Starbucks coffee shop logo in one of their stores.
Stephen Zenner | LightRakete | Getty Images
Check out the companies that are making the headlines in midday trading.
U.S. Steel – The shares of U.S. Steel gained more than 12.9% as the company's quarterly results beat sales and earnings estimates. US Steel reported adjusted earnings of $ 5.36 per share, compared with $ 4.81 per share, according to FactSet. Sales also exceeded analysts' estimates.
Starbucks – The coffee giant's shares fell 6.3% after third-quarter sales fell short of analysts' expectations. China posted a 7% decline in sales in the same store for the quarter, missing Starbucks' previous forecast of unchanged sales growth in the same store.
Amazon – The e-commerce giant's shares fell 2.2% after the company fell significantly short of third-quarter earnings and sales expectations. The company also issued disappointing sales forecasts for the critical Christmas season.
Apple – The tech giant's stock slumped 1.8% after the company's quarterly sales fell below expectations due to larger-than-expected delivery bottlenecks on iPhones, iPads and Macs. It was the first time since May 2017 that Apple's revenue fell short of Wall Street's estimates. In the midst of Friday's stock decline, Microsoft overtook Apple to become the most valuable company in the world.
Chevron – Chevron was up 1.2% after the energy company posted its largest quarterly profit since 2013, driven by rising oil prices and lower operating costs. The company reported adjusted earnings of $ 2.96 per share on sales of $ 44.71 billion. Analysts had expected Chevron to make $ 2.21 per share on revenue of $ 40.52 billion, according to Refinitiv.
Newell Brands – Newell Brands stocks rose 5.1% after the consumer goods company reported better-than-expected earnings results. The company posted earnings of 54 cents per share for the third quarter, 4 cents above estimates. Newell also raised his outlook for the full year.
Gilead Sciences – The pharmaceutical company's stocks traded 3.7% lower in midday trading, despite beating the top and bottom lines of the quarterly results. Gilead saw strong demand for its Covid-19 antiviral treatment, remdesivir, but also said that full-year sales of its non-Covid drugs will not match earlier estimates.
Western Digital – Western Digital stocks fell 8.7% as the computer company beat analyst earnings expectations. The company gave weaker than expected forecasts for the current quarter and said it was affected by supply chain issues.
Church & Dwight – Church & Dwight stocks rose 2.4% after slapping profits. The consumer goods company, parent company of brands like Arm & Hammer and OxiClean, reported earnings per share of 80 cents versus the refinitive consensus of 71 cents per share.
AbbVie – Pharmaceuticals stock rose 4.6% after AbbVie beat third-quarter sales and earnings estimates. The company reported adjusted earnings per share of $ 3.33 on sales of $ 14.34 billion, driven by an increase of approximately 15% in the immunology segment. Analysts polled by Refinitiv expected earnings of $ 3.22 per share on sales of $ 14.32 billion.
– CNBC's Jesse Pound, Yun Li and Maggie Fitzgerald contributed to the coverage.