MAN, ABT, UNH, TSM & more
Check out the companies making the biggest moves in midday trading: Abbott Laboratories – The maker of Ensure nutrition shakes jumped almost 11%. Abbott raised its full-year guidance for adjusted earnings, forecasting a range of $5.45 to $5.60 per share, versus its earlier estimate of $5.38 to $5.58 a share. The FactSet consensus called for $5.47 per share. ManpowerGroup – The employment agency saw shares surge 33%. Manpower called for third-quarter revenue to rise 2% to 6%, versus the FactSet consensus estimate of 1.7%. Adjusted earnings in the second quarter came in at 99 cents per share on revenue of $4.9 billion, topping Wall Street’s call for 95 cents per share and $4.72 billion. Cintas — The uniform rental and laundering service stock jumped 6.5% after a Bank of America upgrade to buy from neutral. The rating change comes after Cintas on Wednesday posted better-than-expected earnings for the fiscal fourth quarter. “We are incrementally more constructive on the setup for earnings over the next several quarters as Cintas benefits from an improved backdrop in key labor verticals, continues to drive impressive growth in adjacent product categories and is generating outsized margin gains from a high focus on improving supply chain and distribution efficiencies,” BofA said. Cinemark , Imax — Shares of the movie theater companies dropped almost 4% and 2%, respectively, on the heels of Wells Fargo’s downgrades to equal weight from overweight. The firm said the stocks have more balanced risk-to-reward ratios. AST SpaceMobile — The satellite broadband company’s stock fell more than 16% after it announced plans to offer $1 billion of convertible senior notes due 2034 in a private offering. UnitedHealth — Shares rose 4% after the health insurance giant posted better-than-expected results for the second quarter. The company earned an adjusted $6.38 per share on revenue of $112.03 billion. Analysts polled by LSEG expected a profit of $4.90 per share on revenue of $110.85 billion. UnitedHealth also hiked its full-year earnings outlook. Taiwan Semiconductor Manufacturing — The chipmaker shed 2%. While TSMC’s second-quarter earnings beat estimates, it raised its full-year capital expenditures to between $60 billion and $64 billion versus its prior guidance of high end of the range $52 billion to $56 billion. The company also announced it will invest an additional $100 billion in Arizona. AtaiBeckley — The psychedelic drugmaker jumped 33% after Eli Lilly said it will buy AtaiBeckley for $2.8 billion . That translates to $6.75 per share in cash, which is 26% higher than AtaiBeckley’s Wednesday close of $5.36 per share. Eli Lilly could pay up to an additional $2.50 per share if AtaiBeckley’s drugs meet certain milestones. Shares of Eli Lilly rose more than 2%. Rival psychedelic drugmaker GH Research rose 12% in the wake of the news. GE Aerospace — Shares dropped 4% despite the company’s second-quarter earnings and revenue beat. GE Aerospace reported adjusted earnings of $2.02 per share on adjusted revenue of $12.63 billion. Analysts polled by LSEG had expected EPS of $1.86 on revenue of $11.86 billion. The company also raised its full-year guidance. United Airlines — Shares fell more than 1% despite the airline topping earnings estimates . The company issued softer-than-expected guidance of $2.50 to $3.50 per share for the third quarter, versus FactSet estimates of $3.53 per share. United also said it expects $6 billion in added fuel costs. J.B. Hunt Transport Services — The stock jumped almost 7% after the company reported earnings per share of $1.91 per share in the second quarter, while the FactSet consensus called for $1.74 per share. Revenue came in at $3.5 billion compared to estimates of $3.26 billion. Management said demand for the intermodal service increased throughout the quarter. AeroVironment — Shares rose 4% following an upgrade at Raymond James to outperform from market perform. The firm said AeroVironment’s bookings are recovering and its backlog is poised to grow. Rocket Companies — The fintech platform gained more than 1% after Morgan Stanley raised its price target on the stock to $19 and reiterated its buy rating. The new target suggests 30% upside from Wednesday’s close. — CNBC’s Christina Cheddar Berk, Darla Mercado, Alex Harring, Fred Imbert and Tanaya Macheel contributed reporting.
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