A view of the Norwegian Encore cruise ship during its inaugural voyage from PortMiami, November 21-24, 2019.
Orlando Sentinel | Tribune News Service | Getty Images
Check out the companies that are making the headlines in midday trading.
State Street – The financial company's stocks rose 2.9% after hitting the upper and lower bounds of quarterly results. State Street reported earnings of $ 1.97 per share on sales of $ 3.03 billion, while analysts reported earnings of $ 1.79 per share on sales of $ 2.94 billion, according to Refinitiv Dollars expected.
Moderna – Moderna shares rose more than 10% when it was announced that the pharmaceutical company would join the S&P 500 on Wednesday, July 21. Moderna will replace Alexion Pharmaceuticals, which will be acquired by AstraZeneca.
Charles Schwab – The online broker's shares ticked about 2% lower after the quarterly results were released. According to Refinitiv, Schwab earned 70 cents per share and missed estimates by 1 cent. The company had sales of $ 4.53 billion, beating estimates of $ 4.46 billion. Schwab also saw a slowdown in new customers, which stood at 1.7 million in the second quarter, from a record 3.2 million in the first quarter.
The Honest Company – The maker of eco-sustainable lifestyle products jumped 2.3% after Loop upgraded it from a hold to a buy after a recent price decline. Retail demand is strong, Loop said, and any weakness related to the second quarter destocking should be offset in the second half of the year.
iHeartMedia – The media company's stock rose 1.7% after Goldman Sachs began reporting as a buy. Goldman also said iHeartMedia is well positioned to make the transition from legacy radio broadcast to digital-first audio media.
Dow – The chemical stock fell 3% after Bank of America downgraded the Dow from neutral to underperformance. The company issued a notice to its customers that there was a downside risk to the price of polyethylene in the United States that could affect the company's share price.
Carnival Corp, Norwegian Cruise Lines – Cruise lines declined Friday, with Carnival down about 4.6% and Norwegian more than 5%. The company's shares fell despite positive news that Canada will allow cruise lines to resume operations in its waters ahead of schedule on November 1. The Canadian government had previously extended its cruise ban until the end of February 2022. Norwegian and Carnival stocks are down double digits this month.
Tencent Music Entertainment – The shares of the Chinese music streaming service fell more than 5% after Morgan Stanley downgraded the stock from overweight to equal weight. The Wall Street firm said rising regulatory issues in China will prevent Tencent Music Entertainment from recovering from the rough first half of the year. The stock is down nearly 40% this year.
Uber – The rideshare company's stock rose 1% before falling slightly after MKM named it a top pick, saying that Uber finally has a "line of sight" on profitability and is expecting a revaluation to the upside for stock.
– CNBC's Maggie Fitzgerald, Hannah Miao, Yun Li, Jesse Powell and Michael Bloom contributed to the coverage
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