Southwest Airlines planes sit idle on the tarmac after Southwest Airlines flights resumed following the lifting of a brief nationwide stoppage caused by an internal technical issue, according to the U.S. Federal Aviation Authority, at Chicago Midway International Airport in Chicago, April 18, 2023.
Jim Vondruska | Reuters
Check out the companies making headlines in midday trading.
Roku — The streaming platform’s stock shed nearly 2% after Citi downgraded shares to neutral from buy. The firm said that Roku shares, which have jumped about 120% year to date, may have limited further upside.
Simon Property Group — Shares dropped close to 6% after Simon Property Group reported a decline in funds from operations compared with a year ago. During the second quarter, funds from operations came in at $2.88 per diluted share, compared with $2.91 per diluted share in the year-ago period.
Southwest Airlines — Shares slipped 2.5% after Jefferies downgraded the air carrier to underperform from hold. The firm cited difficulty competing against premium providers.
Etsy — Stock in the e-commerce company plummeted nearly 12% after reporting quarterly results. Etsy disappointed investors Wednesday with lower forward guidance despite a second-quarter earnings beat.
Qualcomm — The chipmaker tumbled 9%. Qualcomm posted adjusted revenue of $8.44 billion, falling short of analysts’ estimates of $8.5 billion, per Refinitiv. The company also gave soft guidance and noted weak smartphone chip sales.
DoorDash — Shares of the food delivery company jumped almost 4% a day after the firm boosted its annual core profit forecast. DoorDash also reported revenue of $2.13 billion in the second quarter, beating analysts’ estimate of $2.06 billion, per Refinitiv. The company did post a bigger-than-expected loss last quarter, however.
Traeger — Stock in the grill maker soared 45% after an earnings beat following the closing bell Wednesday. Traeger reported adjusted earnings of 4 cents per share on $171.5 million in revenue, while analysts polled by FactSet had forecast a per-share loss of 2 cents and $154.9 million in revenue.
Clorox — Clorox stock added to earlier gains with a 9.5% jump in midday trading. The company beat on earnings and revenue a day earlier, reporting an adjusted $1.67 per share and $2.02 billion in revenue against analysts’ estimates of $1.18 per share and $1.88 billion in revenue, per Refinitiv.