Facebook co-founder and CEO Mark Zuckerberg smiles at the conclusion of his testimony before the House Energy and Commerce Committee in the Rayburn House Office Building on Capitol Hill April 11, 2018, in Washington, DC.
Here are the companies making headlines in midday trading:
Facebook — Facebook equity rallied 7.4% after the company beat profit estimates by 41 cents a share, with quarterly earnings of $1.80 per share. Revenue also beat estimates. The social media giant also said it expects growth in ad sales despite a boycott by some key advertisers and cutbacks induced by the pandemic.
Eastman Kodak — Shares dropped 27% amid a wild week of trading for the one-time photography giant. On Tuesday, the company announced a $765 million loan from the U.S. government to begin drug production, which kicked off a frenzy of trading activity in the stock. On Tuesday, shares jumped more than 200%, followed by a 318% gain on Wednesday. Despite Thursday and Friday’s declines, the stock is still poised to end the week up more than 960%.
Amazon — Shares of the e-commerce giant jumped 5% on Friday after the company posted better-than-expected second-quarter earnings results. The company reported $10.30 in profit per share and $88.91 billion of revenue for the quarter, easily topping consensus estimates of $1.46 per share and $81.56 of revenue, according to Refinitiv. The company said online grocery sales tripled year over year.
Apple — Shares of Apple soared 7% to an all-time high after the company reported a blowout quarter. The company’s revenue was up nearly 11% year over year, and every major product line saw year-over-year growth as consumers snapped up new iPads and Macs during the lockdowns. The tech giant also reported earnings per share of $2.58, versus the $2.04 estimated per Refinitiv. Apple also announced a 4-for-1 stock split.
Alphabet — Shares of Alphabet dropped more than 4% after the Google parent reported its first revenue decline in company history as advertisers pulled back spending amid the pandemic. The company’s earnings came in at $10.13 per share, beating Street estimates of $8.21 per share, according to Refinitiv. It also beat most expectations with the exception of its Cloud division.
Caterpillar — The industrial giant’s stock fell 3% in midday trading after Caterpillar said before the opening bell that its second-quarter revenue sank 31% from the same period one year ago. The Deerfield, Illinois-based equipment maker posted adjusted per-share earnings of $1.03 on revenues of $10 billion as dealers cut inventories during the second quarter.
Chevron — Shares slipped 5% after the company said it lost $8.3 billion in the second quarter as oil prices declined. The oil giant lost $1.59 per share on an adjusted basis, while revenue came in at $13.49 billion. Analysts expected the company to post a loss of 92 cents per share and $22.097 billion in revenue, according to estimates from Refinitiv. “The past few months have presented unique challenges,” CEO Michael Wirth said in a statement.”
Exxon Mobil — Shares dipped 1% after the U.S.’ largest oil company reported its second straight quarterly loss. Exxon lost 70 cents per share on an adjusted basis in the second quarter, compared with the 61-cent loss analysts polled by Refinitiv had expected. Revenue came in at $32.61 billion, which was also short of the consensus estimate of $38.157 billion. The company cited “global oversupply and COVID-related demand impacts” as reasons for the loss.
Pinterest — The social media stock soared more than 30% after the company said it had 416 daily active users in the second quarter, an increase of 39% year over year. The company’s total revenue rose 4% despite the impact to that industry from the pandemic.
— CNBC’s Pippa Stevens, Jesse Pound and Yun Li contributed to this story.