People walk past the New York Stock Exchange (NYSE) in the morning as music streaming service Spotify begins trading in shares at the NYSE on April 3, 2018 in New York City.
Spencer Platt | beautiful pictures
Here’s a look at the stocks that made headlines in midday trading on Thursday, February 3.
Meta – Shares of parent company Facebook jumped 25%, wiping more than $200 million in market capitalization, after Meta reported Weaker-than-expected earnings and user numbers in Q4. Facebook also issued disappointing revenue guidance and said that Apple’s privacy policy and the rise of TikTok have hurt its advertising business.
Spotify – Music streaming shares fell 16% after first-quarter user growth guidance failed to impress Wall Street. Spotify said it expected 418 million active users in the first quarter, roughly matching the FactSet StreetAccount estimate. The company reported higher revenue and smaller-than-expected loss per share in Q4but it’s also been embroiled in a controversy over its exclusive relationship with podcast host Joe Rogan.
Pinterest, Snap, Twitter – Shares of social media companies fell after Facebook’s parent Meta Platform reported lower-than-expected user numbers in the fourth quarter. Snap sinks 21%. Pinterest lost 9% and Twitter fell about 6%.
T Mobile – Shares of the telecommunications company rose nearly 10% after the company issued the pink direction. The company said it expects free cash flow to grow about 30% year-over-year in 2022. However, T-Mobile missed revenue estimates for the fourth quarter.
Merck Pharmaceutical stocks fell more than 3% following Merck’s fourth-quarter earnings report. The company beat earnings and revenue estimates, but its full-year guidance fell short of expectations, according to FactSet’s StreetAccount.
McKesson Medical supplies rose more than 4% after McKesson beat final revenue and profit estimates for its fiscal third quarter and offered upbeat guidance. McKesson’s revenue grew 10% year-over-year, driven by growth in the pharmaceutical sector.
DXC . Technology Information technology stock jumped 13% after the company provided a slight boost in earnings in its fiscal third quarter. DXC also said it plans to spend $1 billion on share buybacks next year.
Honeywell – Shares of the group fell more than 5% to a 52-week low after quarterly revenue was hit by supply chain issues and other factors. Honeywell also reported adjusted quarterly earnings of $2.09 per share, beating estimates by a cent, according to Refinitiv.
Alignment technology – Dental stocks fell 1.5% despite beating earnings and revenue estimates. The company released the results on Wednesday. Investment firm Piper Sandler said in a note that weak results for Invisalign cases and margin guidelines may be contributing to the stock’s performance.
Eli Lilly – Shares of the pharmaceutical giant fell 2.7% despite the company beating quarterly results. Eli Lilly’s earnings have been boosted by sales of the diabetes drug Trulicity and Covid-19 therapy.
Biogen Shares of the biotech company fell more than 2% even though the company beat earnings and profit estimates in the fourth quarter. However, according to FactSet’s StreetAccount, the company’s earnings and revenue forecasts for 2022 are not estimates.
