Check out the companies making headlines in midday trading. Spotify – Shares rose 10.4% on Tuesday after the company posted a surprise profit in the third quarter, its first quarterly profit in more than a year. The company cited cost-cutting measures, including lower market expenses and layoffs, as well as increased subscription costs, for a profit of 65 million euros. Coca-Cola – The beverage maker rose 2.9% after beating analysts’ expectations in the third quarter. Coca-Cola earned an adjusted 74 cents per share on revenue of $11.91 billion. Analysts polled by LSEG, formerly known as Refinitiv, forecast earnings per share of 69 cents on revenue of $11.44 billion. The company also raised its outlook. DraftKings – The sports betting stock rose 3.7% after MoffettNathanson upgraded the stock to “buy” from “neutral.” The company said DraftKings had better-than-expected financials and above-average revenue. General Electric – The industrial stock rose 6.5% after beating Wall Street expectations for both third-quarter earnings per share and revenue. General Electric also raised its full-year forecast, noting increased demand in its aerospace business. 3M – The conglomerate rose 5.3% after beating analysts’ expectations and raising its profit outlook in the quarter. Specifically, 3M said full-year adjusted earnings should be higher than previously expected, in part due to successes in restructuring and expense control. Barclays – U.S.-listed shares fell 7%. The British bank reported a 16% drop in third-quarter profit, which it attributed in part to lower investment banking revenue. Alphabet, Snap and Microsoft – Famous technology stocks rose as investors prepared for their earnings reports after the market closed. Snap rose more than 2%, while Google parent Alphabet gained nearly 1.7%. Microsoft rose about 0.4%. Coinbase – A breakout in Bitcoin price sent Coinbase up 6.3% and pushed other crypto stocks higher on Tuesday. Bitcoin proxy Microstrategy gained 12.6%, while Bitcoin miners Marathon Digital and Riot Platforms gained more than 11% and 10%, respectively. Other trading platforms also saw a boost: Robinhood rose 1.6% and Block, which runs Cash App, rose 3.3%. Redfin – Real estate stocks rose 5% a day after Apollo Capital and its affiliates agreed to provide up to $250 million in financing to the real estate brokerage via a loan, according to a filing with the U.S. Securities and Exchange Commission and Exchange Commission). The loan extended Redfin’s debt maturity date to 2028. TrueBlue – The workforce solutions provider slumped 21.7% after reporting a weak third-quarter report and guidance for the current quarter on Monday. The company missed the consensus estimates of analysts surveyed by FactSet in both divisions in the quarter, while its fourth-quarter revenue forecast also came in lower than expected. Hexcel – The aerospace stock fell 7.7% after Hexcel missed third-quarter sales and profit forecasts on Monday. Hexcel reported adjusted earnings of 38 cents per share on revenue of $419.5 million. Analysts polled by FactSet expected profit of 43 cents per share on revenue of $427.1 million. Agilysys – Agilysys shares rose 25.4% in trading. The hospitality software developer beat profit and revenue expectations last quarter, according to FactSet. Additionally, full-year revenue guidance was raised to $235 million to $238 million, up from the previous guidance of $230 million to $235 million. It also beat the FactSet consensus estimate of $233.7 million. Braze – Customer Engagement shares rose 3.4% after DA Davidson upgraded the stock to Buy from Neutral. The company cited robust growth and a move to profitability as reasons to be bullish on the stock, even in a difficult spending environment. The Trade Desk – Shares rose 3.9% after Loop Capital initiated coverage on the advertising technology stock with a buy rating. According to Loop, the company has one of the best long-term growth stories for technology and media investors. Planet Fitness – The gym chain rose 2.9% after Baird called the stock a new pick. Baird said shares could have “compelling upside potential” if management can improve unit economics to catalyze a renewed acceleration in growth from 2025. Criteo – The advertising technology stock traded 3.4% higher after KeyBanc initiated coverage with a buy rating. KeyBanc said the company has made advances in retail media that were overlooked due to other factors. Rio Tinto – Metals and mining stocks rose 3.4% after Barclays upgraded its weighting to overweight from equal weight. The bank said the company’s shares are in an attractive place. FMC – The chemical maker fell 3.5% due to a downgrade from overweight to equal weight by Morgan Stanley. The bank warned that FMC could experience slow revenue growth. PVH – PVH shares rose 3.6% after JPMorgan upgraded the apparel stock to overweight from neutral as the brand focuses on increasing the desirability of its Calvin Klein and Tommy Hilfiger brands and makes a series of “fundamental” changes. —CNBC’s Sarah Min, Samantha Subin, Hakyung Kim and Tanaya Macheel contributed reporting.
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October 24, 2023
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