Amazon is raising seller fees for thousands of small and medium-sized businesses in France because of a new digital tax passed by the French government.Technologyread more
Stocks in Asia rose on Monday as U.S. Treasury yields bounced higher after plunging last week.Asia Marketsread more
Beijing wants to use reforms to support a slowing economy.China Marketsread more
Check out the companies making headlines midday Thursday:
Western Digital — Western Digital shares rose more than 7% on Thursday after an analyst at Wedbush upgraded the data storage device company to neutral from underperform. The analyst cited increased pricing for one of Western's key products as a reason for the change. The upgrade helped offset mixed quarterly numbers reported by the chipmaker on Wednesday.
Zynga — Shares of Zynga rose 2.6% after the video game company had better than expected bookings in its second quarter. The company, which publishes Words With Friends, reported $376 million in bookings, a measure similar to revenue used by video game companies. Analysts expected $364 million in bookings, according to Refinitiv. In a note to investors on Thursday, Stephens cited Zynga's performance with recently acquired studios as a reason for the strong quarter.
Abiomed — The medical device company cut its full-year revenue forecast, sending its stock down more than 23%. Abiomed expects fiscal 2020 revenue to range between $885 million and $925 million. The company had previously forecast revenue between $900 million and $945 million.
Concho Resources — Concho Resources shares plunged more than 24% after the energy company reported a weaker-than-expected profit for the second quarter. The company posted an adjusted profit of 69 cents a share, below a Refinitiv estimate of 75 cents per share. Concho also issued disappointing gas production guidance for the third quarter.
Corteva — The agricultural chemicals maker delivered second-quarter results that beat expectations, sending its stock up 10.8%. Corteva earned an adjusted $1.42 per share on $5.56 billion in revenue. Analysts polled by Refinitiv expected a profit of $ per share on sales of $5.52 billion. The company said sales from other markets, particularly in Latin America, helped cushion a slowdown in North America.
Kellogg — Kellogg shares surged 8.2% after the cereal maker announced its quarterly results, which topped analyst expectations. The company reported earnings per share of 99 cents on revenue of $3.461 billion. Analysts expected a profit of 92 cents a share on sales of $3.406 billion. Organic revenue grew in every region except for Latin America, Kellogg said.
Vertex Pharmaceuticals — Shares of the pharmaceutical company jumped 8.5% on the back of quarterly earnings and revenue that beat expectations. Vertex posted a profit of $1.26 per share on revenue of $941.3 million. Wall Street expected earnings per share of $1.07 per share on sales of $885.6 million. Sales for its cystic fibrosis-treatment drugs, Kalydeco, Orkambi and Symdeko, helped drive the strong quarter.
RH — An analyst at Bank of America upgraded RH to buy from underperform, noting the home furnishing company has "less risk " to its margins moving forward and "further upside on stronger product momentum." The upgrade sent RH up 2%.
IBM — IBM rose 3% after an analyst at Morgan Stanley resumed coverage of the stock with an overweight rating, citing the company's growth and margin expansion and noting IBM is in the "later innings of a transformation."
Beyond Meat — Beyond Meat shares slid more than 10% after the company priced a secondary stock offering at $160 per share. That share price is an 18.6% discount from Wednesday's closing price of $196.51. Beyond Meat has been on fire since its IPO earlier this year, skyrocketing 212%.
Fitbit — Fitbit plummeted 18.6% after the fitness-device maker cut its revenue guidance for the year on weak sales of its new Versa Lite smartwatch. The company expects revenue around a midpoint of $1.455 billion. That's below earlier guidance of $1.55 billion.
Clorox — Clorox shares fell 3.1% after the company issued set a weaker-than-expected fiscal 2020 revenue growth forecast. The company expects revenue for the fiscal year to range between flat and 2% growth. Clorox also reported a 4% drop in sales for the previous quarter owing in part to unfavorable foreign currency exchange rates, particularly in Argentina.
Yeti Holdings — Yeti reported a 21% increase in its inventory, sending the company's stock down nearly 5% and overshadowing stronger-than-expected quarterly results. Yeti said the increase reflects "the strategic buildup of Drinkware in advance of potential additional tariffs."
Shopify — Shopify jumped 9.5% on Thursday after the e-commerce company's results beat expectations on the top and bottom lines in the second quarter. The company reported 14 cents in earnings per share on $362 million in revenue, topping Refinitiv estimates of 3 cents per share on $350.5 million in revenue. Subscription and merchant revenues topped analyst expectations and Shopify's margins were bigger than expected.
Crocs — Shares of Crocs soared more than 10% on Thursday after the shoe company beat earnings expectations for its second quarter. The company garnered 59 cents per share on $358.9 million in revenue as e-commerce revenues grew by 18%. Analysts had expected 46 cents per share and $358.9 million in revenue, according to Refinitiv.