Check out the companies making headlines in midday trading.
General Electric — Shares of the industrial company jumped more than 8% after GE reported a surprise adjusted profit for the third quarter and higher revenues than expected. The company reported 6 cents in adjusted earnings per share and $19.42 billion in revenue. Analysts surveyed by Refinitiv had projected a loss of 4 cents per share and $18.73 billion in revenue.
Bed Bath & Beyond — Shares of the retailer sank 11% after the company announced new financial targets for the years ahead. Bed Bath & Beyond said it expects same-store sales to be "stable" in 2021 before growing in the low-to-mid single digits by 2023. The company reported same-store sales growth of 6% during the most recent quarter.
UPS — Shares of the shipping company fell nearly 5% after UPS failed to provide future earnings guidance. Despite the disappointing silence on outlook, UPS topped analysts estimates for its quarterly report. UPS earned $2.28 per share on revenue of $21.24 billion. Analysts expected earnings of $1.90 on revenue of $20.19 billion, according to Refinitiv.
First Solar – Shares of the solar panel maker jumped more than 11% after the company's third quarter results handily beat analyst expectations. First Solar earned $1.45 per share during the quarter, which was more than double the expected 63-cent profit per share, according to estimates from FactSet. Revenue jumped 70% year over year to $928 million.
Mastercard — Mastercard shares dropped more than 5% after the credit card giant posted disappointing third-quarter results. The company reported earnings per share of $1.60 per share on revenue of $3.84 billion. Analysts polled by Refinitiv expected a profit of $1.66 per share on revenue of $3.96 billion. Mastercard also warned the slowdown in travel due to the pandemic could put further pressure on its finances.
CoreLogic — Shares of the real estate fintech company popped more than 13% on news of a potential takeover bid. CoreLogic said it is "engaging with third parties indicating preliminary interest based on public information in the potential acquisition of the Company at a value at or above $80 per share." CNBC's David Faber had reported the news prior to CoreLogic's announcement.
Tupperware — Shares of Tupperware soared more than 38% after the maker of home storage products posted a big earnings and revenue beat. Tupperware earned an adjusted $1.20 per share for its latest quarter, well above the Refinitiv consensus estimate of 37 cents. Its revenue was well above forecasts amid a boost from more consumers cooking and storing food at home.
Automatic Data Processing — Shares of Automatic Data Processing jumped more than 6% after the software company reported stronger-than-expected quarterly earnings. ADP posted an EPS of $1.41 for its fiscal first quarter, above an estimate of 99 cents per FactSet. The company's revenue also topped expectations.
Microsoft – Shares of the tech giant slid 4% after the company beat top and bottom line results in the fiscal first quarter, but weak revenue guidance weighed on the stock. Microsoft earned an adjusted $1.82 per share during the quarter on $37.15 billion in revenue, both of which were ahead of the $1.54 profit per share and $35.72 billion in revenue analysts surveyed by Refinitiv had been expecting.
Carnival, Delta, Norwegian Cruise Line — Shares of cruise line operators and airlines fell sharply on fears of a worsening pandemic. Carnival and Norwegian Cruise Line dropped 9.7% and 8.6% respectively, while Royal Caribbean fell more than 6%. American Airlines slid over 4%, and United and Delta plunged 5% each. These stocks have all registered double-digit losses this week alone.
Peloton, Netflix — Shares of the so-called stay-at-home stocks bucked the broader market's trend on Wednesday and investors rotated back into beneficiaries of the pandemic amid a rise in Covid-19 cases. Shares of Netflix rose nearly 1% and shares of stationary bike company Peloton gained 0.6%.
Boeing — Shares of Boeing fell more than 1% after the company announced it would cut thousands of additional jobs through the end of next year as it prepares for weaker aircraft demand for years to come because of the coronavirus pandemic. Boeing reported a narrower-than-expected third-quarter loss, however.
— CNBC's Maggie Fitzgerald, Jesse Pound, Fred Imbert and Pippa Stevens contributed reporting.
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