Here are the stocks making the biggest moves in midday trading:
Pinterest — The social media stock soared more than 30% after Pinterest reported a blowout third quarter. The company’s 13 cents in adjusted earnings per share was 10 cents above what analysts surveyed by Refinitiv predicted, while revenue of $443 million beat projections by nearly $50 million. Shares of fellow social media names Twitter and Facebook rose 6.8% and 5%, respectively, as Pinterest’s results fueled growing optimism about the online advertising business.
Ford Motor – Shares of Ford jumped more than 5% after the automaker posted quarterly results that blew past analysts’ expectations. Ford posted an adjusted EPS of 65 cents, well ahead of a Refinitiv estimate of 19 cents. Its automotive revenue also came above forecasts. Ford’s profits in the third quarter were led by its operations in North America, which included stronger-than-expected demand and a rich mix for popular Ford trucks and SUVs as well as commercial vehicles.
Spotify – Shares of Spotify dropped more than 9% after the streaming music service reported a slightly wider-than-expected loss. Spotify lost 68 cents per share in the third quarter, compared to an estimate of a 62-cent loss per FactSet. Its revenue was in line with expectations. The company said its premium subscribers rose 27% to 144 million in the third quarter from a year earlier.
Exxon Mobil – Shares of the energy giant advanced 2% after Exxon said it was maintaining its dividend at 87 cents per share. It was, however, the first time since 1982 that the company didn’t raise its payout. Separately, Exxon also announced its intention to reduce staff by about 1,900 employees through voluntary and involuntary programs in an effort to improve cost efficiencies.
Marvell Technology – Shares of the semiconductor company slid 3% after Marvell said it would buy fellow chip maker Inphi. The combined company will have an enterprise value of roughly $40 billion, Marvell said in a statement. The deal values Inphi at roughly $157.83 per share, more than 40 percent above Inphi’s Wednesday close.
Ebay — The e-commerce stock fell more than 7% despite beating Wall Street expectations its third-quarter results. The company reported adjusted earnings of 85 cents per share compared with 77 cents expected by analysts surveyed by Refinitiv. Revenue beat as well, with eBay reporting $2.61 billion versus $2.48 billion expected. In a note to clients, Atlantic Equities cited weak guidance for international sales and said there were signs the benefits from Covid were “transitory” for eBay.
Tapestry — Shares of the Coach-parent company rose 3.6% on the back of quarterly numbers that beat analyst expectations. Tapestry reported an adjusted profit of 58 cents per share on revenue of $1.17 billion. Analysts polled by Refinitiv expected earnings per share of 23 cents on revenue of $1.07 billion. Tapestry also reported triple-digit growth in e-commerce sales.
Comcast — Comcast shares popped more than 2% after the NBCUniversal-parent reported better-than-expected quarterly results. The company posted adjusted earnings per share of 65 cents on revenue of $25.53 billion. Analysts polled by Refinitiv expected a profit of 52 cents per share on revenue of $24.74 billion, according to Refinitiv. Those results were driven by a record increase in high-speed internet clients and nearly 22 million sign-ups for Peacock, NBCUniversal’s streaming service.
Ralph Lauren — The apparel stock sank more than 7% after Ralph Lauren reported revenue for the its fiscal second quarter that were slightly below Wall Street projections. The company generated $1.44 in adjusted earnings per share during the three-month period, with revenues of $1.19 billion. Analysts surveyed by FactSet were looking for 85 cents per share of earnings but $1.20 billion in revenue.
CBRE Group — Shares of the commercial real estate company jumped more than 10% after CBRE beat Wall Street expectations on the top and bottom lines for the third quarter. The company reported 73 cents in adjusted earnings per share and $5.65 billion in revenue, and revenues for its Global Workplace Solutions segment grew year over year despite the pandemic. Analysts surveyed by FactSet had projected 42 cents per share and $5.30 billion.
Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC.
— CNBC’s Pippa Stevens, Yun Li and Fred Imbert contributed to this story.
