Market Insider

Stocks making the biggest moves midday: Coca-Cola, Biogen, Sherwin-Williams, Travelers & more

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Tuesday, Jan. 2, 2018.
Michael Nagle | Bloomberg | Getty Images

Check out the companies making headlines midday Tuesday:

Coca-Cola — The beverage giant's stock jumped 6.1% on quarterly earnings and revenue that topped analyst expectations. Coca-Cola reported earnings per share of 63 cents on $10 billion in revenue. Analysts polled by Refinitiv expected a profit of 61 cents per share on revenue of $9.99 billion. Coca-Cola highlighted that its Zero Sugar line saw double-digit global volume growth.

Biogen — Shares of Biogen rose 4.9% after the drugmaker's second-quarter earnings beat Wall Street's estimates and the company raised its 2019 earnings forecast, noting the recent acquisition of Nightstar Therapeutics, among other things. The company reported adjusted earnings per share of $9.15 per on revenues of $3.62 billion. Analysts had expected earnings per share of $7.53 on revenues of $3.48 billion, according to Refinitiv.

United Technologies — United Technologies ticked up as much as 2.7% after the industrial conglomerate's second-quarter earnings beat estimates and the company increased its 2019 forecast. The company reported adjusted earnings per share of $2.20 on revenues of $19.63 billion, above the expected earnings per share of $2.05 on revenues of $19.55 billion analysts polled by Refinitiv had estimated. One driver for the strong quarter was "outperformance" from United Tech's Collins Aerospace division, CEO Gregory Hayes said.

Sherwin-Williams — Shares of the paints maker jumped 7.8% after the company's earnings beat expectations and it reaffirmed its full-year earnings guidance. The company's CEO also said gross margins would improve in the second half.

Travelers Cos — The insurance giant reported a weaker-than-expected profit, sending its stock down 2.1%. Travelers posted earnings per share of $2.02 while analysts polled by Refinitiv had forecast a profit of $2.28 per share. The company said higher non-catastrophe losses related to weather offset a drop in catastrophe losses.

Whirlpool — Whirlpool shares dropped 4% after CFO James Peters said in an earnings call that "negative industry trends" in China and Mexico kept its Latin America and Asia profits at the company's "low end of the range." However, Whirlpool reported earnings per share and revenue that topped analyst expectations and raised its full-year earnings guidance.

Harley-Davidson — Harley-Davidson shares rose 6.4% after the company reported earnings that beat expectations by 3 cents. The beat came even as motorcycle sales continue to decline. Harley-Davidson also told investors it will likely miss its 2019 revenue forecast.

Snap —An analyst Stifel upgraded the social media company's stock to buy from hold, noting positive growth prospects moving forward. Another analyst at Rosenblatt Securities also initiated Snap as a buy, noting its average revenue per user could double by 2023. The stock rose 4.8% ahead of its earnings report after the bell Tuesday.

Columbia Sportswear — Columbia Sportswear shares jumped 2.6% after Bank of America upgraded them to buy from neutral, citing its valuation, the strong US wholesale market, potential for further growth in the footwear market, and a "healthy and stable margin outlook."

Bloomin' Brands — Bloomin' Brands gained 1.6% after an analyst at Loop Capital initiated the stock with a buy rating, citing a "compelling" risk/reward position for the stock.

Zions Bancorporation —Zions shares dropped more than 5.3% after the bank reported disappointing earnings for the second quarter. The company earned 99 cents per share, below a $1.10 Refinitiv estimate. The company's net interest income also missed expectations. Meanwhile, nonperforming loans topped estimates.

—CNBC's Elizabeth Myong, Mallika Mitra and Marc Rod contributed to this report.

Correction: A previous version of this story misstated James Peters' title.