Stocks making moves midday: Airlines, Ford, Western Digital, Vale & more
These are the companies making headlines in the middle of Friday trading:
Intel, AMD – Intel fell 5.5 percent after the chipmaker said it expects revenue to be nearly flat compared to last year. But other chipmakers held up with AMD shares rising 5.2 percent. Many analysts believe Intel's issues were company specific and noted AMD was gaining market share in PCs and other areas.
Western Digital– The semiconductor stock jumped 7.5 percent. Western Digital's earnings were below expectations yet investors welcomed the company's efforts to cut costs.
Ford Motor – The automaker's shares rose 3 percent after CEO Jim Hackett sent an email to employees that last year's "mediocre" results were unacceptable. Hackett said Ford aims to nearly double its annual operating profit, although he did not specify when that would happen.
Vale S.A. – A dam owned by the Brazilian mining company burst on Friday, leading to evacuations. Local emergency personnel in Brazil told AFP that the dam's collapse caused "several deaths" due to a mudslide. Vale stock slid 8.1 percent on Friday.
Delta Air Lines, American Airlines, United Continental – Airline stocks initially fell following reports of delays at airports across the northeastern U.S. on Friday. The government shutdown is causing a rising shortage of air traffic controllers, which delayed flights to and from New York's LaGuardia, Newark Liberty International and Philadelphia International Airport. Shares of the airlines ended the day positive.
Starbucks – The coffee giant's shares gained as the company reported strong sales and earnings growth for its first quarter report. Starbucks saw revenue climb 9 percent year-over-year. Starbucks shares rose 3.6 percent.
ResMed – The medical equipment company stock dropped 19.4 percent after reporting shaky second quarter results, with revenue coming in below Wall Street estimates. ResMed announced a temporary suspension of share buybacks, saying the company needs more cash on hand for acquisitions. Goldman Sachs and J.P. Morgan each downgraded ResMed shares to ratings of neutral and underweight, respectively.
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