A bottle of Coca-Cola Light is removed for a quality control test at a Coco-Cola bottling plant in Salt Lake City, Utah.
George Frey | fake pictures
Take a look at the companies that make headlines in the midday trade.
Coca-Cola – Coca-Cola gained 2.5% after the beverage giant gave an optimistic view of its future. The company said it expects demand to improve in the future after states ease quarantine and blockade measures. For the second quarter, however, Coca-Cola reported a 33% drop year-over-year.
IBM: IBM shares rose 1% on better-than-expected quarterly results. The company posted an adjusted earnings of $ 2.18 per share in revenue of $ 18.12 billion. Analysts surveyed by Refinitiv expected earnings of $ 2.07 per share on total sales of $ 17.72 billion. IBM also said they increased gross margins for three of its five main units.
Devon Energy – Shares of the independent oil and natural gas company rose more than 12% after Simmons Energy raised the shares to an overweight rating. A jump in oil prices that took West Texas Intermediate crude futures to the highest level since March also raised other names in the sector. Occidental, Apache and Halliburton earned more than 10%, while Exxon and Chevron traded 6% more.
Wells Fargo – The bank’s shares rose 6.3% after announcing that Mike Santomassimo would become chief financial officer, replacing John Shrewsberry. Santomassimo was previously CFO at Bank of New York Mellon. Shrewsberry was chief financial officer for six years, prior to new CEO Charlie Scharf.
Amazon: Amazon shares fell 2.2% in mid-day trading after the e-commerce giant confirmed Tuesday that it will delay its biggest shopping event of the year. In a statement, Amazon said it is delaying Prime Day while “ensuring the safety of [its] employees and support [its] customers and product sales. “Amazon sent an email to its third-party sellers in early summer to use the week of October 5 as a” placeholder date “for coupons.
UBS – UBS shares rose more than 3% after better-than-expected second-quarter earnings. The Swiss lender reported a net profit of $ 1.23 billion, exceeding expectations of $ 973 million, according to Refinitiv. However, the benefit was an 11% drop year over year.
Tapiz: Tapiz’s shares rose 3.5% after Jide Zeitlin resigned as president and CEO of the luxury retailer after the company opened an investigation into his personal behavior. Chief Financial Officer Joanne Crevoiserat, a former Abercrombie & Fitch executive, was named acting CEO of Tapestry. The company also said that its fourth-quarter fiscal results have exceeded internal expectations with inventory levels falling from the previous year.
Lockheed Martin: Stock of the industrial name gained more than 2% after the company earned $ 5.79 a share in the second quarter, which was 7 cents ahead of Street estimates compiled by Refinitiv. The company also exceeded revenue expectations and raised its forecast for the full year.
Philip Morris – Tobacco company shares rose nearly 5% after beating quarterly earnings. Philip Morris earned $ 1.29 a share in revenue of $ 6.65 billion. Wall Street estimated earnings of $ 1.10 per share on revenue of $ 6.50 billion, according to Refinitiv.
Hibbett Sports: Shares of the sportswear and clothing retailer soared more than 17% after the company said its comparable sales in the second quarter would likely increase by more than 70%.
– With reports from Yun Li, Jesse Pound, Fred Imbert, Yun Li and Tom Franck from CNBC.
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