Check out the companies making headlines in midday trading.
Bausch Health – Trading in the pharmaceutical company’s shares was halted after the stock dipped 50%. A Delaware federal court judge issued an oral order regarding patent litigation over Xifaxan, Bausch’s drug that treats irritable bowel syndrome and diarrhea. The order could pave the way for generic competition for the drug in the late 2024 to 2025 time frame, according to JPMorgan. The bank downgraded Bausch on the litigation update, dropping its rating to neutral from overweight.
Wingstop – The fast casual restaurant chain’s shares surged 20.18% following an earnings beat in the second quarter. Wingstop posted adjusted earnings of 45 cents per share, and topped estimates of 36 cents, according to Refinitiv. The company missed revenue estimates but reaffirmed its guidance for the full year.
Meta Platforms – Shares of the Facebook parent company slid 5.22% on the back of disappointing quarterly results. Meta Platforms posted a miss on the top and bottom lines in the second quarter as digital advertising slowed. The company also issued a weak forecast for the current period.
Comcast – The cable and entertainment giant’s shares slid 9.13% despite the company posting strong quarterly earnings and revenue. Comcast failed to add broadband subscribers in the quarter for the first time ever. The company said it lost 30,000 broadband subscribers this month alone.
Qualcomm – Shares of the chipmaker fell 4.54% after the company issued guidance for the current quarter that was short of consensus expectations. Qualcomm’s forecast suggested that the company’s handset sales growth would slow during its fiscal fourth quarter, reflecting a decline in smartphone demand. Still, the company’s third-quarter earnings slightly beat Wall Street expectations.
Stanley Black & Decker – Stanley Black & Decker’s shares plunged 16.07% after the company reported quarterly earnings that missed both top and bottom-line Wall Street estimates. The company also cut its full-year forecast.
Charter Communications – Charter fell 8.48% after the cable company was hit with a hefty legal fine. A court in Texas found the company liable for $7 billion in damages and responsible for an employee who robbed and murdered a customer in 2019, the Wall Street Journal reported.
Solar stocks – Shares of companies that make solar panels or focus on clean energy surged after Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.V., announced they’d reached a deal on an ambitious climate bill. Sunrun jumped 29.97%, and Sunnova was up 27.93%. First Solar gained 15.29%. Enphase rose 7.26% and Constellation Energy added 16.32%.
Etsy – Etsy jumped 9.86% after the e-commerce company beat estimates for quarterly earnings. The company’s quarterly revenue grew more than 10% even amid tough economic conditions.
Southwest – Shares of Southwest Airlines slumped 6.43% after the company said it expects capacity constraints for the rest of the year and issued a mixed guidance. Its earnings report, however, beat analyst expectations.
Spirit Airlines – Shares of the discount airline climbed 5.6% after JetBlue agreed to a $3.8 billion deal to buy Spirit. The deal comes after a bidding war between JetBlue and Frontier Airlines. If the deal is approved by regulators, the combined airline would be the fifth largest in the U.S. Shares of JetBlue dipped 0.36%.
Harley-Davidson – Shares of Harley Davidson jumped 7.76% after it reported quarterly results that beat Wall Street’s expectations. The company also reiterated its full-year guidance, even after it had a two-week halt in production during the quarter due to an issue with a supplier.
Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC.
— CNBC’s Samantha Subin, Sarah Min, Jesse Pound and Tanaya Macheel contributed reporting
This post has been syndicated from a third-party source. View the original article here.