People line up for t-shirts at a Robinhood online brokerage pop-up kiosk along Wall Street after the company went public with an IPO earlier today on July 29, 2021 in New York.
Spencer Platt | Getty Images News | Getty Images
Find out which companies are making the midday headlines.
Facebook – Shares of Facebook fell 4% after the social media giant said it was underestimating advertising performance on iPhones. Facebook said Apple’s privacy measures in its iOS operating system were behind the underreporting.
Robinhood – Robinhood shares jumped 10.9% after the trading app announced it was testing “crypto wallets” with some clients next month. The move is Robinhood’s latest expansion into the cryptocurrency space.
APA, Devon Energy, Occidental Petroleum – Energy stocks were among the top winners on the S&P 500 as crude oil prices rose. APA gained 7.2%, Devon Energy rose 6.8% and Occidental Petroleum added 5.2%.
General Mills – Shares of General Mills rose 3.3% after the food company’s quarterly profits hit the streets. General Mills reported adjusted earnings of 99 cents per share, against an analyst consensus of 89 cents per share, according to StreetAccount. Quarterly revenues also exceeded expectations.
Adobe – Adobe shares fell 3.1% despite the software company’s quarterly financial results beating Wall Street expectations. The company reported earnings of $ 3.11 per share on revenue of $ 3.94 billion. Analysts expected earnings of $ 3.01 per share on revenue of $ 3.89 billion, according to Refinitv.
FedEx – Shares of the delivery company plunged 9.1% after the company issued a downward revision to its guidance for the year on Tuesday. FedEx said its quarterly results were affected by labor shortages, which slowed packages and pushed up costs ahead of the peak holiday season.
Stitch Fix – Shares of the online fashion styling company climbed 15.7% after its strong quarterly results. Stitch Fix reported earnings per share of 19 cents, down from an expected loss of 13 cents, according to Refinitiv. Revenue reached $ 571 million, beating estimates by $ 548 million.
SoFi – Shares of financial services startup SoFi jumped 11% after Jefferies launched stock hedging with a price target of $ 25, more than 64% above its closing level on Tuesday . Analyst John Hecht said he has multiple avenues for growth, citing his “synergistic business model” and the recently acquired technology platform Galileo.
Disney – Disney shares rose 1.5% after Credit Suisse said Tuesday’s sell-off of the share was overstated and said it was maintaining its outperformance rating. The bank has a price target of $ 218 per share, which is 27% above its closing price on Tuesday.
SunPower – SunPower shares jumped 5.5% after Evercore ISI launched the stock’s hedge with an outperformance rating. The company said the solar installer has been overlooked by investors in recent years and is now trading at a lower price than its peers.
Incyte – Shares of Incyte fell 8.5% after the Food and Drug Administration approved the drug company’s eczema cream, but with boxed warnings.
Simon Property Group – The mall operator’s shares rose 2.6% after Argus Research upgraded Simon Property to buy holdback. The company said in a note to customers that Simon is rebounding faster than expected after the pandemic shutdowns of 2020.
– TBEN’s Maggie Fitzgerald, Yun Li, Tanaya Macheel and Jesse Pound contributed reporting
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