May 29, 2023

Stocks making the biggest moves at noon: Harley-Davidson, Visa, Microsoft, Biogen and more

A mechanic works on a motorcycle at a Harley-Davidson showroom and repair shop in Lindon, Utah, Monday, April 19, 2021.

George Frey | Bloomberg | Getty Images

Check out the companies that made headlines in mid-day trading.

Harley Davidson – The motorcycle company’s shares rose 13 percent after Harley reported quarterly earnings that beat estimates. The Wisconsin company said higher shipments and strong pricing helped its performance.

Rollins — The pest control services company jumped 10% after strong third-quarter results. Rollins’ earnings per share were 22 cents, compared to FactSet’s estimate of 21 cents per share. Revenue for the quarter was $729.7 million, compared with analysts’ estimates of $714.9 million, according to FactSet.

Spotify – The streaming audio company’s shares fell more than 8% after Spotify reported a larger-than-expected third-quarter loss. The loss per share was EUR 0.99 per share on a turnover of EUR 3.04 billion. Analysts interviewed by Refinitiv were expecting a loss of EUR 0.85 per share and revenue of EUR 3.02 billion. Spotify’s sales margin decreased year-on-year, even though the number of subscribers increased.

Hess Corp – Shares of the oil and gas exploration company rose 5% midday after reporting better-than-expected quarterly earnings, according to FactSet. Hess also reported Guyana’s net oil production at 98,000 barrels per day compared to 32,000 barrels in the year-ago quarter.

Carnival Corp — Shares in the cruise line rose 3 percent after it said it would close a $2.03 billion senior bond due 2028 that one of its subsidiaries had issued for refinancing.

Alphabet – Shares of Google’s parent company fell 6% on Wednesday after it reported quarterly results that missed Wall Street expectations on the top and bottom lines. The loss of income from YouTube ads weighed on the quarter. Alphabet also said it would reduce headcount going forward.

Microsoft – Microsoft fell about 5%, a day after the Windows software maker reported first-quarter results and offered weak guidance for the quarter ending in December. The drop came despite comments from analysts at Barclays on Wednesday that management continued to guide revenue and profit, which “should ensure a relative outperformance”.

Visa — Shares jumped 5.4% after the credit card company beat top- and bottom-line expectations in its most recent quarter and raised its dividend by 20%. Visa’s earnings per share were $1.93, while revenue was $7.79 billion. Analysts polled by Refinitiv had forecast earnings per share of $1.86 on revenue of $7.55 billion.

Get to know Financial Services — The financial services stock rose 3.5% after Morgan Stanley was upgraded to overweight. The bank said Discover can use the extra capital to restart the buyback program.

Biogen – Biogen shares rose 3 percent after Goldman Sachs upgraded the biotech’s stock on Wednesday, saying it has much more upside potential thanks to positive new data on the company’s early-stage Alzheimer’s drug. Goldman also raised Biogen’s price target, implying a roughly 35% upside from Tuesday’s close.

Chipotle Mexican Grill — The chain’s shares fell by 2.5% despite the third quarter result exceeding analysts’ expectations. CMG had revenue of $2.22 billion, compared with the $2.23 billion expected by analysts polled by Refinitiv. Chipotle raised menu prices during the quarter to offset lower traffic. FactSet noted analysts’ concerns that higher prices could eventually hurt comparable sales.

– CNBC’s Jesse Pound, Carmen Reinicke, Michelle Fox, Sarah Min and Samantha Subin contributed reporting.

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