The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sector this year, spiked on Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
An oil processing facility at Abqaiq and the nearby Khurais oil field was attacked on Saturday.Marketsread more
The subpoeana from Manhattan District Attorney's Cyrus Vance Jr.'s , for President Donald Trump's tax returns, was issued last month to Trump's accounting firm, Mazars.Politicsread more
While the UAW has rejected the offer and sent roughly 48,000 of its workers out on strike, the EV truck is widely expected to remain part of an eventual settlement.Autosread more
While markets await a Saudi update, investors are likely asking how the kingdom left itself so vulnerable, and what it means for the future.Energyread more
The new chief of the Federal Aviation Administration says he plans to test out Boeing's software changes to the 737 Max in a simulator.Airlinesread more
Check out the companies making headlines midday Friday:
Pinterest — Pinterest's stock soared more than 18% after the social media company topped estimates for its second quarter revenues and surpassed 300 million monthly active users. The company reported $261 million in revenue for the quarter, while Wall Street expect $236 million, according to Refinitiv. Compared with the same quarter last year, Pinterest's revenues increased by 62% and its monthly active users increased by 30%.
Newell Brands — Shares of Newell Brands popped more than 14% after the consumer goods company beat expectations for earnings per share and announced it was keeping its Rubbermaid Commercial Products business. Newell generated a profit of 45 cents in its fiscal second quarter, topping a Refinitiv estimate of 36 cents per share. The company announced in 2018 that it was looking to divest its commercial Rubbermaid line, but has now reversed course.
Etsy — Etsy fell 12.4% after the e-commerce marketplace reported mixed second-quarter results. The company posted earnings per share of 14 cents on revenue of $181 million, versus Refinitiv estimates of 13 cents earnings per share on sales of $183 million. The company also increased its revenue guidance for the year. Etsy CEO Josh Silverman said in a statement that the company has "bold new initiatives" which it believes will enhance the shipping experience, among other things.
Square — Square shares plummeted 14.1% after the company announced lower-than-expected current quarter guidance and said it would sell off its food ordering platform. Square expects total net revenue to range between $1.13 billion and $1.15 billion. The company announced it would sell off its food ordering platform Caviar to DoorDash for $410 million in cash and stock.
NetApp — NetApp plunged 20.2% after the data storage company reported preliminary fiscal first-quarter revenue that disappointed investors. The company said sales would range between $1.220 billion and $1.230 billion. Still, CEO George Kurian said NetApp remains confident in its long-term strategy.
Arista Networks — The computer networking company's stock dropped 10.3% on the back of weaker-than-expected results for the second quarter. Arista earned an adjusted $2.44 per share on revenue of $608.3 million. Wall Street expected a profit of $2.20 per share on sales of $606.9 million, according to Refinitiv. Arista cited growth in its cloud networking business as a strongpoint for the quarter.
Fortinet — The cybersecurity company's stock surged 8.9% as investors cheered stronger-than-expected second-quarter results. Fortinet reported posted earnings per share of 58 cents on revenue of $521.7 million. Analysts polled by FactSet expected a profit of 50 cents a share on sales of $511.1 million. CEO Ken Xie said strong billings in the U.S. helped drive the strong quarter.
Noble Energy — Shares of Noble Energy jumped 7.4% after the company reported a smaller-than-forecast loss for the second quarter. Noble posted a loss of 2 cents a share while analysts polled by Refinitv expected a loss of 11 cents per share. The company said its sales volumes exceeded its guidance.
BlackLine — The software company's stock surged 31.7% on the back of strong second-quarter results. BlackLine reported earnings per share of 10 cents on revenue of $69.7 million. Analysts expected a profit of 1 cent a share on sales of $68 million, according to FactSet. "Strong demand for our solution and a record number of large deals" led to the strong results, CEO Therese Tucker said.
GoPro — GoPro dropped 12.7% after the company's results came in short of estimates. The camera company posted an adjusted profit of 3 cents a share, 1 cent below a Refinitiv estimate. However, the company indicated it expects improving prospects on the horizon, raising its outlook for the second half of the year. It also said it saw a 15% increase in revenue from subscription services.
SVMK — Shares of SurveyMonkey climbed roughly 17.9% after the company beat estimates on the top and bottom lines and was upgraded to buy from neutral by UBS. The company reported a loss of 1 cent per share on $75.1 million in revenue, topping analyst expectations of a 5 cent loss on $72.5 million in revenue. SurveyMonkey's "business model continues to demonstrate pricing power, increased customer spend & higher customer retention," UBS said, raising the price target on the stock to $24 per share from $16.