Check out the companies making headlines in midday trading. Pinterest — Shares of the image-sharing social media platform soared 18% on Tuesday, a day after the firm’s third-quarter earnings report beat expectations for earnings and revenue. Pinterest also eased concerns over potential ad revenue loss due to the Israel-Hamas war, saying some of the advertisers that had initially paused spending have already returned. Anheuser-Busch — The beer maker climbed 4.5% after reporting earnings of 86 cents per share in the third quarter, beating the consensus forecast of 83 cents per share from analysts polled by LSEG. Revenue, came in at $15.57 billion, below the $15.73 billion anticipated. Anheuser-Busch also reaffirmed guidance. Caterpillar — The equipment manufacturer slipped 5% as investors worried fourth-quarter revenue could underwhelm Wall Street. Caterpillar said in its earnings presentation that revenue in the fourth quarter would be just “slightly” above the same quarter a year prior. JetBlue — Shares of the airline plunged 11% to a nearly 12-year low after Jet Blue posted third-quarter results that came in below analysts’ expectations. The company also forecasted a loss for the fourth quarter and full year. JetBlue lost 39 cents per share, excluding items, on $2.35 billion of revenue, while analysts polled by LSEG expected a loss of 25 cents per share on $2.38 billion of revenue. JetBlue’s trial to defend its acquisition of budget carrier Spirit Airlines , whose stock tumbled 14.1%, also began on Tuesday . Arista Networks — Shares of the cloud networking solutions company rallied more than 12% following better-than-expected quarterly earnings. On Monday, Arista reported adjusted earnings of $1.83 per share on $1.51 billion in revenue. This was higher than the $1.58 in earnings per share on $1.48 billion in revenue that analysts had forecasted, according to FactSet. Wolfspeed — The semiconductor stock surged 20% after the company posted a narrower-than-expected loss for the fiscal first quarter. On Monday, Wolfspeed said it lost 53 cents per share, excluding items. THat compares to analysts’ forecast for a 67-cent loss per share, according to LSEG. Revenue missed expectations, coming in at $197 million against a $208 million expectation. Chegg — Shares of the educational technology stock tumbled 15% on Tuesday, despite beating expectations for the third quarter and offering strong current-quarter guidance a day earlier. Chegg saw 18 cents earned per share, excluding items, on $158 million in revenue, while analysts polled by LSEG anticipated 17 cents and $152 million. The company also gave a solid V.F. Corporation — The apparel and footwear stock dropped 13% a day after V.F. Corp withdrew its previously shared guidance for full-year revenue and profit. The company also said the Vans brand would struggle in the near future due to a tougher wholesale market in the U.S. BP — The U.S.-traded shares of the British oil giant fell more than 4% after BP’s third-quarter report showed a key profit metric falling by more than 50% year over year. BP reported underlying replacement cost profit of about $3.3 billion, down from nearly $8.2 billion a year ago. Chewy — Shares of the pet food seller added 4% during midday trading following an upgrade to overweight from Morgan Stanley. Despite a weaker overall outlook for the pet industry, catalysts for the stock include growing market share, better-than-expected revenue growth, ongoing margin expansion and a reasonable valuation, the firm said. ON Semiconductor — Shares slid 2.7% after Baird downgraded the stock to neutral from outperform, citing pricing pressures. On Monday, the stock plummeted 21.8% following the company’s disappointing guidance for the remainder of the year. SoFi — The digital finance stock advanced nearly 6% on the back of a Morgan Stanley upgrade to equal weight from underweight. The firm said SoFi’s risks are more than priced in to the stock already. On Monday, SoFi delivered a quarterly report that exceeded analyst expectations and offered strong guidance. Roku — Shares climbed 4% after MoffettNathanson upgraded shares to neutral from sell and said the worst may be in the past for the streaming company. Celsius Holdings — Shares of the beverage maker slipped more than 5% after Morgan Stanley initiated coverage of the stock with an equal weight rating. Morgan Stanley said that while the firm remains optimistic in the long-term growth story for Celsius, shares will have difficulty delivering the same robust growth seen over the last 12 months. Asbury Automotive — The auto stock traded 3% higher on the heels of an upgrade by JPMorgan to overweight from neutral. JPMorgan said investors should buy the dip in the stock after its less-than-stellar performance this year. — CNBC’s Pia Singh, Yun Li, Hakyung Kim, Lisa Kailai Han, Brian Evans and Jesse Pound contributed reporting.
Read the full article here