A look at some of the companies making waves in midday trading: Shake Shack — Shares rose nearly 17% after the burger chain reported better-than-expected earnings. Shake Shack reported earnings per share of 27 cents, excluding items, on revenue of $316 million, beating LSEG’s forecast of $314 million. Shake Shack also lowered its full-year revenue forecast to $1.22 billion to $1.25 billion, from a previous range of $1.24 billion to $1.25 billion, according to FactSet. CH Robinson — Shares soared more than 14% after the logistics company beat expectations with second-quarter earnings of $1.15 per share excluding items, beating the consensus estimate of 96 cents, according to analysts surveyed by LSEG. But revenue of $4.48 billion was slightly below the $4.53 billion estimate. Mobileye Global — Shares fell more than 22% after the company lowered its full-year sales and adjusted operating profit outlook, even though second-quarter profits and sales beat expectations. Moderna — The pharmaceutical company’s shares fell about 21% after it cut its full-year sales outlook. Moderna said it expects lower sales in Europe, a competitive environment for respiratory vaccines in the U.S. and deferred revenue overseas to hurt its results. But second-quarter sales beat expectations and the quarterly loss narrowed more than expected. Teladoc — Telehealth shares fell about 9% after second-quarter sales missed expectations. Teladoc posted second-quarter sales of $642 million, below the $650 million expected by analysts surveyed by LSEG. Rolls-Royce — Shares rose more than 5% after the company said it would resume its full-year dividend, with a payout ratio of 30% of underlying earnings after tax. Rolls-Royce also raised its 2024 profit outlook after reporting strong results for the first half of the year. Air Products & Chemicals — Shares of the industrial gas company surged about 9% after beating Wall Street earnings expectations. Air Products & Chemicals posted earnings of $3.20 a share, excluding charges, beating the market consensus estimate of $3.03 a share, according to FactSet. This was despite revenue missing expectations. Meta — Shares of the tech giant rose about 5% after the company said its second-quarter profit beat Wall Street expectations and provided an upbeat revenue outlook. Facebook’s parent company said its net income surged 73% year over year, reflecting major cost-cutting measures it began in the second half of 2022. Meta executives also indicated that its heavy spending on artificial intelligence is already starting to pay off. MGM Resorts — Shares fell more than 13% even though the casino operator beat second-quarter profit expectations. MGM earned 86 cents a share on revenue of $4.33 billion. Analysts surveyed by LSEG had expected earnings of 62 cents a share on revenue of $4.22 billion. Carvana — Shares surged about 10% as second-quarter results beat market expectations. Carvana earned 14 cents a share on revenue of $3.41 billion. Analysts surveyed by LSEG had expected a loss of 7 cents per share on revenue of $3.24 billion. The used-car dealer also said it expects 2024 to be its best year on record. Arm Holdings — Shares in Arm Holdings, a semiconductor design company, fell more than 15% after the company issued a weak outlook for the current quarter. The company said it expects adjusted earnings to be between 23 cents and 27 cents per share; analysts surveyed by LSEG had expected 27 cents. Crocs — Shares fell more than 2% even though the company reported better-than-expected second-quarter profit and revenue. Crocs’ earnings per share, excluding merchandise, were $4.01, on revenue of $1.11 billion. The company also raised its full-year outlook. Etsy — Shares fell more than 7% after the e-commerce company reported mixed second-quarter results. Etsy beat LSEG’s expectations of $648 million in revenue to $630 million, but adjusted earnings missed expectations at 41 cents a share. Qualcomm — Shares fell more than 9% even though the company beat guidance for its third-quarter fiscal period. But the company said trade policies could impact revenue. “On a year-over-year basis, we expect revenue growth to be broadly in line with year-over-year growth in the December quarter,” Chief Financial Officer Akash Palkhivala said in an earnings call with analysts. CNBC’s Samantha Subin, Yun Lee and Michelle Fox contributed to the report.
SHAK, CHRW, MBLY, etc.
