Stocks making the biggest moves midday: Amazon, Verisign, Honeywell and more
Check out the companies making headlines in midday trading.
Amazon — Shares of the e-commerce company slumped 13% after issuing weak revenue guidance for the current quarter. Amazon also shared a $7.6 billion loss on its investment in electric vehicle maker Rivian, which lost more than half of its value in the previous quarter.
Verisign — Shares of Verisign lost 13% after the Internet infrastructure company reported first quarter earnings of $1.43 per share, which was below analysts’ estimates of $1.50 per share, according to FactSet. Following the results, Baird downgraded the stock to neutral from outperform.
Honeywell — Honeywell’s stock price rallied 2.6% after the aerospace products company topped analysts’ expectations. The company posted earnings of $1.91 per share on revenues of $8.38 billion. In comparison, analysts expected earnings of $1.86 earnings per share on revenues of $8.29 billion, according to Refinitiv.
Mohawk Industries — The flooring company’s shares jumped more than 7% following Mohawk’s quarterly results. Mohawk topped revenue estimates of $2.85 billion, according to FactSet, posting $3.02 billion for the quarter.
AbbVie — Shares of the biopharmaceutical company plummeted more than 9% after AbbVie lowered its full year guidance. AbbVie reported earnings of $3.16 per share, surpassing FactSet consensus estimates of $3.14 earnings per share. However, the company reported a wide revenue miss with revenues of $13.54 billion, compared to consensus estimates of $13.66 billion from FactSet.
Charter Communications — The telecommunications company saw shares fall more than 8% after it reported adjusted EBITDA of $5.21 per share for the first quarter, which slightly missed estimates of $5.26 per share, according to FactSet. Revenue of $13.20 billion also slightly missed estimates of $13.21 billion, according to FactSet.
Intel — Intel’s stock price tumbled 6.3% after the semiconductor company issued weaker-than-expected guidance for its fiscal second quarter. The company reported earnings that otherwise surpassed expectations.
Colgate-Palmolive — Shares for Colgate-Palmolive dropped 5% even after the consumer products giant reported earnings. The company earned 74 cents per share, the same as expectations from analysts polled by Refinitiv. Revenues came in at $4.4 billion, in line with consensus expectations from Refinitiv. Colgate-Palmolive also said it expects a decline in gross profit margin for the 2022 fiscal year.
Roku — Roku’s stock gained more than 5% after the company beat revenue estimates. The company posted revenue of $733.7 million, compared to analysts’ expectations of $718.1 million, according to FactSet. The digital media player manufacturer also issued weak revenue guidance for the second quarter.
Tesla — Shares popped more than 2% even after CEO Elon Musk sold roughly $8.4 billion of Tesla’s stock following his bid to take Twitter private.
— CNBC’s Samantha Subin contributed reporting
