Check out the companies making headlines midday Friday:
XPO Logistics – XPO stock tanked a whopping 17 percent after the transportation company reported disappointing fourth-quarter results. Its earnings came in eight cents shy of estimates with adjusted quarterly profit of 72 cents per share, and the company’s revenue also fell short of expectations. XPO also warned that its 2019 outlook would be negatively impacted by a drop in business from an unidentified major customer, believed by some analysts to be Amazon.
Canopy Growth — Cannabis producer Canopy Growth rallied 2.2 percent Friday after it reported third-quarter revenue rose 282 percent over the last year in one of Wall Street’s first looks into the legal recreational marijuana market in Canada. Canopy sold 10,102 kilograms of pot and equivalents during the fiscal third quarter.
PepsiCo – Shares of Pepsi rose 3 percent after the beverage and snack giant reported adjusted quarterly profit of $1.49 per share, matching Street forecasts, while revenue beat estimates. However, PepsiCo also forecast an unexpected drop in full-year profit, due to a stronger dollar and increased investments.
Newell Brands – Shares of Newell Brands dropped more than 15 percent after the consumer products maker reported weaker-than-expected sales in the fourth quarter. Newell’s baby product sales were hurt by the bankruptcy of Babies ‘R’ Us. Newell also gave a weaker than expected forecast.
Deere – The heavy equipment maker fell more than 2 percent after reporting weaker-than-expected earnings. Deere earned $1.54 per share for its first quarter, below the consensus estimate of $1.76. Deere’s revenue did beat Street forecasts, but the bottom line was hurt by higher costs for raw materials and logistics.
Chemours — The Chemours Company’s stock fell 2.01 percent following the release of its fourth-quarter earnings which showed lower-than-expected revenues. The chemicals company reported revenues of $1.46 billion, $5 billion lower than analyst estimates. Chermours also reported earnings of $1.05 per share, passing estimates by a narrow margin.
CBS — Shares of CBS are up 1.87 percent after the broadcasting company revealed it now has 8 million direct-to-consumer subscriptions, which is a growth ahead of schedule. The company then raised its 2022 direct to consumer guidance from 16 million to 25 million. CBS also reported disappointing fourth-quarter earnings in which it missed top and bottom line estimates. The company missed revenues by $110 million and earnings per share were 2 cents below analyst estimates.
Nvidia – Nvidia stock is up more than 3 percent after the graphics chipmaker reported earnings that beat Wall Street forecasts. Nvidia’s revenue came in slightly above estimates and it also forecast better than expected sales for 2019.
Applied Materials – Shares of Applied Materials slid more than 3 percent after the semiconductor manufacturing equipment maker issued weaker-than-expected profit and revenue guidance for the current quarter. Applied Materials did report better-than-expected earnings and revenue for the fourth quarter.
—CNBC’s Nadine El-Bawab and Thomas Franck contributed to this report.
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