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Chipotle, Microsoft, Alphabet and more

Chipotle, Microsoft, Alphabet and more
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Signs are displayed in front of a Chipotle Mexican Grill Inc. restaurant in San Francisco, California, U.S., on Monday, July 20, 2020. Chipotle is expected to release earnings results on July 22nd.

David Paul Morris | Bloomberg | Getty Images

Check out the companies making headlines in midday trading.

Chipotle Mexican Grill– Chipotle’s shares rose more than 16% afterwards The restaurant chain reported its quarterly results on Tuesday after the bell. Earnings improved mainly due to price hikes to offset inflation, and the company said it was poised for another hike in August. UBS on Wednesday affirmed Chipotle as a buy after the results.

alphabet — The Google parent rose 6% thereafter shows strong year-over-year search revenues growth in the last quarter. Despite it a miss on the top and bottom linesResults were better than feared.

Microsoft — The Windows and Xbox manufacturer Soared more than 4% after issuing a rosy earnings forecast for the next year. However, Microsoft reported quarterly results that missed analysts’ expectations for both revenue and earnings. Microsoft posted its slowest revenue growth since 2020 at 12% year over year in the second quarter.

Shopify — Shopify gained 6% despite the e-commerce platform posting disappointing earnings and a weak outlook going forward. It was inflation and rising interest rates will hurt consumer spendingrepeating what it said Tuesday when it announced layoffs.

Enphase Energy — The stock of solar systems jumped 18% after releasing strong results for the last quarter. Enphase said strong growth in Europe amid rising natural gas prices contributed to the results.

PayPal – PayPal shares surged 11% after the Wall Street Journal reported that activist investor Elliott Management had taken a stake in the company.

Teva Pharma — Shares of the Israel-based pharmaceutical company rose nearly 25% after it reached a tentative agreement to pay more than $4 billion for its alleged role in the opioid crisis.

Spotify — Shares surged 14% after the music streaming service reported a 14% increase in premium subscribers in its latest earnings report. Spotify reported a worse-than-expected quarterly loss but beat analysts’ revenue estimates.

Garmin — Shares of the electronics equipment maker fell more than 7% after second-quarter sales fell to $1.24 billion. Analysts polled by Refinitiv had expected $1.34 billion. The company cited a strong dollar and supply chain issues as reasons for the weakness. Garmin’s adjusted earnings per share came in at $1.44, or 4 cents better than estimates.

hilton – The hotel stock rose nearly 5% after beating estimates for second-quarter revenue and earnings. Hilton reported adjusted earnings per share of $1.29 on revenue of $2.24 billion. Analysts polled by Refinitiv were expecting earnings per share of $1.04 on sales of $2.08 billion. Hilton said revenue per available room increased 54% compared to the prior-year quarter. The hotel chain also raised its full-year earnings guidance.

– CNBC’s Tanaya Macheel, Jesse Pound, Sarah Min, Carmen Reinicke and Yun Li contributed coverage.

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