Uber, Apple, Wells Fargo and more
Air travelers wait in the carpool lot near a sign for Uber at Los Angeles International Airport (LAX) on August 20, 2020 in Los Angeles, California.
Mario Tama | Getty Images
Find out which companies are making the midday headlines.
Ambarella – Shares of the semiconductor company jumped 20% after Ambarella beat expectations in terms of earnings and results for its second quarter. The company reported adjusted earnings per share of 35 cents on revenue of $ 79.3 million. Analysts polled by Refinitiv expected $ 75.7 million. Ambarella’s third-quarter revenue forecast also exceeded expectations, and the company said it expects a second-half recovery after the Texas freeze earlier this year hit its chain of supply.
PVH Corp – Shares of the clothing company climbed more than 14% on stellar earnings. The owner of Calvin Klein reported earnings of $ 2.72 per share, well above the $ 1.20 per share expected by Wall Street, according to Refinitiv. PVH achieved sales of $ 2.31 billion, exceeding expectations of $ 2.14 billion. The company’s digital revenue grew 35% year over year.
Sunrun – Shares of the solar company jumped more than 6% after JPMorgan reiterated its overweight rating and added the stock to its analyst list. The company cited Sunrun’s strong inventory position, which should help it weather any shortages that could hit the industry. JPMorgan’s 12-month $ 86 price target on Sunrun indicates a rally of over 90%.
Kansas City Southern – The rail freight holding company climbed 3% after Citi upgraded the stock to buy neutral. The company is in the middle of a bidding war between Canadian National and Canadian Pacific. This week, a US regulator rejected a proposed voting trust for the deal. An activist investor from Kansas City Southern also decided to stop the deal. Canadian National Railways stocks rose 3% and Canadian Pacific Railway stocks rose more than 4%.
Wells Fargo – Shares have fallen more than 3.5% as the fake accounts scandal of five years ago continues to plague the company. Shares extended their losses from Tuesday, when banking regulators warned of the possibility of imposing further sanctions on the bank. The Office of the Comptroller of the Currency and the Office of Consumer Financial Protection said they weren’t satisfied at the rate of the bank’s efforts to compensate the victims of the scandal. OCC examiners are among those supposed to testify against former Wells executives later this month.
Uber – The ridesharing company saw its shares jump more than 5% after KeyBanc reiterated it as overweight, saying the company has a big opportunity to gain market share in the delivery space of grocery store. Uber also said on Tuesday it was selling stakes in several Russian companies for $ 1 billion.
Apple – Shares rose nearly 2% after the company announced it was rolling out a feature that will allow users to add driver’s licenses and state IDs to their Apple wallets. Arizona and Georgia will be the first states to adopt this feature. Connecticut, Iowa, Kentucky, Maryland, Oklahoma and Utah will follow. Apple did not specify a timeline.
Campbell Soup – Shares of the food producer rose more than 1% after beating upper and lower estimates for the second quarter. It also released an adjusted earnings outlook for fiscal 2022 of $ 2.75 to $ 2.85 per share, against a consensus estimate of $ 2.87, citing higher input costs and a labor market. restricted.
– CNBC’s Maggie Fitzgerald, Jesse Pound and Yun Li contributed reporting
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