A Qualcomm sign is seen at the second China International Import Expo (CIIE) in Shanghai, China November 6, 2019.
Aly Song | Reuters
Here are the stocks making notable moves in midday trading:
Qualcomm – Shares of Qualcomm surged more than 13% after the chipmaker reported stronger-than-expected quarterly results. Qualcomm posted adjusted quarterly earnings of $1.45 per share, beating the Refinitiv consensus estimate of $1.17. Its revenue also came in above forecasts. Qualcomm said it will benefit from the rise of 5G networks and handsets.
Verizon – Shares of Verizon jumped more than 2% after JPMorgan upgraded the wireless telecommunications giant to overweight from neutral. The Wall Street firm said it’s a “defensive” stock poised to grow and gain investors’ “confidence.”
Expedia Group – Shares of the travel website jumped 5% after the company beat top and bottom line estimates during the third quarter. Expedia lost 22 cents per share during the period, which was less than the 79 cent loss analysts surveyed by Refinitiv expected. “Travel demand continued to be significantly impacted by the virus in the third quarter, but the increased travel in the quarter, along with continued progress on our cost initiatives, led to improved financial results,” the company said in a statement.
Match Group – Match Group rose more than 4% after the company said that the pandemic boosted the popularity of its services during the third quarter, with Tinder seeing a 16% jump in average subscriber growth. Revenue grew 18% year over year to $640 million.
General Motors — Shares of the automaker ticked 2% higher after posting better-than-expected earnings for the third quarter. GM earned an adjusted $2.83 per share. Analysts polled by Refinitiv expected a profit of $1.38 per share. The company’s earnings were driven by strong truck and SUV sales in North America.
HanesBrands — Shares of the clothing company tanked more than 20% after issuing weak fourth quarter revenue and earnings guidance. HanesBrands, however, beat on the top and bottom lines of its third quarter results, which were boosted by strong demand in its Champion brand.
Cardinal Health — The health care stock climbed more than 5% after Cardinal beat Wall Street expectations for its fiscal first quarter. The company reported $1.51 in adjusted earnings per share and $39.01 billion in revenue. Analysts surveyed by Refinitiv were looking for $1.13 per share and $38.18 billion. Cardinal did take a $1 billion pre-tax charge related to opioid litigation.
Zynga— Shares of the video game company sank more than 8% despite better-than-projected third-quarter bookings for Zynga. The company reported $628 million in bookings, $2 million higher than analysts surveyed by Refinitiv were looking for, but MKM Partners said in a note that “4Q guidance lacks the leverage investors hoped to see.”
Capri Holdings — The apparel stock jumped more than 8% after Capri Holdings beat Wall Street estimates for its fiscal second-quarter as digital sales climbed 60%. The company reported 90 cents per share in adjusted earnings and $1.11 billion in revenue. Analysts surveyed by Refinitiv projected a profit of 4 cents per share and $925 million in revenue.
Qorvo — The chip stock surged more than 8% after Qorvo reported better-than-expected results for its fiscal second quarter. Qorvo generated $2.43 in adjusted earnings per share on $1.06 billion in revenue. Analysts surveyed by FactSet had expected $2.12 in earnings per share and $1.00 billion in revenue. The company also announced that it had acquired French software company 7Hugs Labs S.A.S. and won a $75 million U.S. federal contract for a production center.
Barrick Gold — The mining stock gained nearly 7% on Wednesday after the company reported better-than-expected earnings for third quarter. Barrick’s adjusted earnings per share of 41 cents was 9 cents higher than analysts had projected, according to FactSet. Barrick also increased its quarterly dividend by 12.5%.
Lumen Technologies — Shares of the telecom company surged 9% after the company formerly known as CenturyLink reported a stronger-than-expected third quarter. The company generated 40 cents in adjusted earnings per share on $5.17 billion in revenue. Analysts were looking for 30 cents per share and $5.14 billion in revenue, according to FactSet.
— CNBC’s Yun Li, Maggie Fitzgerald and Pippa Stevens contributed to this story.
