Here’s a look at some of the companies that were catching our eye in midday trading. Brinker International – Shares plummeted about 12% after the Chili’s parent company issued a lower-than-expected full-year profit outlook and also reported disappointing fourth-quarter results. The company reported adjusted earnings of $1.61 per share, below the Street accounts’ expectations of $1.72 per share. Brinker expects earnings per share of $4.35 to $4.75 for fiscal 2025, below the consensus estimate of $4.78. Victoria’s Secret – Shares soared more than 16% after the company announced it would appoint former Savage x Fenty CEO Hilary Super as the company’s CEO, effective Sept. 9. The company also released preliminary second-quarter results, with adjusted operating income and adjusted diluted earnings per share in the range above previous guidance. Flutter – Shares rose more than 9% after FanDuel’s parent company reported better-than-expected second-quarter earnings. Flutter posted $3.61 billion for the quarter, beating the $3.4 billion consensus estimate from Street accounts. The sports betting company also raised its full-year guidance. KelaNova – KelaNova rose 7.7% after it agreed to be acquired by snack maker Mars for about $36 billion, or $83.50 per share in cash. The deal comes after Kellogg split into two public companies, KelaNova and WK Kellogg, late last year and is expected to close in the first half of 2025. Alphabet – Shares fell about 3.5% after Bloomberg News reported, citing people familiar with the discussions, that the Department of Justice is considering breaking up the tech giant. If the DOJ goes ahead with the plan, the company’s Android operating system and Chrome browser could be included in the sale. Arm Holdings – The British chip designer’s U.S.-listed shares rose 4.3% after Intel sold 1.18 million shares. The move comes as Intel focuses on restructuring and cost cutting, and the company’s shares fell 2.2% in midday trading. Cardinal Health – Shares rose more than 5% after the healthcare company’s fourth-quarter results beat Wall Street expectations. Cardinal reported earnings of $1.84 per share on revenue of $59.87 billion, excluding special items. Analysts surveyed by StreetAccount had expected the company to earn $1.73 per share on revenue of $58.64 billion. Cardinal also raised its full-year profit outlook. Starbucks – The coffee chain’s shares fell about 4% after soaring 24.5% the previous day after it announced it would replace its current CEO with Chipotle CEO Brian Nicol. Following the news, several firms including Deutsche Bank and Stifel also upgraded the company’s shares. Illumina — The biotech stock rose 2.2% after TD Cowen upgraded its rating to buy from hold. The firm said Illumina’s recent guidance revision and management changes could lead to a rise in the stock. Nu Holdings — Shares of the Brazilian digital banking platform jumped 4% after Nu reported better-than-expected second-quarter results. Adjusted net income of $563 million beat the FactSet consensus estimate of $460.3 million. Revenue of $2.85 billion also beat expectations of $2.57 billion. — CNBC’s Alex Harring, Sarah Ming, Pia Singh and Michelle Fox reported.
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