Midday Market Movers: Key Companies Making Headlines
In midday trading, several companies are capturing attention with their performance:
Colgate-Palmolive
Colgate-Palmolive saw its shares drop by 4.6% after reporting fourth-quarter revenue that fell short of analyst expectations. The company also expressed concerns about sluggish sales forecasts for 2025, attributing some of the downturn to unfavorable foreign exchange rates.
KLA Corporation
KLA Corporation’s stock declined nearly 0.6% despite the semiconductor firm beating both top and bottom-line expectations in its fiscal second quarter. The company revealed adjusted earnings of $8.20 per share, alongside revenue of $3.08 billion, surpassing forecasts of $7.75 per share and $2.94 billion in revenue.
Vertex Pharmaceuticals
Vertex Pharmaceuticals experienced a significant boost, with shares climbing 5.3% following the FDA’s approval of its new non-opioid painkiller. This marks a milestone, as Vertex becomes the first pharmaceutical firm in decades to receive U.S. approval for a novel category of pain relief options, offering a solution without the risk of addiction.
Deckers Outdoor
Shares of Deckers Outdoor, the parent company of Ugg and Hoka, fell sharply by about 20.5%. Despite raising its full-year revenue guidance to $4.9 billion, it still fell short of the $4.93 billion that analysts had anticipated. The company’s fiscal third-quarter results did surpass Wall Street estimates, which adds some silver lining.
AbbVie
AbbVie’s shares surged by 4.7% after the pharmaceutical company exceeded expectations in both earnings and revenue during the fourth quarter. With adjusted earnings of $2.16 per share, AbbVie exceeded the predicted $2.12 per share, and it reaffirmed its commitment to a strong growth trajectory through 2029.
Atlassian
After reporting impressive fiscal second-quarter results, Atlassian’s shares soared approximately 14.9%, reaching a new 52-week high. The software company posted adjusted earnings of 96 cents per share on revenue of $1.29 billion, outperforming analyst expectations of 76 cents per share and $1.24 billion in revenue.
Walgreens Boots Alliance
Walgreens Boots Alliance’s shares dropped 10.3% following the announcement of a suspension of its quarterly cash dividend. The pharmacy chain is currently engaged in long-term turnaround efforts, focusing on bolstering its balance sheet by cutting debt and enhancing free cash flow.
Chemical and Homebuilding Sectors
Chevron’s shares slipped 4.6% after missing fourth-quarter earnings expectations, reporting adjusted earnings of $2.06 per share against forecasts of $2.11 per share. The decline was attributed to a loss in the refining segment for the first time in four years, although the company did achieve revenue of $52.23 billion against the anticipated $46.75 billion.
Beazer Homes faced a 20% dip in its shares as its fiscal first-quarter earnings fell short of consensus expectations, reporting earnings of just 10 cents per share instead of the 31 cents analysts had predicted. However, the company did exceed revenue expectations with $468.9 million versus the projected $464.4 million.
Eastman Chemical and Palantir Technologies
Eastman Chemical enjoyed a 7.5% increase in shares after surpassing fourth-quarter estimates with adjusted earnings of $1.87 per share, compared to the expected $1.57 per share. In addition, Palantir Technologies saw stock rise by 1.6% and hit a new 52-week high ahead of its quarterly results announcement slated for Monday, boasting an impressive more than 420% increase in share value over the past year.
