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Tuesday, May 21, 2024

Midday Movers: INTC, V, SAVE

Welcome to our midday market update! We’ve got all the latest news on the companies making waves today.

First up, let’s talk about Capital One Financial. Their shares rose an impressive 4%, reaching a new 52-week high. This is great news for the company, especially considering that they posted fourth-quarter revenue of $9.51 billion, beating the expectations of analysts.

On the flip side, Spirit Airlines saw their stock take a tumble of nearly 12% after news that their $3.8 billion merger with JetBlue may be in jeopardy. This caused a bit of a stir, with JetBlue shares gaining 2.3%.

Moving on to Booz Allen Hamilton, we saw their shares soar by 12% after they reported an impressive earnings and revenue beat for their fiscal third quarter. CEO Horacio Rozanksi attributed this success to strong demand and a growing headcount.

Colgate-Palmolive also had reason to celebrate, with their shares rising more than 2% after posting an earnings and revenue beat in the fourth quarter. This is great news for the consumer products company.

Unfortunately, Intel didn’t fare as well, with their stock shedding 11% after issuing first-quarter guidance that fell short of Wall Street’s expectations. However, it’s worth noting that they did top fourth-quarter results on the top and bottom lines.

KLA Corporation also saw a dip in their stock, falling 5.8% after issuing light fiscal third-quarter guidance. However, they did top Wall Street’s earnings and revenue estimates for the fiscal second quarter.

Visa slipped nearly 2% despite beating estimates on the top and bottom lines in the fiscal first quarter. This drop came after the digital payments company adjusted its operating expenditures guidance higher.

On the flip side, American Express had reason to celebrate, with their shares rallying nearly 7% after issuing full-year guidance that topped expectations. They are anticipating full-year earnings between $12.65 to $13.15 per share, versus the StreetAccount consensus estimate of $12.38 per share.

Western Digital saw their shares slide about 3% even after posting a beat on revenue expectations and a narrower-than-expected loss in earnings per share for the fiscal second quarter.

Finally, let’s talk about Coinbase. The crypto services company gained more than 2% Friday morning, helped by a jump in the price of bitcoin. Additionally, the stock received an upgrade from Oppenheimer to outperform from perform, based on a slew of positive catalysts on the horizon this year.

And that’s a wrap on the midday market update! Stay tuned for more updates and analysis on the companies making headlines today.

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