Stocks making the biggest moves midday: Southwest Airlines, Qualcomm, Roku, Clorox and more

by | Aug 3, 2023 | Financial

Southwest Airlines planes sit idle on the tarmac after Southwest Airlines flights resumed following the lifting of a brief nationwide stoppage caused by an internal technical issue, according to the U.S. Federal Aviation Authority, at Chicago Midway International Airport in Chicago, April 18, 2023.Jim Vondruska | ReutersCheck out the companies making headlines in midday trading.Roku — The streaming platform’s stock shed nearly 2% after Citi downgraded shares to neutral from buy. The firm said that Roku shares, which have jumped about 120% year to date, may have limited further upside.related investing news AMD drops despite topping estimates in latest quarter. Here’s what the pros are sayingChristina Falso21 hours ago Baird says this little-known industrial stock is getting its ‘mojo’ back and can rally 35%Pia Singha day ago Uber shares dip after mixed second-quarter results. Here’s what the pros are sayingChristina Falso2 days agoSimon Property Group — Shares dropped close to 6% after Simon Property Group reported a decline in funds from operations compared with a year ago. During the second quarter, funds from operations came in at $2.88 per diluted share, compared with $2.91 per diluted share in the year-ago period.Southwest Airlines — Shares slipped 2.5% after Jefferies downgraded the air carrier to underperform from hold. The firm cited difficulty competing against premium providers.Etsy — Stock in the e-commerce company plummeted nearly 12% after reporting quarterly results. Etsy disappointed investors Wednesday with lower forward guidance despite a second-quarter earnings beat.Qualcomm — The chipmaker tumbled 9%. Qualcomm posted adjusted revenue of $8.44 billion, falling short of analysts’ estimates of $8.5 billion, per Refinitiv. The company also gave soft guidance and noted weak smartphone chip sales.DoorDash — Shares of the food delivery company jumped almost 4% a day after the firm boosted its annual core profit forecast. DoorDash also reported revenue of $2.13 billion in the second quarter, beating analysts’ estimate of $2.06 billion, per Refinitiv. The company did post a bigger-than-expected loss last quarter, however.Traeger — Stock in the grill maker soared 45% after an earnings beat following the closing bell Wednesday. Traeger reported adjusted earnings of 4 cents per share on $171.5 million in revenue, while analysts polled by FactSet had forecast a per-share loss of 2 cents and $154.9 million in revenue.Clorox — Clorox stock added to earlier gains with a 9.5% jump in midday trading. The company beat on earnings and revenue a day earlier, reporting an adjusted $1.67 per share and $2.02 billion in revenue against analysts’ estimates of $1.18 per share and $1.88 billion in revenue, per Refinitiv.PayPal — Shares lost 11.3% during Thursday’s midday trading session after the payments company posted earnings that were in line with analysts’ predictions Wednesday post-market. PayPal reported adjusted earnings of $1.16 per share, which was also estimated by analysts polled by Refinitiv. The company’s revenue beat the Street’s expectations, posting $7.29 billion compared with analysts’ estimates of $7.27 billion.Sunrun — The solar stock added 10% in midday trading after reporting earnings. On Wednesday, the company reported earnings of 25 cents a share for the second quarter, while analysts forecast a loss of 13 cents a share, per Refinitiv.Shopify — The e-commerce company fell 5% despite an earnings beat. On Wednesday, Shopify reported an adjusted 14 cents per share on $1.69 billion in revenue, while analysts polled by Refinitiv forecast 5 cents and $1.62 billion.EVgo — Shares surged 21% a day after the charging network operator reported a big earnings beat. EVgo posted an 8 cent loss per share, versus the 27 cent loss expected, according to Refinitiv. Revenue was $50.6 million, topping the $29.6 million expectedExpedia — Stock in the online trip planner fell 17% after reporting a revenue miss for the second quarter. Expedia posted $3.36 billion in revenue, falling short of the $3.37 billion analysts expected, according to Refinitiv. The company issued soft guidance for the third quarter.Cummins — Shares fell more than 8% after Cummins missed on earnings in its latest quarterly report. The engine manufacturer reported earnings of $5.18 per share, excluding items, and $8.64 billion in revenue. Analysts polled by FactSet called for earnings of $5.25 per share and $8.39 billion of revenue.— CNBC’s Alex Harring, Yun Li, Michelle Fox, Hakyung Kim, Sarah Min and Pia Singh contributed reporting. …

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