Tech's hottest IPOs of the year, including Beyond Meat and Zoom, dropped on Monday, falling more than the broader market.Technologyread more
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Check out the companies making headlines midday Wednesday:
Apple — Apple gained 4.9% after the release of its fiscal second-quarter results. Apple reported earnings of per share of $2.46, 10 cents above a Refinitiv estimate. Revenue also topped expectations. Apple raised its revenue guidance for the next quarter to between $52.5 and $54.5 billion, surpassing analyst expectations.
Mondelez — Mondelez rose 1.6% following the release of its first-quarter financials. The Oreo cookie maker earned an adjusted 65 cents per share, compared to the 61 cents estimated by Refinitiv. The company's strong results were driven by strong organic sales growth.
Advanced Micro Devices — The chipmaker's stock rose as much as 5.5% on the back of stronger-than-expected first-quarter numbers. AMD said its earnings per share came in at 6 cents while sales clocked in at $1.27 billion. Analysts polled by Refinitiv expected a profit of 5 cents a share on sales of $1.262 billion. The stock later ended the day down nearly 3%, however.
Chubb — Shares of the insurance company fell 0.7% after its first-quarter numbers disappointed investors. Chubb reported earnings per share of $2.54 while the Street expected a profit of $2.56 per share, according to Refinitiv. Higher-than-expected catastrophe losses pressured the company's earnings.
Clorox — Clorox dropped 7.2% after the company reported lower-than-expected earnings. The consumer product company reported earnings of $1.44 per share, 1 cent below a Refinitiv estimate. Clorox cited more competition in in certain markets and said it will be "aggressively addressing" these issues.
CVS Health — Shares of the retail pharmacy company jumped 5.4% after the company reported strong first-quarter earnings and raised its full-year forecast. CVS reported adjusted earnings of $1.62 per share versus a Refinitiv estimate of $1.50. CVS also hiked its 2019 profit forecast to between $6.75 and $6.90 per share.
Estee Lauder — The beauty company reported better-than-expected quarterly results, sending its stock up as much as 4.9%%. Estee Lauder posted earnings per share of $1.55 on revenue of $3.744 billion. Analysts polled by Refinitiv expected a profit of $1.30 per share on sales of $3.569 billion. The company said a strong performance from its skin-care business boosted its numbers.
Take-Two Interactive — An analyst at Cowen upgraded the video-game maker to outperform from market perform, calling Take-Two "the best vehicle for exposure" in the space. Take-Two shares rose 2.3%.
ConocoPhillips — Shares of ConocoPhillips rose as much as 2.2% after an analyst at Credit Suisse upgraded the stock to outperform from neutral, stating that worries about the company are "overdone." ConocoPhillips shares closed down 0.7%, however.