The Disney + (Plus) logo is displayed on a smartphone.
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Check out the companies that are making headlines in midday trading.
Disney – The media giant's shares rose more than 4% after the company announced a major restructuring that will make streaming a "major focus". To accelerate the direct-to-consumer strategy, Disney will centralize its media business into a single organization responsible for content distribution, ad sales and Disney +.
Johnson & Johnson – The pharmaceutical giant's shares fell more than 2% after the company disrupted its coronavirus vaccine pathway due to an "adverse event" with a participant. "We let the security protocol proceed properly here," CFO Joseph Wolk told CNBC. "It should also reassure the public that every scientific, medical and ethical standard is applied here."
Ethan Allen – The furniture company's shares rose more than 12% after reporting preliminary fiscal quarter results of 34 to 36 cents per share, compared to the refinitive estimate of 2 cents per share. Revenue also beat estimates and was $ 151.1 million.
JPMorgan Chase – The bank's stock lost 1.8% despite beating Wall Street expectations for third quarter results, in part due to strong trading volumes and the reduction in loan loss provisions. CEO Jamie Dimon said that in the worst case scenario, which the bank believes is unlikely, JPMorgan would have to post additional reserves of $ 20 billion.
Delta Air Lines – Delta shares fell more than 2% after the airline giant reported a loss of $ 3.30 per share on revenue of $ 3.06 billion. Analysts polled by Refinitiv expected a loss of $ 3 per share on sales of $ 3.11 billion. The company also warned that recovery from the coronavirus pandemic could take two years or more.
Royal Caribbean – The cruise company's shares rose more than 10% after it was announced it launched a public offering of $ 500 million worth of common stock. Royal Caribbean also said it could reassess the employment of its U.S. coastal workers and shut down more ships to cut costs.
BlackRock – The asset manager's shares rose more than 4% after beating sales and earnings estimates in the third quarter. BlackRock, the world's largest wealth manager, earned $ 9.22 per share, compared with $ 7.80 expected by analysts surveyed by Refinitiv. The company posted $ 129 billion in inflows for the quarter, driven by fixed income and cash management.
Fastenal – The industrial utility company's shares fell more than 5% on mixed results in the third quarter. Fastenal reported earnings per share of 38 cents and exceeded a refinitive estimate by only one cent. The company's sales of $ 1.41 billion were just below expectations. "Activity levels throughout the period remained below those seen before the pandemic outbreak and associated mitigation efforts," Fastenal said in a press release.
Citigroup – The bank's shares fell 4.2% despite beating analyst estimates for third-quarter results. The bank reported $ 1.40 per share and revenue of $ 17.3 billion. Analysts surveyed by Refinitiv searched for 93 cents per share and $ 17.2 billion in revenue.
Amazon – The e-commerce giant's stocks rose about 1% as the first day of Prime Day began on Tuesday. The two-day event could become the biggest online shopping day of the year, according to the NPD. 57% of consumers plan to do some if not all of their vacation shopping this week.
– with reports from Pippa Stevens, Jesse Pound and Fred Imbert from CNBC.