Uber, Apple, Wells Fargo and more

Uber, Apple, Wells Fargo and more

Learn more about the companies that are making headlines in mid-day trading.

Ambarella – Shares of the semiconductor company rose 27% after Ambarella beat expectations in terms of earnings and results for its second quarter. The company reported adjusted earnings per share of 35 cents on revenue of $ 79.3 million. Analysts polled by Refinitiv expected $ 75.7 million. Ambarella’s revenue forecast for the third quarter also exceeded expectations, and the company said it expects a second-half recovery in its supply chain after the Texas freeze earlier this year.

PVH Corp – Clothing Company shares rose more than 15% following an impressive profit call. According to Refinitiv, the owner of Calvin Klein reported earnings of $ 2.72 per share, higher than the $ 1.20 per share expected by Wall Street. PVH generated revenue of $ 2.31 billion, exceeding expectations of $ 2.14 billion. The company’s digital revenue grew 35% year-over-year.

Sunrun – Shares of the solar company rose more than 6% after JPMorgan reiterated its overweight rating and added the stock to its list of analysts. The company cited Sunrun’s strong inventory position, which should help it weather any shortages affecting the industry. JP Morgan’s 12-month $ 86 price target on Sunrun indicates a rally of over 90%.

Kansas City Southern – Freight Rail Holding Company climbed 3.8% after Citi upgraded the stock to buy neutral. The company is at the heart of a bidding war between Canadian National and Canadian Pacific. This week, a US regulator rejected a proposed voting trust for the deal. An active Kansas City Southern investor is also preparing to block the deal. Canadian National shares rose 3.7% and Canadian Pacific shares rose nearly 5%.

Wells Fargo – Stocks fell more than 4.9% as the fake accounts scandal of five years ago plagued the company. Shares extended their losses from Tuesday, when banking regulators warned of the possibility of imposing further sanctions on the bank. The Office of the Comptroller of the Currency and the Office of Consumer Financial Protection said they were not happy with the pace of the bank’s efforts to compensate victims of the scam. OCC examiners are among those who testified against former Welsh officials later this month.

The ridesharing company saw its stock jump 3.7% after Uber-KeyBank reiterated it as overweight, saying the company has a huge opportunity to gain market share in the delivery space. ‘grocery store. Uber also announced on Tuesday that it was selling stakes in several Russian companies for $ 1 billion.

Apple – Apple shares surged before falling less than 1% after the company announced it was rolling out a feature that would allow users to add driver’s licenses and state IDs to their Apple wallets . Arizona and Georgia will be the first states to adopt this feature. Connecticut, Iowa, Kentucky, Maryland, Oklahoma and Utah will follow. Apple did not specify a timeline.

Campbell Soup – Shares of the food producer rose more than 2% after beating second quarter upper and lower estimates. It also released an adjusted earnings outlook for fiscal 2022 of $ 2.75 to $ 2.85 per share, against a consensus estimate of $ 2.87, citing higher input costs and a labor market. restricted.

– CNBC’s Maggie Fitzgerald, Jesse Pound and Yoon Lee contributed reporting

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