A view of the Norwegian cruise ship Encore during its maiden voyage from PortMiami, November 21-24, 2019.
Orlando Sentinel | Tribune News Service | beautiful pictures
Check out the companies that make headlines in midday trading.
Norwegian Cruise Line – Shares fell nearly 12% on Tuesday after the company reported second-quarter results that fell short of Wall Street expectations and showed a occupancy rate of just 65%, compared with more than 100% in the same quarter of 2019. The shipping line said it won’t return to pre-pandemic occupancy until next year, signaling the damage will continue.
Micron Technology The chipmaker’s stock lost 5% after the company reported a drop in demand for DRAM and NAND chips and said it expected a challenging market environment in the fourth quarter. fiscal 2022 and Q1 2023. Several other chip stocks fell according to Micron. Application materials, On semiconductors and Teradyne decreased by about 7%.
Signet Jewelers – The jeweler saw its stock drop about 11.5% after it financial forecast cut for the second quarter and the full fiscal year 2023, said sales fell in July as inflation spurred consumers to rein in their spending. The company also announced the acquisition of Blue Nile, but said the acquisition will likely not be profitable until the fourth quarter of fiscal 2024.
Nielsen – Shares of the audience data analytics company jumped more than 21% after the company postponed a court meeting and special meeting of shareholders, where it was expected to finalize a preliminary agreement between a private equity firm and WindAcre. WindAcre currently owns about 27% of Nielsen.
Ralph Lauren – The luxury retailer fell 7% even after the company reported stronger-than-expected quarterly results. The company posted adjusted earnings for the first fiscal quarter of $1.88 per share, beating the $1.71 level analysts had expected, according to FactSet. Ralph Lauren also topped its revenue expectations, thanks to steady demand for higher-priced clothing.
Main finance team – The investment and insurance company saw shares rise 7% after reporting strong quarterly results. The company reported non-GAAP operating income of $1.65 per share. According to FactSet, this is higher than the $1.39 per share analysts had estimated.
News Corporation – Shares rose 5% after the company’s quarterly earnings were 37 cents per share, beating estimates of 9 cents per share, according to Fact Set. Revenue of $2.67 billion was higher than estimates of $2.58 billion.
Novavax – Shares drop 29% after biotech company cut its full-year revenue guidance almost half due to weak demand for coronavirus vaccines in the country. Novavax is expected to generate $2 billion to $2.3 billion in revenue by 2022, compared with the previous guidance of $4 billion to $5 billion.
Allbirds – The stock price of the shoemaking company fell more than 23% after the company cut the financial forecast for the year, citing slowing consumer spending. It also announced several efforts to cut costs after reporting a larger quarterly loss than a year earlier.
Mysterious Oil Shares of Occidental rose 3.8% on news that Berkshire Hathaway raised its stake in the oil giant to more than 20%. Warren Buffett has increased his stake in the energy producer since March.
– CNBC’s Carmen Reinicke, Yun Li, Sarah Min and Samantha Subin contributed reporting