Check out the companies that are making the headlines in midday trading.
Snap – Snap stock slumped 26.6% after it released its quarterly results that included both a drop in sales and a profit blow. The social media company said its advertising business had declined due to Apple's privacy changes.
Facebook, Twitter – Social media and digital advertising stocks declined following Snap's findings on the impact of Apple's privacy changes. Facebook shares were down 5.5% and Twitter shares were down 4.8%.
Intel – Intel stocks were down 11.7% after a weaker-than-expected sales report. The semiconductor company blamed an industry-wide chip shortage for its lost revenue and warned that its gross margin and free cash flow would decline over the next two to three years.
Moderna – The biotech company's shares fell 3.8% after Deutsche Bank began coverage of Moderna with a sell rating. The company said potential innovations were already priced into Moderna's stock. “We agree that there is potential to change the dynamics in the broader area of viral infectious diseases (e.
Digital World Acquisition Corp. – The shares of SPAC, which the planned social media platform of the former President Donald Trump brings to the public, rose again in the roller coaster trade. The blank check company, which trades on the Nasdaq under the ticker DWAC, shot up 216% at times and closed 107%. The stock rose more than 350% on Thursday due to its explosive trading volume and volatility.
Honeywell – Honeywell's shares were down 3.2% after the company cut its revenue forecast for the full year. The company also reported quarterly revenue that was below analysts' expectations for the third quarter. However, the result exceeded the forecasts.
American Express – American Express stocks rose 5.4% after the company beat earnings expectations. The company reported earnings of $ 2.27 per share on sales of $ 10.93 billion. Analysts polled by Refinitiv expected earnings of $ 1.80 per share on sales of $ 10.52 billion.
Urban Outfitters – Urban Outfitters' shares rose 1.5% after Citi upgraded the clothing retailer from neutral to a buy rating. "We can't ignore the -25% better risk / reward ratio in stocks since URBN's 2nd quarter (reported August)," said Citi.
VF Corp. – The clothing company's shares fell 4.5% after missing the top and bottom lines of quarterly results. VF Corp. reported earnings of $ 1.11 per share on sales of $ 3.2 billion. Wall Street expected earnings of $ 1.15 per share on sales of $ 3.5 billion, according to Refinitiv.
Seagate – Seagate shares rose 6.1% after the data storage company beat earnings estimates. The company reported earnings of $ 2.35 per share, 13 cents more than expected, according to Refinitiv. Seagate also outperformed revenue estimates and issued strong revenue and earnings per share projections for the current quarter.
Chipotle Mexican Grill – Chipotle shares fell 2.8% despite a profit hit. The fast-casual chain has dashed analyst expectations, expecting adjusted earnings of $ 7.02 per share versus $ 6.32 per share, according to Refinitiv. Higher menu prices helped the company offset higher input costs.
Boston Beer – Boston Beer shares were up 1.6% on the brewery's third-quarter sales report. Boston Beer had sales of $ 561.6 million, according to StreetAccount, beating analysts' consensus estimate of $ 531.5 billion.
Whirlpool – Whirlpool shares rose 2.7% after the home appliance maker beat Wall Street expectations for earnings per share. The company reported earnings of $ 6.68 per share, 56 cents more than Refinitiv's consensus estimate.
Mattel – Mattel's shares rose 0.6% after the toy maker's quarterly report beat analysts' expectations. Mattel posted earnings of 84 cents per share on sales of $ 1.76 billion, while analysts polled by Refinitiv expected earnings of 72 cents per share on sales of 1.69 billion US dollars.
– CNBC's Tanaya Macheel, Maggie Fitzgerald and Yun Li contributed to the coverage