A view of the Norwegian Encore cruise ship during its opening from PortMiami, which took place November 21-24, 2019.
Orlando Sentinel | Tribune News Service | Getty Images
Learn about the companies making headlines in mid-day trading.
State Street — Shares of the financial firm rose 2.9% after beating the top and bottom of its quarterly results. According to Refinitiv, State Street reported earnings of $1.97 per share on revenue of $3.03 billion, while analysts expected earnings of $1.79 per share on revenue of $2.94 billion.
Moderna — Shares of Moderna rose more than 10% on the news that the pharmaceutical company would be joining the S&P 500 on Wednesday, July 21. Moderna will replace Alexion Pharmaceuticals, which is being acquired by AstraZeneca.
Charles Schwab — Shares of the online broker dropped nearly 2% after reporting its quarterly results. According to Refinitiv, Schwab earned 70 cents per share, not projecting 1 percent. The company generated revenue of $4.53 billion, on top of estimates of $4.46 billion. Schwab also showed a slowdown in new customers, which totaled 1.7 million in the second quarter after a record 3.2 million in the first quarter.
The Honest Company — a maker of environmentally sustainable lifestyle products — saw its stock jump 2.3% when Loop upgraded it from hold to buy after a recent pullback in shares. Retail demand is strong, Loop said, and any second quarter destocking-related weakness should be built into the second half.
iHeartMedia – The media company’s stock climbed 1.7% higher after it began coverage as a buyout by Goldman Sachs. Goldman also said that iHeartMedia is well positioned to make the transition from legacy radio broadcasting to digital-first audio media.
Dow – Chemical stocks fell 3% after Bank of America downgraded the Dow from neutral to underperforming. In a note to clients, the firm said there is a risk of a fall in the price of polyethylene in the US, which could push down the company’s share price.
Carnival Corp., Norwegian Cruise Lines — Cruise Lines declined Friday, with Carnival down nearly 4.6% and Norwegian down more than 5%. Shares of the companies fell despite positive news that Canada will allow cruise ships to resume operations in its waters from November 1, which is sooner than planned. Earlier, the Canadian government extended its cruise ban until the end of February 2022. Shares of Norwegian and Carnival are down in double digits this month.
Tencent Music Entertainment — Shares of the Chinese music streaming service fell more than 5% after Morgan Stanley downgraded the stock from overweight to equal-weight. The Wall Street firm said rising regulatory issues in China would prevent Tencent Music Entertainment from bouncing back after the first half of the year. The stock has fallen nearly 40% this year.
Uber — The ride-sharing company saw its stock rise 1% before pulling back slightly after MKM named it a top pick, saying Uber ultimately has a “line-of-sight” for profitability. ” and it expects an upward re-rating. Stores.
— CNBC’s Maggie Fitzgerald, Hannah Miao, Yun Lee, Jesse Powell and Michael Bloom contributed reporting
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