BUSINESS
Stocks making the biggest moves midday trading
Seatoday.com, Jakarta Merck—Shares added 2.8% after the pharmaceutical company reported third-quarter revenue and adjusted earnings that topped expectations on strong sales of its blockbuster cancer drug, the HPV vaccine, and its COVID drug. Merck also
Hasbro: The toymaker tumbled 11.7% following a weaker-than-expected financial report for the third quarter. Hasbro earned $1.64 per share, excluding items, on $1.5 billion in revenue, while analysts polled by LSEG had anticipated $1.70 per share in earnings and revenue at $1.64 billion.
IBM—Shares of the technology conglomerate jumped 4.9% after the legacy firm posted third-quarter results that exceeded Wall Street estimates. IBM’s overall revenue grew 4.6% year over year in the quarter, or 3.5% at constant currency. The company’s software unit produced $6.27 billion in revenue, up about 8%.
Flex—The electronics manufacturer added nearly 11% after announcing its intention to spin off all remaining interest in Nextracker to Flex shareholders. Additionally, the company boosted its guidance for its fiscal year ending in March 2024. It now expects earnings per share between $2.49 and $2.66 ex-items, versus prior guidance between $2.35 and $2.55 per share.
Align Technology— The medical device maker dropped 24.9% on Thursday after missing Wall Street forecasts in the third quarter and offering weak guidance for current-quarter revenue. Align posted $2.14 in earnings per share, excluding items, and $960 million in revenue in the third quarter. Analysts polled by LSEG expected earnings of $2.26 per share and revenue of $995 million.
Bristol-Myers Squibb— Shares of the drug maker fell 6.2% after the company reported a decline in sales of its popular blood cancer drug, Revlimid, citing generic competition.
Whirlpool— The home appliance company dropped 15.8% on Thursday after Whirlpool issued full-year earnings guidance of about $16 per share. That’s below a StreetAccount estimate of $16.16 per share.
Comcast shares fell 8.4% after the telecom giant reported a loss in high-speed broadband subscribers. Advertising revenue from NBCUniversal was also weak.
Photo Source : cnbc.com
Article Source : cnbc.com
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