales for the previous quarter, citing "intense competition. " Take-Two also reported earnings and fell 13.7 percent. Activision Blizzard dropped 10.3 percent.
Plantronics — Shares of the electronics company jumped 19.6 percent Wednesday after the company exceeded Wall Street's expectations for the fourth quarter. Plantronics beat earnings per share estimates by 17 cents.
Shutterfly — Shutterfly shares fell 2.8 percent after the company reported mixed earnings and lowered its profit and sales guidance for the first quarter. The digital photo service also announced CEO Christopher North will leave the company in August.
Snap — Snap shares rose 22 percent on better-than-expected fourth-quarter results. Analysts expected a lossof 7 cents per share, but the company reported a loss of only 4 cents. The tech company also successfully maintained 186 million daily active users for the second consecutive quarter. Average revenue per user, a key metric for the social media company, was also above estimates.
General Motors —The automaker's stock climbed more than 1 percent after the company reported adjusted earnings per share of $1.43 for the fourth quarter, topping an estimate of $1.22. GM's revenue also surpassed analyst expectations.