F, GOOGL, ALK, COIN, SAM and more
Check out the companies making headlines in midday trading. Ford Motor — The Detroit automaker surged 10.7% following its third-quarter earnings beat . Ford’s adjusted earnings of 45 cents per share topped the 36 cents expected from analysts polled by LSEG. Revenue came in at $47.19 billion, versus the $43.08 billion consensus estimate. Alphabet — Shares of the tech giant popped 2.5% after artificial intelligence company Anthropic and Alphabet’s Google officially announced their cloud partnership . The deal, worth tens of billions of dollars, gives Anthropic access to up to one million of Google’s custom-designed Tensor Processing Units, or TPUs. Intel — The chip stock ticked 1.1% higher before surrendering gains, after the company reported better-than-expected revenue as demand for its core x86 processors for PCs recovered. Advanced Micro Devices — Shares of the chipmaker jumped 6.6% after IBM on Friday said it can run a key quantum computing error correction algorithm on AMD’s chips, Reuters reported . Newmont — Newmont shares slid nearly 4% after the company gave disappointing guidance, weighing on shares even as it reported better-than-expected third-quarter results. NFor the third quarter, Newmont earned $1.71 per share, excluding items, ahead of the $1.44 per share FactSet estimate. Revenue of $5.52 billion was higher than $5.19 billion analysts had called for. Comfort Systems — The HVAC stock soared 15.6% following a better-than-expected third-quarter earnings report and a dividend increase. Comfort Systems earned $8.25 per share on $2.45 billion, while analysts polled by FactSet anticipated $6.29 a share and $2.16 billion, respectively. Deckers Outdoor — The Hoka and Ugg maker fell 12% after its revenue forecast fell short of expectations. Deckers expects full-year revenue of roughly $5.35 billion, lower than the $5.45 billion analysts surveyed by LSEG were estimating. Alaska Air — Shares dropped 5% after reporting earnings of $1.05 per share, excluding items, in the third quarter, missing the analyst forecast of $1.13 a share, per LSEG. Alaska also reported a tech outage on Thursday night that grounded and cancelled flights. Coinbase – Shares rallied 8% after JPMorgan upgraded the cryptocurrency exchange’s stock to overweight from neutral and lifted its price target on shares to $404 from $342. The bank cited Coinbase’s exploration of a token launch linked to its decentralized finance platform, Base, and an initiative to attract more customers to the exchange’s subscription service, Coinbase One, as potential catalysts for the stock’s growth. Procter & Gamble — Shares gained 1% after the consumer packaged goods company’s fiscal first-quarter financial results topped Wall Street’s expectations. Procter & Gamble reported adjusted earnings of $1.99 per share on revenue of $22.39 billion. Analysts polled by LSEG had expected EPS of $1.90 on revenue of $22.18 billion. Boston Beer — Shares climbed 6% after the maker of Samuel Adams beer and Twisted Tea beverage posted third quarter earnings that topped expectations, and raised its full year guidance. Third quarter earnings of $4.25 per share exceeded the earnings of $3.33 per share expected by analysts, according to FactSet. Full-year earnings guidance, including tariffs, came in the range of $7.80 to $9.80 per share, more than prior guidance between $6.72 and 9.54 per share. Boyd Gaming — Shares dropped 5% after the online gaming and casino company posted third-quarter results that got a boost from a FanDuel stake sale. Boyd Gaming posted earnings of $1.72 per share on revenue of $1 billion. Analysts polled by FactSet were anticipating earnings of $1.62 per share on revenue of $875.1 million. SLM Corp — The consumer bank’s stock rose 4.6% after the firm raised full-year earnings guidance, while investors cheered solid buyback activity. However, SLM’s third-quarter earnings per share of 63 cents missed FactSet’s estimate of 80 cents. Beyond Meat — The alternative meat maker’s shares slid 6.5% following a price target cut by Mizuho. The bank said that Beyond, which has become a meme stock that has seen wild swings in recent sessions, is facing weakening demand trends. Albemarle — The chemicals manufacturing company saw shares jump more than 8% after Wall Street research firm Rothschild & Co initiated coverage on the stock with a buy rating. The firm said higher lithium prices will lift Albemarle’s sales and margins going forward. General Dynamics — The aerospace and defense stock added 1% after posting third-quarter earnings of $3.88 per share, beating the $3.70 analysts polled by LSEG had expected. General Dynamics’ $12.91 billion revenue was also higher than the forecast $12.57 billion. MNTN — The performance TV software platform provider was upgraded at Citi to buy from neutral, sending shares nearly 13% higher. Citi said it believes MNTN can see customer growth and margin expansion. — CNBC’s Sarah Min, Michelle Fox, Pia Singh, Lisa Kailai Han and Elizabeth Napolitano contributed reporting.
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