Brendan McDermid | Reuters
Check out which companies are making the headlines at midday Friday.
Amazon — Shares of the e-commerce giant jumped more than 11%, giving the broader market a boost, after the company reported better-than-expected second-quarter revenue and issued an upbeat outlook. Revenue growth of 7% in the second quarter beat estimates, breaking the trend among its big tech peers.
Roku – Shares of Roku fell 25% after the streaming company reported disappointing second-quarter results, as it faces a slowdown in advertising. The company shared disappointing guidance for the current quarter, noting that declining ad spend and fears of a recession may continue to affect its business going forward.
Apple — Apple shares rose 3 percent after the company beat earnings and revenue expectations on Wall Street, and CEO Tim Cook said he expects growth to accelerate despite “pockets of softness.” iPhone sales experienced double-digit growth in new customers.
First Solar Shares of First Solar rose more than 10% after the company reported better-than-expected earnings for the second quarter. Oppenheimer also upgraded the stock to overtake neutral on Friday citing an agreement reached between Senator Joe Manchin, DW.V. and Senate Majority Leader Chuck Schumer, DNY, on a bill that includes climate spending.
Chevron, ExxonMobil – Shares of energy companies jumped on the back of record earnings reported in second-quarter earnings, buoyed by higher oil and gas prices. Chevron shares jumped 8.2 percent and Exxon Mobil shares 4.3 percent.
Bloomin’ Brands – Shares jumped 2.6% after Bloomin’ Brands reported second-quarter earnings that beat analysts’ expectations. The restaurant company behind Outback Steakhouse and other brands earned 68 cents per share on revenue of $1.13 billion. Analysts expected earnings of 61 cents per share on revenue of $1.1 billion, according to Refinitiv.
Stanley Black & Decker — The toolmaker’s shares fell 4% Friday, building on a 16% loss Thursday that came after a disappointing quarterly report and cut guidance. Wolfe Research lowered the stock’s performance rating to an outperforming peer, saying that “a stream of negative news is likely to dominate” through the end of this year.
Procter & Gamble — The consumer goods company reported mixed results for the second quarter, sending shares down 5%. Procter & Gamble also said it expects rising commodity costs to remain a challenge going forward.
Church & Dwight — Shares fell 8.4% after the consumer goods company behind Arm & Hammer reported a decline in revenue in the last quarter, citing greater inflationary pressures.
Intel – Shares of the chip maker fell 8.8% after a second-quarter report that came in well below expectations. Intel reported 29 cents in adjusted earnings per share on $15.32 billion in revenue. Analysts surveyed by Refinitiv set 70 cents in earnings per share at $17.92 billion in revenue. The third-quarter guidance came in below expectations. Susquehanna lowered the stock’s rating to negative from neutral, warning that free cash flow could “reduce significantly, at least over the next few years.”
CNBC’s Yoon Lee, Jesse Pound, Samantha Sobin, Tanaya Machel, and Carmen Rainick contributed reporting.