Check out the companies making headlines in midday trading Tuesday.
Uber – Shares of Uber jumped 12% after the company reported revenue that exceeded Wall Street’s expectations. The company also gave better-than-anticipated guidance for its fourth quarter, projecting strong bookings growth and adjusted EBITDA of $600 million to $630 million. Analysts surveyed by Refinitiv expected $568 million in adjusted EBITDA.
Abiomed – Shares of the heart pump maker surged 50% after the company announced it has agreed to be acquired by Johnson & Johnson for $16.6 billion in cash. Johnson & Johnson is looking to boost growth at its medical devices unit after it completes plans for a spinoff of its consumer health business next year. J&J shares fell 1%.
Pfizer – Shares of the pharmaceutical giant jumped nearly 3% after the company reported stronger-than-expected earnings and issued an improved financial outlook. Pfizer said strong demand for its older drugs helped offset a drop in sales of its Covid-related products. The stock is still down about 19% this year.
Peloton – Shares of the struggling home fitness company were up 5.8% as its products went live on the Dick’s website Tuesday. Dick’s shares added 2.4%.
Fox – Shares jumped 6% following the company’s earnings showing its free, ad-supported streaming service helped boost advertising revenue.
Molson Coors Beverage – Shares of Molson Coors fell 3.8% after the beer giant reported earnings that fell short of expectations. The brewer of Coors Light, Miller Light and Blue Moon had third-quarter earnings per share of $1.32, versus a StreetAccount estimate of $1.35.
Goodyear Tire – Shares fell 13% after the tire company’s earnings fell short of expectations due in part to higher costs and a surging dollar.
Amazon – Shares of the e-commerce giant lost 5.2%. Deutsche Bank reiterated the stock as a buy and said it was well positioned, but did concede that macro challenges were challenging advertising budgets.
Carvana — Shares advanced 11.9% after JPMorgan upgraded Carvana to neutral from underweight, saying the company and investors have a better handle on the risks in the used car seller after its decline this year.
SoFi – The fintech company jumped 10% on the back of a smaller-than-expected quarterly loss and revenue that exceeded analysts’ forecasts. SoFi also issued upbeat guidance and said added about 424,000 members during the quarter.
Stryker – The medical technology company dropped 4% after cutting its outlook due to inflation and foreign exchange pressures.
Eli Lilly – The drug manufacturer dropped 4.8% after it cut its full-year forecast, citing the stronger dollar and increased competition.
Hologic – The medical equipment maker popped 8.6% following its report of quarterly profit that was above expectations. Hologic also issued a strong outlook.
Avis Budget – Shares of the rental car company slid 8% despite Avis beating expectations on quarterly earnings amid a resurgence of travel.
Gartner – The research firm was up 7.5% after it beat per-share earnings expectations, according to StreetAccount, and issued positive full-year guidance.
Trex – The decking and railing maker lost 6.8% after posting weaker-than-expected earnings and revenue. Trex also said it reduced production levels and laid off staff as sales declined.
Sealed Air – The packaging company slid 7.2% after posting disappointing quarterly figures. Sealed Air also brought down its revenue guidance for the full year.
Ecolab – Shares of the science company lost 8.5%. Revenue came in slightly above expectations when reporting earnings, but the company said it is expecting negative headwinds from foreign conversion rates that will weigh on full-year guidance.
Deckers Outdoor — Shares jumped 4.3% after Bank of America reinstated coverage of Deckers Outdoor with a buy rating, saying the footwear company has a strong portfolio of brands led by Hoka and Ugg that will help the stock outperform.
IDEXX Laboratories – Shares added 7.8% after the company gave full-year guidance showing earnings per share between $7.74 and $7.98 compared to a FactSet estimate of $7.89. Expected revenue was set at $3.325 billion to 3.365 billion against FactSet’s $3.35 billion forecast.
— CNBC’s Sarah Min, Carmen Reinicke, Tanaya Macheel, Yun LI, Michelle Fox and Jack Stebbins contributed reporting.