Finance News

Shares that make the largest strikes at midday: Twitter, Snap, American Categorical, and extra

Check out the companies that are making the headlines in midday trading.

Snap – Snap's shares rose 23.9% after second-quarter results turned out better than expected. The social media company saw strong growth in users, interactions, and ads.

Twitter – Twitter stocks rose roughly 3% after reporting the fastest revenue growth since 2014. The social media platform reported earnings of 20 cents per share and, according to Refinitiv, exceeded analyst estimates of 7 cents per share.

Intel – The chipmaker's shares fell 5.3% after the company released cautious forecasts for margins this quarter. Intel forecast a non-GAAP gross margin of 55% for the third quarter, a significant decrease from 59.2% in the second quarter. Intel said the reduced margin was due to supply bottlenecks as well as costs related to building chips with a new process technology.

American Express – The payment giant's stocks rose 1.3% after hitting the upper and lower bounds of quarterly results. American Express reported earnings of $ 2.80 per share on sales of $ 10.24 billion. Wall Street expected earnings of $ 1.66 per share on sales of $ 9.58 billion, according to Refinitiv.

Honeywell – The industrial conglomerate's stocks were down 1.5%, despite the company beating estimates in the second quarter. Honeywell earned $ 2.02 per share, which Refinitiv estimates was above its expected $ 1.94. At $ 8.81 billion, sales were also above the expected $ 8.64 billion. Honeywell has also raised its forecast for the year.

Boston Beer – Boston Beer slipped 26% after the company lowered its outlook for 2021 on expected weak sales of its hard seltzer brands. The company earned $ 4.75 per share for the quarter, which Refinitiv estimates was below its expected $ 6.69 per share. Sales also fell short of expectations. Goldman Sachs downgraded the company from Buy to Neutral.

Skechers – Skechers shares rose 5.9% after the footwear company reported sales of $ 1.66 billion in the last quarter, beating analysts' forecasts of $ 1.5 billion. Skechers also issued strong earnings and sales forecasts for the third quarter and full year.

Veoneer – Veoneer shares rose 56.4% after the Swedish automotive technology company announced it would be bought by Canadian auto parts maker Magna International for about $ 3.8 billion. The transaction will support Magna in its efforts to improve its driver assistance technology business.

TAL Education, New Oriental Education and Technology – US-listed Chinese education stocks plummeted after reports of government crackdown on the sector, including foreign investment bans. TAL Education stocks fell 70.8% while New Oriental Education and Technology stocks fell 54%. Educational institutions are banned from publicly raising money while foreign capital cannot invest, according to a copy of the Chinese-language document reviewed and translated by CNBC.

– CNBC's Tanaya Macheel, Yun Li, Pippa Stevens and Maggie Fitzgerald contributed to the coverage

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