A mechanic works on a motorcycle at a Harley-Davidson showroom and repair shop in Lindon, Utah, Monday, April 19, 2021.
George Frey | Bloomberg | Getty Images
Find out which companies are making headlines in the midday business.
Harley-Davidson – Shares of the motorcycle company soared 13% after Harley announced that its quarterly profits beat estimates for revenue and net income. The Wisconsin company said higher shipments and high prices helped its performance.
rollin — The pest control services company jumped 10% after strong third-quarter results. Rollins posted earnings of 22 cents per share, compared to FactSet estimates of 21 cents per share. Revenue was $729.7 million for the quarter versus $714.9 million estimated by analysts, according to FactSet.
Spotify – Shares of the audio streaming company fell more than 8% after Spotify reported a bigger-than-expected third-quarter loss. The loss per share was 0.99 euros per share on 3.04 billion euros in revenue. Analysts polled by Refinitiv had expected a loss of 0.85 euros per share and 3.02 billion euros in revenue. Spotify’s gross margin has shrunk year on year even as the number of subscribers has grown.
Hess Corp. – The oil and gas explorer saw its shares rise 5% midday after a better-than-expected quarterly earnings report, according to FactSet. Hess also reported Guyana’s net production of 98,000 barrels of oil per day, down from 32,000 in the year-ago quarter.
Carnival Corp — The cruise line saw its shares gain 3% after announcing the closing of $2.03 billion in senior senior notes due 2028, issued by one of its subsidiaries for refinancing.
Alphabet – Shares of Google’s parent company fell 6% on Wednesday after reporting quarterly results that fell short of Wall Street’s high and low expectations. A shortfall for YouTube ads weighed on the quarter. Alphabet also said it would downsize in the future.
Microsoft – Microsoft fell about 5%, a day after software maker Windows released its fiscal first quarter results and offered weak guidance for the quarter ending December. The decline came despite comments from Barclays analysts on Wednesday, who said management continues to target revenue and earnings that “should deliver relative outperformance.”
Visa – Shares jumped 5.4% after the credit card company beat revenue and profit expectations in its latest quarter and increased its dividend by 20%. Visa reported earnings of $1.93 per share on revenue of $7.79 billion. Analysts polled by Refinitiv had expected earnings of $1.86 per share on revenue of $7.55 billion.
Discover financial services — The financial services stock gained 3.5% following an overweight position in Morgan Stanley. The bank said Discover could use its excess capital to relaunch its buyback program.
biogenic – Shares of Biogen gained 3% after Goldman Sachs upgraded the biotech stock on Wednesday, saying it had much more upside potential on the back of positive new data about the company’s disease-fighting drug Alzheimer’s. Goldman also raised its price target on Biogen, implying a roughly 35% upside from its Tuesday close.
Chipotle Mexican Grill — The chain’s shares fell 2.5% despite third-quarter results that beat analysts’ expectations. CMG posted revenue of $2.22 billion versus $2.23 billion expected by analysts polled by Refinitiv. Chipotle raised menu prices during the quarter, compensating for lower traffic. FactSet noted analysts’ concern that higher prices could potentially hurt comparable sales.
– CNBC’s Jesse Pound, Carmen Reinicke, Michelle Fox, Sarah Min and Samantha Subin contributed reporting.
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