See which companies made headlines in midday trading. Brinker International — Stock fell about 12% after the Chili’s parent company issued a weaker-than-expected full-year earnings outlook and reported disappointing fiscal fourth-quarter earnings. The company reported adjusted earnings of $1.61 per share, below the StreetAccount consensus estimate of $1.72 per share. Brinker also forecasts earnings per share between $4.35 and $4.75 for fiscal 2025, below the consensus estimate of $4.78. Victoria’s Secret — Shares rose more than 16% after the retailer announced it had named former Savage X Fenty CEO Hilary Soper as its CEO, effective Sept. 9. The company also reported preliminary second-quarter results, with adjusted operating income and adjusted diluted earnings per share coming in above previous guidance. – The stock jumped more than 9% after parent company FanDuel reported better-than-expected second-quarter revenue. Flutter posted $3.61 billion for the period, beating StreetAccount’s consensus estimate of $3.4 billion. The sports betting company also raised its full-year guidance. – Kellanova jumped 7.7% after it agreed to be acquired by snack maker Mars in a deal valued at about $36 billion, or $83.50 per share in cash. The deal — which follows Kellogg’s split late last year into two public companies, Kellanova and WK Kellogg — is expected to close in the first half of 2025. – The stock fell about 3.5% after Bloomberg News reported, citing people familiar with the discussions, that the Justice Department is considering breaking up the hugely valuable tech company. If the Justice Department goes ahead with the plan, the company’s Android operating system and Chrome browser could be targeted for disposal. Arm Holdings — Shares of the U.S.-listed British chip designer rose 4.3% after Intel sold its 1.18 million stake. The move comes amid a focus on restructuring and cost-cutting at Intel, whose shares were down 2.2% in midday trading. Cardinal Health — The stock rose more than 5% after the healthcare company’s fiscal fourth-quarter results beat Wall Street expectations. Cardinal earned $1.84 a share, excluding items, on revenue of $59.87 billion. Analysts polled by ArmAccountRM had expected the company to earn $1.73 a share on revenue of $58.64 billion. Cardinal also raised its full-year earnings guidance. Starbucks — Shares of the coffee chain fell about 4%, a day after the stock surged 24.5% after the company announced it would replace its current CEO with Chipotle CEO Brian Niccol. The stock was also upgraded in several companies, including Deutsche Bank and Stifel, on the news. Illumina — The biotech stock rose 2.2% after being upgraded to buy from hold at TD Cowen. The company said Illumina’s recent guidance reset and a management change could help move the stock higher. Nu Holdings — Shares of the Brazilian digital banking platform rose 4% after Nu reported second-quarter results that beat expectations. Adjusted net income of $563 million beat the FactSet consensus estimate of $460.3 million. Revenue of $2.85 billion also came in above the $2.57 billion expected. — CNBC’s Alex Haring, Sarah Min, Pia Singh and Michelle Fox contributed to the report.
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