Workers load packages into Amazon Rivian Electric trucks at an Amazon facility in Poway, California, November 16, 2022.
Sandy Huffaker | Reuters
Check out the companies making headlines in midday trading.
Amazon – The e-commerce giant’s stock tumbled 4% despite a revenue beat. Late Thursday, Amazon issued weaker-than-expected guidance for the current period. The company also reported a slowdown in growth within its cloud business.
Alphabet — The tech giant saw its shares drop 1% following the aftermath of its disappointing earnings report. Alphabet’s posted earnings per share of $1.05 missed Refinitiv analyst consensus estimates of $1.18 per share. The company’s revenue of $76.05 billion also fell below the forecasted $76.53. Despite the tough earnings report, Bank of America reiterated the stock as a buy, saying that they expect results in 2023 to be more encouraging.
Apple – The iPhone maker’s stock gained 3% after analysts said they could look past the company’s difficult quarter. Apple missed profit and revenue estimates for its latest quarterly print. The company posted its largest quarterly revenue decline since 2016 as it fended off a strong dollar, China production issues and a difficult macro picture.
Nordstrom — The retailer surged 20% after The Wall Street Journal reported activist investor Ryan Cohen is building a stake and will push for changes in the board, citing people familiar with the matter.
Clorox – Shares of Clorox rose 7% after the cleaning products company posted an earnings beat. The company made $0.98 per adjusted share on revenue of $1.72 billion where Wall Street expected adjusted earnings per share of $0.65 and $1.66 billion in revenue, per Refinitiv.
Starbucks — Shares of the coffee chain fell more than 3% after the company missed Wall Street expectations for quarterly revenue and reported a hit in its international sales from the Covid surge in China. China is the company’s second-largest market.
Ford – Ford Motor…
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