Check out the companies that are making the headlines in midday trading.
Roku – Roku's shares fell nearly 7% after the streaming video company released a gloomy outlook. The company said the outlook for the advertising industry remains uncertain in the second half of the year, and it believes total television advertising spending will not recover to pre-Covid-19 levels "well into 2021". However, Roku reported an unexpectedly small loss and beat sales estimates.
Penn National Gaming – Penn National Gaming stocks rose more than 14% after the gambling company posted quarterly sales that exceeded analyst estimates. Penn National had revenue of $ 305.5 million for the second quarter, compared to Refinitiv estimates of $ 249.1 million. The company also said the launch of the Barstool Sportsbook betting app remains on track for the third quarter.
Western Digital – Western Digital stocks fell more than 16% on mixed results for the company's fourth quarter. The hard drive and data storage company reported earnings per share of $ 1.23, beating a FactSet estimate of $ 1.22 per share. However, Western Digital's sales of $ 4.29 billion were below its forecast of $ 4.34 billion. The company expects earnings between 45 cents per share and 65 cents per share for the first quarter. That's well below a FactSet median estimate of $ 1.35 per share.
ViacomCBS – ViacomCBS stocks rose nearly 5% after the media company reported results that exceeded Wall Street's expectations. The company earned $ 1.25 per share, beating analysts' estimates of $ 0.93 per share, according to Refinitiv. Sales were also above estimates. Bob Bakish, chief executive of ViacomCBS, said on earnings announcement that the second quarter was the low point for ad declines.
Bausch Health – Bausch Health stocks fell nearly 8% after the company announced it would be outsourcing its Bausch & Lomb eye care unit to a separate publicly traded company. The company hopes to create value from the eye business.
Etsy – Online market shares fell nearly 5% despite beating the income statement for quarterly results. Etsy made 75 cents per share on sales of $ 429 million. Wall Street expects earnings of 39 cents per share on sales of $ 330 million per refinitive. Etsy also made strong forecasts for the current quarter.
Wix – Wix shares fell 10% after the website building platform posted an unexpected quarterly loss. Wix announced it lost 26 cents per share in the second quarter, while Wall Street analysts expected earnings of 24 cents per share. However, the company had better than expected sales.
Becton, Dickinson and Company – Medical technology stocks were down more than 9% following third-quarter results. FactSet estimates the company made $ 2.20 per share for the quarter, compared to what analysts expected was $ 2.03. Revenue was down 11.4% to $ 3.86 billion, inconsistent with the street consensus of $ 3.94 billion.
– CNBC's Maggie Fitzgerald, Fred Imbert, Pippa Stevens and Jesse Pound contributed to the coverage.
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