Market Insider

Stocks making the biggest moves midday: 3M, McDonald's, Tesla, Eastman Kodak and more

Traders wearing masks arrive before the opening bell at the New York Stock Exchange (NYSE) on May 26, 2020 at Wall Street in New York City.
Johannes Eisele | AFP | Getty Images

Check out the companies making headlines in midday trading. 

McDonald's — Shares of the restaurant chain slipped more than 2% after the company reported a 30% decline in revenue during the second quarter. Global comparable restaurant sales slid 23.9%, which was wider than the 22.8% decline expected by analysts. U.S. comparable sales fell 8.7%, which was, however, ahead of the expected 10.6% decline.

Pfizer — Shares of the drug maker jumped 3.5% after reporting better-than-expected quarterly earnings. The company reported adjusted earnings of 78 cents per share, higher than the 66 cents per share projected by analysts surveyed by Refinitiv. Revenue fell 11% to $11.8 billion from $13.26 billion during the same quarter last year, but Wall Street saw it as good news since it was more than the $11.5 billion analysts expected. Pfizer also raised its full-year outlook. 

3M — Shares of 3M dropped 4.5% after the industrial conglomerate reported disappointing quarterly profit and revenue. The company earned $1.78 per share in the last quarter, 2 cents a share below estimates, according to Refinitiv. Its net sales also fell to $7.2 billion from $8.2 billion a year ago as the pandemic dented demand across its business units.

Eastman Kodak  — Shares of the photography pioneer rallied more than 250% and were on pace for their best day ever after the U.S. government awarded the company a $765 million loan to manufacture generic drug ingredients. The stock had exchanged hands more than 139 million times by midday trading, easily topping Kodak's 30-day average volume of 280,169. 

JetBlue — Shares of the airline ticked more than 1% lower following its disappointing quarterly results. JetBlue reported a loss of $2.02 per share on revenue of $215 million. Analysts polled by Refinitiv expected a loss of $1.92 per share on revenue of $222 million. 

Altria Group — The tobacco stock gained 1.2% after Altria reported better-than-expected results for the second quarter and raised its dividend. The company reported $1.09 in adjusted earnings per share on $5.06 billion of revenue. Analysts surveyed by Refinitiv had forecast $1.06 in earnings per share and $5.04 billion of revenues. 

Tesla — Shares of the electric car company fell 1.6% after Bernstein's Toni Sacconaghi downgraded the stock to underperform from market perform. Sacconaghi said in a note that the decision was a "valuation call," with the stock trading roughly 70% above Bernstein's target price of $900 per share.

Harley-Davidson — Shares of Harley-Davidson tanked nearly 8% after the motorcycle maker posted an unexpected quarterly loss. The company reported a loss of 60 cents per share, compared to expectations of a 4 cents per share profit, according to Refinitiv. Its revenue also came in well below analyst forecasts as its motorcycles and related products sales dived 53% year over year.

Sherwin-Williams — Shares gained more than 3% after the paint and coatings maker beat top and bottom line estimates in the second quarter. The company earned $7.10 per share on an adjusted basis, compared with the $5.85 expected by analysts polled by Refinitiv. The company said it saw higher do-it-yourself paint sales in the U.S. and Canada as consumers stayed home amid the pandemic.

— With reporting from CNBC's Yun Li, Jesse Pound, Fred Imbert and Pippa Stevens.