People walk past a video sign display with the logo of Roku, the Fox-backed video streaming company that held its IPO on the Nasdaq Marketsite in New York, September 28, 2017.
Brendan McDermid | Reuters
See the companies making headlines in midday trading on Friday.
Amazon — Shares of the e-commerce giant jumped more than 11%, boosting the broader market, after the company reported better-than-expected second-quarter revenue and issued an upbeat outlook. Revenue growth of 7% in the second quarter beat estimates, bucking the trend among Big Tech peers.
Roku — Shares of Roku tumbled 25% after the streaming company reported disappointing second-quarter results as it faced advertising slowdowns. The company shared disappointing guidance for the current quarter, noting that declining ad spending and recession fears could continue to impact its business going forward.
Apple — Shares of Apple rose 3 percent after the company beat Wall Street’s profit and revenue estimates and Chief Executive Tim Cook said he expects growth to accelerate despite “weak spots.” iPhone sales saw double-digit growth in new customers.
First Solar — Shares of First Solar jumped more than 10% after the company reported better-than-expected second-quarter earnings. Oppenheimer also upgraded the stock to outperform from neutral on Friday, citing a deal reached between Sen. Joe Manchin, DW.V. and Senate Majority Leader Chuck Schumer, D-N.Y., on a bill that includes climate spending.
Chevron, Exxon Mobil — Energy stocks jumped on record gains reported in their second-quarter earnings, boosted by higher oil and gas prices. Chevron jumped 8.2% and Exxon Mobil added 4.3%.
Bloomin’ Brands — Shares jumped 2.6% after Bloomin’ Brands reported second-quarter profit that beat analysts’ expectations. The restaurant company behind Outback Steakhouse and other brands earned 68 cents a share on revenue of $1.13 billion. Analysts had expected earnings of 61 cents per share on revenue of $1.1 billion, according to Refinitiv.
Stanley Black & Decker — Shares of the tool maker fell 4% on Friday, building on Thursday’s 16% loss that came after a disappointing quarterly report and a guidance cut. Wolfe Research downgraded the stock to peer-perform from outperform, saying “negative news flow is likely to dominate” for the rest of this year.
Procter & Gamble — The consumer goods company posted mixed second-quarter results, sending shares down 5%. Procter & Gamble also said it expects rising commodity prices to continue to be a challenge going forward.
Church & Dwight — Shares fell 8.4% after the consumer goods company behind Arm & Hammer reported a revenue miss in its latest quarter, citing stronger inflationary pressures.
Intel — The chipmaker’s shares fell 8.8% after a second-quarter report that fell well short of expectations. Intel reported 29 cents in adjusted earnings per share on $15.32 billion in revenue. Analysts polled by Refinitiv had pointed to earnings of 70 cents per share on revenue of $17.92 billion. Third-quarter guidance was also below expectations. Susquehanna downgraded the stock to negative from neutral, warning that free cash flow could be “significantly reduced over at least the next several years.”
— CNBC’s Yun Li, Jesse Pound, Samantha Subin, Tanaya Machil and Carmen Reinicke contributed reporting
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