Check out the companies making headlines in midday trading.
Kellogg — Shares jumped more than 8% after the cereal and snack food company beat expectations on the top and bottom lines for the first quarter. Kellogg earned an adjusted $1.11 per share on $3.58 billion in revenue, helped by growth internationally. Analysts surveyed by Refinitiv were looking for 96 cents in earnings per share and $3.38 billion in revenue. The company also hiked its full-year guidance.
Uber — The ride-hailing company's shares tumbled more than 7% following a revenue miss. Uber posted $2.9 billion in revenue in the first quarter, below an estimate of $3.3 billion per Refinitiv. The company saw its loss improve, however, due to the sale of its self-driving unit ATG. Uber lost 6 cents per share for its latest quarter, compared to expectations of a 54 cents a share loss.
Tapestry — The apparel stock fell 4.8% despite a stronger-than-expected report for the company's fiscal third quarter. Tapestry reported 51 cents in adjusted earnings per share on $1.27 billion in revenue. Analysts surveyed by Refinitiv had penciled in 31 cents per share on $1.22 billion in revenue. The company did not provide detailed guidance for the full fiscal year, citing uncertainty about the pandemic.
Anheuser-Busch InBev — The brewer's shares rose 6% after the company announced that CEO Carlos Brito will step down this summer. Brito will be succeeded by Michel Doukeris, who runs Anheuser-Busch InBev's North American business. The company also reported stronger-than-expected earnings for the first quarter.
Moderna — Shares of Moderna fell 2% in midday trading a day after U.S. Trade Representative Katherine Tai said on Wednesday that Washington supports waiving intellectual property protections for manufacturers of Covid-19 vaccines. Moderna, which produces one of just a few vaccines authorized for emergency use in the U.S., fell 6.1% on Wednesday. Pfizer, another vaccine maker, was down 1.8% on Thursday.
Sunrun — Shares of the residential solar company advanced more than 8% after Sunrun beat revenue estimates during the first quarter, while also raising its full-year guidance. Goldman Sachs reiterated its buy rating on the stock following earnings, saying it's a "bellwether solar name."
Etsy — The e-commerce retailer's stock dropped 14% after the company warned of slowing user growth. The retailer did, however, beat top and bottom line estimates during the first quarter. The company earned $1.00 per share on $551 million in revenue. Analysts surveyed by Refinitiv were expecting the company to earn 88 cents per share on $530 million in revenue.
PayPal — Shares of the payments company climbed more than 2% following a stronger-than-expected quarterly report. Its earnings per share came in at $1.22, adjusted, versus $1.01 per share expected in a Refinitiv survey of analysts. PayPal's first-quarter revenue also beat expectations. On the earnings call, CEO Dan Schulman pointed to cryptocurrency as a key growth engine and touted an upcoming 'digital wallet' product.
– CNBC's Jesse Pound, Pippa Stevens, and Yun Li contributed reporting.
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