Stocks making the biggest moves midday: Tupperware, Paramount and more
An employee of Tupperware Brands Corporation is at work on the production line at the group’s plant in Joue-les-Tours, centre France, on the day of its 40th anniversary. AFP PHOTO / JEAN-FRANCOIS MONIER (Photo credit should read JEAN-FRANCOIS MONIER/AFP/Getty Images)
Jean-Francois Monier | AFP | Getty Images
Check out the companies making headlines in midday trading.
Tupperware Brands — Shares of Tupperware plunged 42% after a third-quarter earnings miss. The maker of household storage products also said it may not be able to comply with the covenants in its credit agreement, “which raises substantial doubt about the Company’s ability to continue as a going concern,” the earnings release said.
Rogers — The engineering materials maker saw shares tumble 43% after a planned $5.2 billion sale of the company to DuPont De Nemours was terminated, as the companies were unable to obtain clearance from regulators. The deal was first announced Nov. 1, 2021. DuPont’s stock rose about 4%.
Paramount Global — Shares of the media company dropped more than 11% after Paramount’s quarterly results missed expectations, as it suffered from cord cutting and a drop in advertising revenue. Paramount said revenue for its TV media segment was down 5% to about $4.9 billion compared to the previous quarter, as pay-TV subscriber numbers declined.
Estee Lauder — The cosmetic maker dropped 8% after it gave a weak outlook despite beating expectations for the quarter. The company said it was hurt by higher costs, Chinese Covid lockdowns and fluctuating foreign exchange.
Trimble — Shares dropped 7% after Trimble missed revenue expectations in its third-quarter results. The industrial technology firm reported sales of $884.9 million compared to a forecast for $911.4 million, according to consensus estimates on FactSet. Trimble reported earnings per share that were in line with expectations.
C.H. Robinson — The stock fell 6% after the transportation and logistics company reported disappointing revenue in its latest results. CEO Bob Biesterfeld said in a release that fears of “slowing freight demand and price declines in the freight forwarding and surface transportation markets” played out in the third quarter.
Airbnb — The lodging stock fell 10.1% after the company reported earnings per share that beat expectations, while revenue came in line with estimates. The top end of the company’s fourth-quarter revenue guidance, however, came in below some analyst estimates, StreetAccount data shows.
Chegg — The education stock surged more than 22.2% after Chegg beat estimates on the top and bottom lines for the third quarter. The company reported adjusted earnings were 21 cents per share on $164.7 million of revenue. Analysts surveyed by Refinitiv expected 14 cents per share on $158.3 million of revenue. Adjusted gross margin and subscribers both grew year over year.
Clorox — Shares of Clorox slipped 5.3% after the company reported quarterly earnings results that beat Wall Street estimates, but only affirmed their full-year guidance even though they have three full quarter left. The company it its fiscal first quarter reported adjusted earnings per share of 93 cents versus expectations of 75 cents. It also showed $1.74 billion in revenue, where analysts expected $1.69 billion.
Match Group — Shares of the dating app operator climbed 8.4% after the company posted higher-than-expected revenue for the third quarter, according to StreetAccount. Current quarter guidance for adjusted operating income also came in above StreetAccount’s estimates.
Broadridge Financial — Shares fell 6% after the financial technology company missed profit and sales expectations in its most recent quarter. Broadridge Financial Solutions reported earnings of 84 cents per share on revenue of $1.28 billion. Analysts were expecting earnings of 88 cents per share on revenue of $1.26 billion, according to consensus estimates on FactSet.
CVS Health — Shares were up 3.8% after the company beat expectations on revenue and profit for the most recent quarter and raised its adjusted full-year guidance.
Boeing — The industrial giant saw its shares climb more than 2.4% after Chief Financial Officer Brian West told investors it expects to generate $3 billion to $5 billion in free cash flow next year on the back of a ramp-up in deliveries of 737 Max and 787 jets.
Electronic Arts — Shares of Electronic Arts rose 3.2% even after the video game publisher reported lower-than-expected bookings for its fiscal second quarter. Net income was flat year over year despite a stronger dollar weighing on the company’s bookings. EA also said the newest FIFA game is outperforming the 2022 version over its first four weeks.
Caesars Entertainment — Caesars shares gained 2.5% after the company beat analysts’ top- and bottom-line estimates for its latest quarter. The resort operator also reported its digital betting business has turned profitable on an adjusted basis for the quarter, 12 months ahead of its target.
Advanced Micro Devices — The chipmaker saw its shares rise 2% despite reporting quarterly results and issuing guidance that missed analysts’ expectations. Results from all four of the company’s business segments were better than the company had called in its October warning and Morgan Stanley Wednesday reiterated its overweight rating on the stock.
— CNBC’s Sarah Min, Alexander Harring, Jesse Pound, Yun Li, Michelle Fox and Carmen Reinicke contributed reporting