Shares That Make The Greatest Strikes At Midday: Alphabet, Spotify, GameStop, Amgen & Extra
Visitors walk past the Google logo as high profile startups and high tech executives gather at Viva Tech on May 16, 2019 in Paris, France.
Charles Platiau | Reuters
Check out the companies that are making headlines in midday trading.
Alphabet – Google's parent company shares rose more than 7% after Alphabet reported quarterly results that exceeded analysts' expectations on its income statement. The company had adjusted sales of $ 22.30 per share on revenue of $ 56.90 billion for the fourth quarter. Refinitiv estimates The Street expected $ 15.90 per share and sales of $ 53.13 billion. Alphabet's revenue grew 23% on an annualized basis while advertising spending rebounded.
Spotify – The music streaming company's stocks fell about 9% after Spotify reported a higher-than-expected loss for the previous quarter. In the fourth quarter, the company lost 66 cents per share, compared to the loss of 55 cents expected by Refinitiv. Revenue was $ 2.17 billion, slightly above the expected $ 2.15 billion. According to Spotify, premium subscribers were up 24% year over year.
GameStop – The stationary gaming trader's shares rose about 6% in midday trading as the share price was just below $ 100. It's been a wild ride for GameStop stock, which rose 400% last week – only to scratch 70% this week.
Electronic Arts – The video game company's shares fell more than 6% even after the company raised its annual revenue forecast. The result was 72 cents per share, which was not comparable to estimates. Electronic Arts had sales of $ 2.4 billion, slightly more than a refinitive forecast of $ 2.39 billion. Analysts said that given the strength of the market and the stock's recent surge, investors might have expected stronger results and a more optimistic forecast.
Chipotle – The Mexican fast food chain's shares fell more than 2% after the company missed analysts' expectations for its quarterly results and digital orders slowed from record pace. According to Refinitiv, Chipotle made $ 3.48 per share, missing estimates of $ 3.73 per share. Sales were in line with estimates of $ 1.61 billion.
Amgen – Amgen's shares fell about 3% and became the biggest loser on the Dow Jones Industrial Average as of noon. The weakness came after the biotech company released a disappointing full year outlook, noting that the pandemic would continue to hurt sales.
Biogen – The biotech company's stocks fell 4% after a fourth quarter report that fell short of expectations. Biogen reported adjusted earnings per share of $ 4.58, lower than what Wall Street analysts expected to be $ 4.87. The company also anticipated a decline in sales and earnings in 2021. However, fourth-quarter sales exceeded expectations.
– CNBC's Maggie Fitzgerald, Pippa Stevens, Darla Mercado and Jesse Pound contributed to the coverage.
Subscribe to CNBC PRO for exclusive insights and analysis as well as live business day programs from around the world.