Shares making the largest strikes noon: Disney, Newell Manufacturers, Expedia & extra
A visitor wearing a mask walks outside the Shanghai Disney Resort, that will be closed during the Chinese Lunar New Year holiday following the outbreak of a new coronavirus, in Shanghai, China January 24, 2020.
Aly Song | Reuters
Check out the companies making headlines in midday trading.
Walt Disney Company — Shares of the entertainment giant slipped by about 0.5% despite Disney reporting better-than-expected results for its fiscal first quarter. The company reported earnings of 32 cents per share on $16.25 billion of revenue. The company now has nearly 95 million subscribers for Disney+, but revenue at its parks segment was down 53% year over year.
Newell Brands — Newell, which owns brands including Rubbermaid and Sharpie, saw its shares drop 7.7% after it reported quarterly profit of 56 cents per share, beating estimates by 8 cents a share. Investors seemed to sour on the company’s full-year earnings forecast of $1.55 to $1.65 per share, compared with a consensus estimate of $1.68 a share, amid softness in its writing business.
Coherent — Shares of Coherent are up about 14% on news electronic components maker II-VI is planning a $6.5 billion bid for the laser maker, according to the Wall Street Journal. The bid is worth $260 per share in cash and stock, higher than the $226 per share agreement that Coherent already has with Lumentum Holdings as well as a $240 per share bid from MKS Instruments.
Expedia — The travel stock fell more than 1.5% after a disappointing fourth-quarter report. Expedia reported an adjusted loss per share of $2.64 and $920 million in revenue. Analysts surveyed by Refinitiv were expecting a loss of $1.97 per share and $1.12 billion in revenue. Gross bookings were just a third of what they were for the same quarter in 2019.
Affirm — The fintech stock dropped nearly 8% after the newly public company reported quarterly revenue that topped expectations. Affirm hauled in $204 million in sales for its fiscal second quarter, while analysts polled by Refinitiv had forecast $189.2 million. It wasn’t clear if Affirm’s earnings per share were comparable to a Refinitiv estimate. The stock has rallied about 40% since Affirm went public last month.
AstraZeneca — AstraZeneca said it expects to double monthly COVID-19 vaccine production by April after fixing issues with its manufacturing, sending the biotech stock up nearly 3%. The move would bring monthly production to 200 million doses.
Bausch Health — Bausch jumped about 6% following news that billionaire investor Carl Icahn has taken a 7.8% stake in the company, according to an SEC filing. Icahn, known for trying to instigate change at the companies in which he invests, plans to give input on the drug company’s strategies and possibly seek board representation.
— CNBC’s Yun Li, Jesse Pound and Maggie Fitzgerald contributed reporting.
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