A bottle of Diet Coke is drawn for a quality control test in a Coco-Cola bottling plant in Salt Lake City, Utah.
George Frey | Getty Images
Check out the companies that make headlines in the midday trade.
Coca-Cola – Coca-Cola grew 2.3% after the beverage giant took an optimistic view of its future. The company expects demand to improve in the future after the states relax the quarantine and blocking measures. However, for the second quarter, Coca-Cola saw a 33% decrease year over year.
IBM – IBM shares rose 1%, but closed 0.25% on better than expected quarterly results. The company achieved adjusted earnings of $ 2.18 per share on sales of $ 18.12 billion. Analysts interviewed by Refinitiv expected earnings of $ 2.07 per share and total sales of $ 17.72 billion. IBM also said that gross margins for three of its five main units have increased.
Devon Energy – The independent oil and gas company's stocks rose 10.5% after Simmons Energy upgraded the stock to an overweight rating. An increase in oil prices, which brought West Texas Intermediate's crude oil futures to their highest level since March, also lifted other names in the industry. Occidental, Apache and Halliburton were all up more than 10%, while Exxon and Chevron were both up 6%.
Wells Fargo – The bank's shares rose 6.6% after it was announced that Mike Santomassimo would become CFO and replace retired John Shrewsberry. Santomassimo was previously CFO of the Bank of New York Mellon. Shrewsberry was the CFO of the new CEO Charlie Scharf for six years.
Amazon – Amazon shares fell 1.8% in midday trading after the e-commerce giant confirmed on Tuesday that it would delay its biggest shopping event of the year. In a statement, Amazon said it was delaying Prime Day while "ensuring the safety of its employees, supporting its customers, and selling products". Amazon emailed its third-party vendors earlier this summer to use the week of October 5th as the "placeholder date" for coupons.
UBS – UBS shares rose 2.4% after better than expected second quarter earnings. The Swiss lender reported a net profit of $ 1.23 billion and, according to the refinitive, exceeded expectations of $ 973 million. However, the profit was an 11% decrease over the previous year.
Tapestry – Tapisserie shares rose 4% after Jide Zeitlin resigned as chairman and CEO of the luxury retailer after the company initiated an investigation into his personal behavior. CFO Joanne Crevoiserat, a former Abercrombie & Fitch executive, has been appointed interim CEO of Tapestry. The company also announced that fourth-quarter results for the fiscal year exceeded internal expectations and inventories were down on the previous year.
Lockheed Martin – Industrial name stocks gained 2.6% after the company earned $ 5.79 a share in the second quarter, 7 cents above refinitive street estimates. The company also exceeded sales expectations and raised its full year guidance.
Philip Morris – The tobacco company's shares rose 4.2% after surpassing the income statement for the quarter. Philip Morris earned $ 1.29 per share on sales of $ 6.65 billion. According to Refinitiv, Wall Street estimated earnings of $ 1.10 per share on sales of $ 6.50 billion.
Hibbett Sports – Sportswear and footwear retailer shares rose 12.9% after the company announced that comparable sales are expected to increase more than 70% in the second quarter.
– With reports from Yun Li, Jesse Pound, Fred Imbert, Yun Li and Tom Franck from CNBC.