Stocks making the biggest moves midday: Home Depot, 23andMe, Tencent Music and more
2 min read
Check out the companies making headlines in midday trading.
Home Depot — The home improvement retailer’s shares dropped more than 4% after reporting second-quarter results. Comparable-store sales fell short of forecasts, however, rising 4.5% compared to a StreetAccount consensus estimate of 5%. However, Home Depot earned $4.53 per share, 9 cents a share above estimates. Revenue also topped forecasts.
23andMe — Shares of 23andMe surged over 14% in midday trading after Credit Suisse initiated coverage of the stock with an outperform rating, saying in a note to clients that the company’s database would be hard to match for pharmaceutical research.
Walmart — The big-box retailer’s share price rose about 0.2% after reporting second-quarter earnings that topped analyst estimates. The retailer gained ground in groceries and reported a strong start to the back-to-school season.
Tencent Music — Tencent Music shares dropped roughly 13% after the online music entertainment platform missed on second-quarter revenue expectations. The company reported revenue of 8.01 billion Chinese yuan, compared with the 8.13 billion Chinese yuan analysts surveyed by Refinitiv expected.
Endeavor Group Holdings – Shares of the company jumped about 9% after the entertainment group beat bottom-line estimates during the second quarter. Endeavor posted a profit of 19 cents on an adjusted basis, while analysts had been expecting a loss of 2 cents per share. Revenue, however, came up slightly short of estimates. The company also lifted its full-year revenue guidance due to growing demand for in-person events.
Roblox – The video game company’s shares slipped nearly 2% after Roblox’s second-quarter bookings came in below expectations. The company reported $665 million for the revenue metric, while analysts surveyed by Refinitiv were expecting $683 million. However, Roblox estimated that daily active users grew 8% from June to July, and bookings grew 10% to 11% in that same period.
Stanley Black & Decker — Shares of the tool maker fell about 3% in midday trading after announcing Tuesday morning that it struck a deal with MTD Holdings, the outdoor power equipment provider, to up its stake in the company for $1.6 billion in cash. Stanley Black & Decker has held a 20% stake in MTD since 2019 and will acquire the remaining 80% it doesn’t already own.
— with reporting from CNBC’s PIppa Stevens, Jesse Pound, Tanaya Macheel and Hannah Miao.
