Check out the companies making headlines midday Tuesday:
Shake Shack — Shares of Shake Shack closed 18% higher after the restaurant chain reported second-quarter results hat surpassed analysts' expectations. The company reported adjusted earnings per share of 27 cents on revenue of $152.7 million, topping the earnings per share of 23 cents on revenue of $149.8 million analysts polled by Refinitiv had estimated. Shake Shack noted that "digital channels, including delivery, were a key contributor to these results."
Take-Two Interactive — Shares of Take-Two Interactive spiked more than 7% on Tuesday after the video game company reported better-than-expected revenues for its fiscal first quarter and raised its full year revenue guidance. Take-Two reported $422 million in revenue for the quarter, fueled by strong sales from its Red Dead Redemption and NBA 2K franchises, and gave guidance of between $2.60 and $2.70 billion in adjusted revenue for the year. Analysts expected $357 million in revenue and guidance of $2.65 billion, according to Refinitiv.
Ford Motor — Ford's shares ended Tuesday 2.7% higher after Morgan Stanley upgraded the automaker to overweight from equal weight, pointing to a "significant increase" in estimated earnings over the next three years. Analyst Adam Jonas said the stock's recent dip is "a buying opportunity" that "reset [fiscal year 2019] expectations."
Aurora Cannabis — Shares of the Canadian cannabis company rose more than 8% on the back of strong production guidance for fiscal fourth quarter. Aurora expects cannabis production to be at the upper end of its range between 25,000kg and 30,000kg. That's a head of prior guidance of around 25,000kg.
Avid Technology — The technology company's stock plummeted 36% on weak second-quarter results. Avid reported an adjusted profit of 2 cents a share. It was not clear if the earnings were comparable to estimates. Revenue of $98.7 million missed a FactSet estimate of $101.3 million. "We faced certain headwinds during Q2 related to our supply chain transition that brought our Q2 results below expectations," said CFO Ken Gayron.
Dean Foods — Dean Foods fell 36.5% after the food and beverage company's second-quarter earnings missed Wall Street's estimates. The company reported an adjusted loss of 36 cents on revenue of $1.84 billion. Analysts had expected a loss per share of 13 cents on revenue of $1.88 billion, according to Refinitiv. Dean noted that dairy commodity inflation, volume pressure, and an accelerated decline in the white milk category contributed to the weak quarter.
AB InBev — The beer giant was downgraded by an analyst at UBS to neutral from buy, citing a "fair" valuation and slowing earnings growth staring in the third quarter.Â
Northrop Grumman — Northrop Grumman shares rose 3% after Morgan Stanley upgraded the defense contractor to overweight from equal-weight, saying that it is "well-positioned" in the market, citing its focus on high-end technology and other favorable factors which make it the "best long-cycle play."
KLA Corporation — Shares of KLA ended Tuesday more than 7% higher after the semiconductor company's quarterly results beat analyst expectations. KLA generated $1.78 in earnings per share on $1.258 billion in revenue. Analysts expected $1.74 in earnings per share on $1.256 billion in revenue. Revenue from the newly acquired Orbotech helped boost the company despite flat sales in its process control segment.
—CNBC's Jesse Pound, Mallika Mitra and Marc Rod contributed to this report.