Traders work on the floor of the New York Stock Exchange (NYSE) in New York.
Brendan McDermid | Reuters
Check out the companies making headlines midday on Wednesday:
CSX — CSX dropped more than 10% after the transportation company’s second-quarter earnings missed estimates and it cut its revenue forecast. CSX reported earnings of $1.08 on revenue of $3.06 billion. Analysts surveyed by Refinitiv were expecting earnings per share of $1.11 on revenue of $3.14 billion. CSX executives say the company’s disappointing second-quarter earnings were due to a “softer industrial environment. “
Cintas — Shares of Cintas, which manufactures uniforms, jumped 7.6% to a new 52-week high profits topped estimates. The company’s results were driven by strong organic revenue growth in uniforms and First Aid kits.
Bank of New York Mellon — The New York-based bank reported better-than-expected earnings for the second quarter, sending its stock up 2.5%. Bank of New York Mellon posted earnings per share of $1.01 while analysts polled by Refinitv expected a profit of 95 cents per share. The company’s results were driven by stronger-than-forecast fee revenue.
Comerica — Comerica shares slid 3.1% after the bank reported weaker-than-forecast quarterly numbers. The company posted earnings per share of $1.94 on revenue of $853 million. Analysts expected a profit of $2 per share on sales of $859 million. A lower-than-expected net interest income weighed on Comerica’s results.
Abbott Laboratories — The healthcare company’s stock gained 3.7% after it raised earnings guidance. The company expects earnings per share for fiscal 2019 to range between $3.21 per share and $3.27, up from a range of $3.15 and $3.25.
Interactive Brokers — Shares of the online brokerage fell 2.4% after reporting disappointing 2019 Q2 earnings. The company’s second quarter earnings-per-share were 46 cents. Analysts polled by Refinitiv expected a profit of 53 cents per share. The company’s results were impacted by lower trading commissions and an 8% rise in expenses.
Seattle Genetics — Seattle Genetics rose over 18% as investors cheered record sales of Adcetris, a drug used to treat Hodgkin’s lymphoma. The company said Adcetris generated $159 million in U.S. and Canada sales. The Adcetris overshadowed mixed quarterly results. Piper Jaffray raised the company’s stock to overweight from neutral, citing the drug’s strong performance.
Nu Skin Enterprises — Shares of Nu Skin Enterprises plunged more than 18%, hitting a new 52-week low, after the health and beauty products distributor said China’s crackdown on health products is weighing on sales. The company pre-announced disappointing second-quarter results and slashed its full-year 2019 earnings forecast.
Levi Strauss — Shares of Levi Strauss dropped 5.1% after the apparel company was downgraded by Goldman Sachs to sell from neutral. The bank cited a high valuation relative to peers and skepticism that the denim company could expand its margins.
Farfetch — An analyst at BTIG initiated Farfetch with a buy rating and a $26 price target, sending the stock up 3.9%. The analyst cited “ample avenues” for the luxury goods retailer to expand it total addressable market.
Ralph Lauren — Ralph Lauren shares fell 4.4% after Goldman Sachs downgraded the clothing company to sell from neutral, citing headwinds in the company’s core North American market and “brand-specific challenges.”
Redfin — Redfin shares rose 2.8% after an analyst at Susquehanna upgraded the real estate company to positive from neutral, citing an “attractive” risk/reward trade off.
Bank of America — The bank’s stock rose 1.7% on stronger-than-expected second-quarter results that were driven by the company’s retail banking operation. Bank of America posted a profit of 74 cents per share on revenue of $23.23 billion. Analysts polled by Refinitiv expected earnings of 71 cents and sales of $23.195 billion.
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