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Check out the companies making headlines in midday trading.
Robinhood Markets — Robinhood shares rose in wild trading as the newly public online brokerage zoomed past its IPO price of $38 per share. The brokerage app surpassed its IPO debut volume of 102.5 million shares from July 29, as it traded over 104.6 million shares as of midday Wednesday, according to CNBC’s Gina Francolla. The stock was last seen up 37% around $64.
Match Group — Shares of the dating app dropped more than 5% following a disappointing earnings report. Match reported reported 46 cents per share for the second quarter, missing Wall Street forecasts by 6 cents, according to Refinitiv. Still, Match’s revenue beat estimates amid recovering dating scene as the economy continued to reopen.
Kraft Heinz — The food products stock slumped about 5.1% on Wednesday after the company reported that organic net sales and sales volumes were down year over year. Kraft Heinz did beat estimates on the top and bottom lines for its second quarter report.
CVS Health — CVS shares dropped 1.9% in midday trading even after reporting second-quarter per-share earnings and revenues that topped consensus forecasts. The drug store and pharmacy company’s same-store sales rose a better-than-expected 12.3%. Separately, CVS declared that it was raising its minimum wage for employees to $15 per hour.
Lyft — The ride sharing company’s stock lost about 9% after it reported a quarterly loss late Tuesday of 5 cents per share. That was still less than the loss of 24 cents per share Wall Street analysts estimated. The company said demand continued growing in July even with heightened Covid-19 cases.
General Motors — Shares of General Motors fell 8.4% after the automaker missed Wall Street second-quarter earnings expectations. GM reported earnings of $1.97 per share, lower than analysts’ estimate of $2.23 per share, according to Refinitiv. Despite record operating profit, GM’s quarterly earnings were hit by about $1.3 billion in warranty recall costs. The company also raised its full-year guidance.
Activision Blizzard — Shares of the video game company advanced roughly 2.6% after Activision Blizzard beat earnings estimates during the second quarter. The company earned 91 cents per share excluding estimates on revenue of $1.92 billion. Analysts were expecting 76 cents and $1.90 billion in revenue, according to estimates from Refinitiv. The company also gave upbeat guidance, thanks in part to strength from “Candy Crush” and “Call of Duty.”
— CNBC’s Hannah Miao, Yun Li, Pippa Stevens, Jesse Pound and Tanaya Macheel contributed reporting.
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