Stocks making the biggest moves midday: Uber, Pinterest, Caterpillar and more
Check out the companies making headlines in midday trading Tuesday.
Uber Technologies — Uber shares popped 18.9% after the ride-hailing giant reported a quarterly revenue that beat analyst expectations. The company’s revenue came in at $8.07 billion, topping a Refinitiv consensus forecast of $7.39 billion. Still, Uber also reported a big loss per share.
Pinterest — Shares of the image-sharing company surged 11.5% on the back of better-than-expected user numbers. Activist investor Elliott Management also confirmed separately that it’s Pinterest’s top investor and said it has “conviction in the value-creation opportunity” at the company. All that said, Pinterest’s earnings and revenue missed estimates for the second quarter, and the company gave weak guidance for the third quarter.
Marathon Petroleum — Shares advanced 3.7% after the refining company reported second-quarter earnings that exceeded profit and revenue estimates, boosted by the surge in oil prices.
Gartner — Shares of the research and consulting company gained 7.7% after Gartner topped earnings and revenue estimates for the previous quarter. Wells Fargo also initiated coverage of Gartner with an overweight rating.
Caterpillar — Caterpillar shares slipped 5.8% after the company missed revenue expectations in the second quarter. The industrial giant said its top line was hurt by its exit from Russia and supply chain issues.
Cowen – The brokerage’s stock jumped 8.4% after TD Bank announced a deal to buy Cowen for $39 per share, or roughly $1.3 billion. TD said the all-cash deal should close in the first quarter of 2023. The U.S.-traded shares of TD dipped by less than 1%.
Molson Coors — Shares of the beverage company slid more than 10% after Molson Coors released its latest quarterly results. The company’s earnings were in line with analyst expectations, according to Refinitiv, while earnings were roughly in line with estimates. Molson Coors said that many beer-drinking customers are trading down to cheaper options.
Avis Budget — The vehicle rental company’s stock slipped 4.7% despite a better-than-anticipated quarter. Avis Budget reported earnings of $15.94 per share excluding items on revenues of $3.24 billion. Analysts polled by Refinitiv expected a profit of $3.17 billion.
ZoomInfo Technologies — ZoomInfo jumped 11.2% after reporting better-than-expected quarterly results. The company also raised its guidance for the full year.
— CNBC’s Jesse Pound, Sarah Min and Yun Li contributed reporting