Office of the Blackstone group in Luxembourg.
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Find out which companies are making the midday headlines.
DiDi – Shares of the Chinese rideshare giant fell more than 9% after Bloomberg News reported that Beijing is considering tough penalties ranging from a massive fine to even forced delisting after its IPO last month. DiDi shares have fallen around 25% since its IPO in late June under regulatory pressure. China is conducting a cybersecurity review on the company after alleging that Didi illegally collected user data.
Blackstone Group – The investment firm’s shares jumped more than 4% after Blackstone beat second quarter earnings estimates. The company reported earnings per share of 82 cents on revenue of $ 2.12 billion, with total assets under management increasing 21% year-over-year. Analysts polled by Refinitiv were looking for 78 cents in earnings per share and $ 1.84 billion in revenue.
Southwest Airlines – The airline’s shares fell more than 4% despite profiting in the second quarter after receiving federal aid. Excluding exceptional items, the airline recorded a larger loss than expected by analysts. Sales of the Dallas-based airline rose nearly 300% from the previous year to $ 4 billion. It was still down 32% from $ 5.9 billion in the same period in 2019. Second-quarter net income totaled $ 348 million, compared to a loss of $ 915 million a year earlier . The airline also warned of rising fuel prices and costs associated with returning employees from voluntary leave in the current quarter.
Netgear – Shares of the computer hardware maker fell more than 10% after the company reported lower than expected sales and earnings for its most recent quarter. Netgear said supply chain constraints and factory closures due to the pandemic weighed on its performance. The company also gave indications below analysts’ forecasts.
Crocs – Crocs shares jumped more than 5% after the shoemaker reported exploding second-quarter profits. The company posted adjusted quarterly earnings of $ 2.23 per share versus expected $ 1.60, according to Refinitiv. Crocs also reported record revenue of $ 640.8 million. The shoemaker raised his forecasts for the whole year in a context of strong demand.
Las Vegas Sands – The casino giant’s share price fell more than 3% after the company failed analysts’ expectations in the second quarter. Las Vegas Sands reported a loss of 26 cents per share excluding items on revenue of $ 1.17 billion. Analysts polled by Refinitiv had expected a loss of 16 cents a share on $ 1.41 billion in revenue.
Whirlpool – Whirlpool shares fell around 1.5% despite the company beating earnings estimates in the second quarter. Whirlpool earned $ 6.64 per share on an adjusted basis, which was above the expected $ 5.90, according to Refinitiv estimates. Revenue also exceeded expectations and the company raised its forecast for the full year.
Unilever – Unilever shares fell about 5% despite a better than expected second quarter earnings report. The consumer products giant said an increase in commodity costs would hurt its full-year profit margins.
MDH Acquisition Corp. – Shares of the black-check company rose 1.7% at midday following news that Olive.com and PayLink Direct had merged with MDH to form a new publicly traded company. Olive.com – an online vehicle protection and payment platform – will be listed on the New York Stock Exchange under the ticker “OLV”.
DR Horton – The homebuilder’s shares fell 2.3% despite both better and worse results in its quarterly results. DR Horton earned $ 3.06 per share on sales of $ 7.28 billion. Analysts had expected earnings of $ 2.81 per share on revenue of $ 7.19 billion, according to Refinitiv.
Union Pacific – Railways stock jumped 1.4% after the company reported better-than-expected quarterly profits. Union Pacific posted second-quarter EPS of $ 2.72, ahead of a FactSet estimate of $ 2.55 per share. Income also exceeded expectations.
– with reporting from CNBC’s Yun Li, Jesse Pound, Pippa Stevens and Hannah Miao.