Stocks making the biggest moves midday: Tesla, Penn National Gaming, Facebook, Microsoft & more
Check out the companies making headlines in midday trading on Thursday:
Tesla — Shares of Elon Musk's automaker jumped 10.3% after Tesla handily beat analyst estimates for its fourth-quarter earnings. Tesla delivered a profit for the second consecutive quarter and said it expects positive cash flow and net income on a continuing basis going forward. On the company's conference call with shareholders, Musk said Tesla does not expect to raise capital any time soon, instead focusing on lowering costs such as producing batteries.
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Penn National Gaming – The casinos company's stock rose 6.4%, furthering gains made since Penn announced it was taking a 36% stake in digital sports media company Barstool Sports. Penn plans to launch a Barstool Sportsbook brand, while Barstool will promote Penn's casinos and interactive offerings.
Facebook — Shares of the social media giant tanked 6.1% on investor worries about slower revenue growth and increased expenses. Facebook reported full-year 2019 costs and expenses grew 51% year-over-year. Facebook also reported revenue growth of 24.7%, the fourth straight quarter that the company delivered less than 30% growth in that category.
Coca-Cola — Shares of the beverage giant jumped 3.3% after reporting strong quarterly earnings. Coca-Cola's revenue came in at $9.085 billion, topping the forecast $8.888 billion. Earnings per share were in line with estimates at 44 cents. The bright spot for the beverage company was worldwide organic revenue growth of 7%, compared to the estimate of 4.8% growth, according to Refinitiv. Coca-Cola CEO James Quincey told CNBC the Coke brand and Coke coffee are driving growth.
Hershey — Hershey's stock gained 4.6% after the candy maker posted fourth-quarter earnings and revenue that topped analyst estimates. The company reported a profit of $1.28 per share on sales of $2.07 billion. Analysts expected a profit of $1.24 per share on revenue of $2.06 billion, according to Refinitiv. The beat was driven by international revenue growth of 6.3%.
Microsoft — Shares climbed 2.8% on the back of quarterly results that beat analyst expectations. The tech giant posted a profit of $1.51 per share on revenue of $36.91 billion. Analysts polled by Refinitiv expected earnings per share of $1.32 per share on revenue of $35.68 billion. Azure, Microsoft's cloud business, saw growth of 62% in the quarter.
DuPont du Nemours — Shares fell 8.6% after the company missed analyst estimates for fourth quarter revenue. DuPont's earnings per share came in at 95 cents, which was in-line with Street consensus, but the $5.20 billion in revenue was below the $5.22 billion the Street had been expecting, according to FactSet. The company also issued guidance that fell short of expectations.
United Parcel Service — Shares of the shipping company dropped 6.7% after the company reported fourth quarter results. EPS came in at $2.11, which was in-line with Street estimates compiled by FactSet. Revenue, however, came up short, and the company's full-year earnings guidance was also light.
Spirit AeroSystems — Shares of Spirit AeroSystems dropped 3.8% after the aerospace company announced a slow schedule for resuming Boeing 737 Max production. The company said in a statement that will ramp up deliveries throughout the year to reach a total of 216 Max shipsets to Boeing. Spirit also said it doesn't expect to achieve a production rate of 52 shipsets per month until late 2022.
Carnival Corp. — Shares of the cruise line fell 3.8% after a Carnival-owned cruise ship in Italy was placed on lockdown over coronavirus fears. About 6,000 tourists are being held on the ship, as a "sanitary protocol" has been activated due to concerns about the health of a Chinese woman on board.