By Check out the companies making the biggest moves midday.
SolarEdge Technologies — The solar stock tumbled 18.36% after the company reported $991 million in revenue, missing analysts’ estimates of $992 million, according to Refinitiv. SolarEdge also issued disappointing third-quarter revenue guidance.
CVS Health — The retail pharmacy stock gained 3.3% Wednesday after the company posted strong earnings and revenue for the second quarter. CVS reported earnings of $2.21 per share on revenue of $88.9 billion, while Wall Street analysts expected $2.11 per share on earnings of $86.5 billion, according to Refinitiv.
Norwegian Cruise Line — The cruise stock sank 3.97%, a day after reporting weaker-than-expected guidance for the third quarter. Its second-quarter earnings, however, topped analysts’ estimates. Shares were also downgraded by Susquehanna to neutral from positive. The Wall Street firm said Norwegian’s return to pre-pandemic EBITDA margin will take some time.
Emerson Electric — Shares rallied 3.83% following Emerson Electric’s earnings and revenue beat for its fiscal third quarter. The company reported adjusted earnings per share of $1.29, topping the $1.10 expected from analysts polled by StreetAccount. Revenue was $3.95 billion, compared with the $3.88 billion expected by Wall Street.
Pinterest — The social media platform slid 3.83% despite beating expectations on revenue for the second quarter. Pinterest posted $708 million against FactSet’s $696.4 million consensus estimate. Pinterest’s third-quarter revenue growth forecast, however, missed expectations.
Starbucks — Shares edged 0.86% higher following the coffee giant’s earnings report. Starbucks’ adjusted earnings per share for the fiscal third quarter was $1, versus the 95 cents expected by analysts, per Refinitiv. However, revenue fell short at $9.17 billion compared with the $9.39 billion expected.
Advanced Micro Devices — The chipmaker’s shares declined 7.02% in reaction to its second-quarter earnings release Tuesday after the bell. While the company posted better-than-expected earnings in the prior quarter, its forecast for the third quarter was weaker than analysts’ estimates amid a weak PC market. Several Wall Street firms, including Bank of America and JPMorgan, said the company may be nearing the peak of its rally.
Humana — Shares popped 5.6% after the health insurer reported second-quarter adjusted earnings per share of $8.94, topping the $8.76 per share anticipated by analysts, per StreetAccount. Humana forecast its Medicare Advantage business will grow by about 825,000 members in 2023.
Generac — Shares dropped 24.4% after the company posted a second-quarter earnings miss. Adjusted earnings per share came in at $1.08, versus StreetAccount’s estimate of $1.16. The company also lowered its forecast for residential product sales in the second half, citing a softer-than-expected consumer environment.
Scotts Miracle-Gro — The stock sank 19.01% after the maker of consumer lawn, garden and pest control products reported an earnings and revenue miss for its third quarter. Scotts also forecast a bigger-than-expected revenue decline for the fiscal 2023 year.
Freshworks — Shares popped 18.48% after the software as a service company beat expectations for both earnings and revenue. Canaccord Genuity upgraded the stock to buy from hold and hiked its price target to $25 from $15, suggesting 37% upside from Tuesday’s close.
Robinhood — The retail brokerage’s stock shed 3.34% ahead of the company’s quarterly results, due after the bell. Analysts are expecting a quarterly loss of 1 cent, according to StreetAccount.
Paycom Software — Shares tumbled 19.19% despite the payroll provider’s earnings and revenue beat after the bell Tuesday. However, the company’s revenue guidance for the third quarter was $410 million to $412 million, compared with the $412 million expected from analysts polled by StreetAccount.
Chinese tech stocks — Shares of Chinese technology stocks dropped after regulators in China proposed limits on smartphone use for minors. U.S.-listed shares of JD.com slid 4.47%, Baidu fell 4.24%, Alibaba dropped 5.02%and Tencent Music shed 4.78%.
— CNBC’s Hakyung Kim, Pia Singh and Alex Harring contributed reporting.
