Here’s a look at the companies making headlines in midday trading: Shake Shack — Shares of the burger chain are up more than 15% after the burger chain beat revenue estimates. Shake Shack earned 27 cents per share (excluding items) on revenue of $316 million, above LSEG’s estimate of $314 million. According to FactSet, Shake Shack also narrowed its full-year revenue forecast to $1.22 billion to $1.25 billion from the previous range of $1.24 billion to $1.25 billion. CH Robinson — The logistics company reported stronger-than-expected second-quarter earnings of $1.15 a share, excluding items, compared with a consensus estimate of 96 cents, according to analysts polled by LSEG. Up about 14%. However, revenue of $4.48 billion was slightly below expectations of $4.53 billion. Mobileye Global — Shares fell about 21% after the company lowered revenue and adjusted its full-year operating income forecast. That’s despite better-than-expected second-quarter earnings and revenue. Moderna — Shares of Moderna fell more than 20% after the drugmaker lowered its full-year sales guidance. Moderna expects lower sales in Europe, a competitive environment for U.S. respiratory vaccines and deferral of international revenue to hurt its results. However, the company’s second-quarter revenue beat expectations and its losses for the quarter were smaller than expected. Teladoc — Telemedicine shares fell more than 4% after the company reported weaker-than-expected second-quarter revenue. Teladoc’s revenue during the reporting period was US$642 million, lower than the US$650 million consensus of analysts surveyed by LSEG. Rolls-Royce — Shares in Rolls-Royce rose 8% after the company said it would resume its full-year dividend, with a dividend yield of 30% on underlying profit after tax. Rolls-Royce also raised its 2024 profit forecast after reporting strong first-half results. Air Products and Chemicals — The industrial gas company’s shares soared more than 10% after beating Wall Street’s profit expectations. Air Products and Chemicals reported earnings of $3.20 per share (excluding items), beating the consensus estimate of $3.03 per share, according to FactSet. Revenues were lower than expected, though. Meta — Shares of the tech giant rose more than 6% after the company reported second-quarter earnings that topped Wall Street expectations and provided an upbeat revenue forecast. Facebook’s parent company said net profit rose 73% year-over-year, reflecting massive cost-cutting measures starting in late 2022. MGM Resorts — Shares of MGM Resorts fell nearly 14% despite the casino operator beating second-quarter profit expectations. MGM earned 86 cents per share on revenue of $4.33 billion. Analysts polled by LSEG expected profits of 62 cents per share on revenue of $4.22 billion. Carvana — Shares of Carvana surged about 11% after the company beat Wall Street expectations in the second quarter. Carvana earned 14 cents per share on revenue of $3.41 billion. Analysts polled by LSEG expected a loss of 7 cents per share on revenue of $3.24 billion. The used car retailer also said it expects 2024 to be a record year. Arm Holdings — Shares of Arm Holdings fell more than 15% after the chip designer provided modest guidance for the quarter. The company said it expected adjusted earnings per share to be between 23 cents and 27 cents. Analysts polled by London Stock Exchange Group (LSEG) expected the stock to rise 27 cents. Crocs — Shares of Crocs fell about 2% despite beating second-quarter profit and revenue estimates. Crocs earned $4.01 per share, excluding items, on revenue of $1.11 billion. The company also raised its full-year forecast. Etsy — Shares of Etsy fell more than 8% after the e-commerce company reported mixed second-quarter results. Although Etsy’s revenue beat expectations, reaching $648 million, compared with LSEG’s forecast of $630 million, adjusted earnings per share of 41 cents came in below expectations. Qualcomm — Shares of Qualcomm fell more than 8% despite the company’s fiscal third-quarter results beating expectations. However, the company said trade policies could impact its revenue. “On a year-over-year basis, we expect revenue growth to be broadly consistent with year-over-year growth in the December quarter,” Chief Financial Officer Akash Palkhiwala said on an earnings call with analysts. “. —CNBC’s Samantha Subin, Yun Li and Michelle Fox contributed reporting.
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