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Stocks making the biggest moves: Boeing, Texas Instruments, Caterpillar

Stocks making the biggest moves: Boeing, Texas Instruments, Caterpillar


Stocks making the biggest moves: Boeing, Texas Instruments, Caterpillar

Traders work on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange on January 17, 2018 in New York.

Bryan R. Smith | AFP | Getty Images

Check out the companies making headlines midday Wednesday:

Texas Instruments — Texas Instruments rose more than 7% to an all-time high after the chipmaker beat estimates for its second-quarter results. The company reported earnings per share of $1.36 a share, surpassing a FactSet estimate of $1.22 a share. Revenues also topped analyst expectations. The company also issued better-than-expected guidance for the third quarter. CEO Rich Templeton noted the quality of the company’s portfolio and efficiency of its manufacturing strategy, including the “the benefit of 300-millimeter Analog production” in a statement.

Boeing — Boeing shares fell 2% after the aerospace giant reported a $2.9 billion loss for the previous quarter — its biggest ever. The loss includes a massive $4.9 billion charge as Boeing’s flagship airplane, the 737 Max, remains grounded. Boeing also warned it could suspend production of the 737 Max, depending on delays.

Snap — The social media company’s stock surged 14.9% on quarterly results that exceeded analysts’ estimates. The company reported revenue of $388 million compared to Refinitiv’s forecast of $359.7 million. Snap also reported a smaller-than-expected quarterly loss. The strong results were driven by a growing user base.

Caterpillar — Caterpillar shares dropped 4% after the industrial giant reported weaker-than-expected results for the second quarter as the U.S.-China trade war drags on. The company posted earnings per share of $2.83 on revenue of $14.432 billion. Analysts polled by Refinitv expected a profit of $3.12 per share on sales of $14.435 billion. Caterpillar also lowered its profit forecast for 2019.

iRobot — Shares of iRobot plummeted 19% after the company’s CEO said the U.S.-China trade war could constrain growth in the second half of the year. The maker of the Roomba robot vacuum also lowered its full-year earnings guidance to a range of $2.40-$3.15 per share from the prior $3.15-$3.40 per share.

Manhattan Associates — Shares of the software company rallied more than 18% on the back of quarterly earnings and revenues that beat analyst expectations. The company posted a profit of 42 cents per share on revenue of $154.3 million. Analysts expected earnings of 35 cents per share on sales of $146 million. “In a turbulent global macro [environment], our suite of Manhattan Active omnichannel, inventory and supply chain solutions continued to drive solid revenue momentum positioning us well for the balance of 2019,” CEO Eddie Capel says.

Party City — Party City’s stock jumped more than 7% after an analyst at Goldman Sachs upgraded it to buy from neutral. The analyst said earnings are expected to be poor, but “we believe this is largely reflected in investor expectations based on our conversations.”

Western Digital — Western Digital gained 1.96% after Deutsche Bank raised its price target on the semiconductor stock to $65 per share from $55. Deutsche has a buy rating on the stock, citing positive macro developments such as the lifting of some restrictions on Huawei potentially creating better-than-expected demand for one of Western Digital’s main products as a reason for the price target change.

UPS — Shares of UPS climbed nearly 9% after the shipping company delivered better-than-expected second-quarter results, fueled by strong demand for quicker shipping. The company reported earnings of $1.96 per share on $18.048 billion in revenue. Analysts expected $1.92 in earnings per share and $17.966 billion in revenue, according to Refinitiv.

AT&T — AT&T shares rose 3% after the telecom giant reported better-than-expected subscriber growth. The company added a net of 72,000 phone subscribers, compared to a FactSet estimate of 27,000. However, the company also lost more premium TV subscribers this quarter than the last.

Chipotle Mexican Grill — Chipotle shares rose 5.2% to an all-time high on stronger-than-expected second-quarter results. The restaurant chain earned an adjusted $3.99 per share, beating the consensus estimate of $3.76 as digital sales nearly doubled. Revenue, which came in at $1.43 billion, beat a $1.41 billion estimate. And same-store sales grew 10%, also beating an 8.33% estimate.

—CNBC’s Elizabeth Myong, Mallika Mitra, Marc Rod and Jesse Pound contributed to this report.

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