The Harley-Davidson LiveWire electric motorcycle
Source: Harley Davidson
Check out the companies making headlines in midday trading.
Shopify – Shares jumped more than 4% after the Canadian e-commerce company unveiled a partnership with TikTok to help its clients advertise on the Chinese social media platform The deal allows TikTok users to click on an ad to buy products sold through Shopify merchants.
Harley-Davidson — The motorcycle maker rallied more than 25% on the back of much better-than-expected results for the previous quarter. The company reported earnings per share of 78 cents on revenue of $964 million. Analysts had forecast a profit of 21 cents per share on revenue of $844 million, according to Refinitiv. Revenue from Harley-Davidson's motorcycles was higher than expected along with sales from parts and accessories.
Caterpillar – Shares dropped 3% after the heavy machine maker reported a big decline in earnings. Caterpillar posted adjusted earnings per share of $1.34 on revenue of $9.9 billion in the quarter. Its third-quarter profit per share dropped 54% year over year. Still, the results came in above Wall Street's expectations. Analysts were expecting earnings per share of $1.18 on revenue of $9.798 billion, according to Refinitiv.
Advanced Micro Devices —The chipmaker slid 3.1% after ity announced that it would acquire Xilinx in a $35 billion deal. Shares of Xilinx rose about 10% following the news. AMD also reported third quarter results that topped Wall Street estimates.
Stanley Black & Decker – Shares of the tool maker slid 4% after the company said it earned $3.85 billion during the third quarter, which was short of the $3.99 billion expected by analysts polled by FactSet. Earnings per share of $2.89 on an adjusted basis was, however, ahead of the expected $2.69 per share. The company said shipments for some of its segments were shifted into the current quarter from September.
Chegg — The online education company plunged 10% despite its strong earnings and positive outlook. Chegg reported earnings of 17 cents per share on revenue of $154.0 million. Wall Street expected earnings of 10 cents per share on revenue of $143.7 million, according to Refinitiv. Chegg also gave strong fourth quarter and 2021 revenue guidance.
Restaurant Brands International — The chain restaurant stock fell 2.4% despite better-than-expected results for the Burger King owner in the third quarter. The company reported 68 cents in adjusted earnings per share and $1.34 billion in revenue. Analysts surveyed by FactSet were expecting 63 cents per share and $1.33 billion in revenue. The company did report sales declines for Burger King and Tim Hortons.
Raytheon Technologies — Shares dropped 4% after the defense contractor reported mixed third-quarter numbers. The company's earnings beat analyst expectations, but sales from its missiles and intelligence divisions were lower than anticipated.
JetBlue Airways – The airline slid more than 3% as the coronavirus pandemic continues to roil the airline industry. During the third quarter, JetBlue lost $1.75 per share on an adjusted basis, which was smaller than the expected loss of $1.96 per share, according to estimates from Refinitiv. The company also beat revenue expectations and said it was encouraged by upcoming holiday bookings.
AIG — Shares of the insurance giant popped 2% after announcing it intends to separate its life and retirement business. The company's executive team said "a simplified corporate structure will unlock significant value for shareholders and other stakeholders."
Eli Lilly — Shares of the pharmaceutical company fell 5% after missing on the top and bottom lines of its earnings report. Eli Lilly reported earnings of $1.54, below the $1.71 forecast by analysts, according to Refinitiv. Revenue came in at $5.74 billion, missing estimates of $5.88 billion.
Centene — The healthcare company fell 3.5% despite reporting strong quarterly earnings. Centene earned $1.26 per share on revenue of $29.09 billion. Wall Street expected earnings of 96 cents per share on revenue of $28.23 billion.
3M — Shares of the manufacturing giant fell more than 1% despite the release of better-than-expected results for the previous quarter. 3M said its earned $2.43 per share on revenue of $8.35 billion. Analysts polled by Refinitiv expected a profit of $2.26 per share on revenue of $8.32 billion. However, the company also warned it sees poor economic conditions ahead, with fourth-quarter GDP expected to decline year over year.
Twilio— The communications company fell 1.5% despite reporting better-than-expected third-quarter earnings. Twilio reported earnings of 4 cents, topping the loss of 3 cents per share expected by analysts, according to Refinitiv. Revenue came in at $448.0 million, above the forecast $409.9 million.
Charles Schwab — Shares on the e-broker dropped 1.6% after announcing it plans to lay off 1,000 workers.
— with reporting from CNBC's Yun Li, Fred Imbert, Jesse Pound and Pippa Stevens.