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Oct 29, 2019

Market Insider | Biggest Moves Midday: Stocks making the biggest moves midday: GrubHub, Beyond Meat, Alphabet, Pfizer and more

Maggie Fitzgerald




GP: Meatless Burger Maker Beyond Meat's Stock Price Continues It's Skyrocketing Rise Since Its IPO In May
In this photo illustration, packages of Beyond Meat “The Beyond Burger” sit on a table, June 13, 2019 in the Brooklyn borough of New York City.
Drew Angerer | Getty Images

Check out the companies making headlines in midday trading.

GrubHub— Shares of the food delivery company plummeted more than 40% after GrubHub reported disappointing earnings and issued fourth quarter guidance well below Wall Street’s expectations. The grim outlook, based on increased competition in the food delivery space, caused the stock to get five downgrades, including two double-downgrades from Bank of American and Oppenheimer.
Beyond Meat— Share of the alternative meat company tanked as much as 20% as Tuesday marked the end of Beyond Meat’s lockup period. For the first time since its IPO, insiders can sell the stock. Despite the sell-off, Beyond Meat reported a much bigger profit than expected for its third-quarter earnings.
Alphabet— Shares of Google’s parent company Alphabet ticked 1.9% lower after reporting worse-than-expected third-quarter earnings. Alphabet reported earnings of $10.12 per share, missing the forecast $12.42 expected on Wall Street, according to Refinitiv.
Slack— Shares of Slack jumped more than 4% after Piper Jaffray initiated coverage of the cloud-based business messaging platform with an overweight rating. The firm called the software company a “category creator” that is able to monetize employee interactions. Piper Jaffray said the risk/reward has turned “favorable.”
Shopify— Shares of Shopify slipped 2.5% after the Canadian e-commerce company reported a surprise loss on earnings. The company posted an earnings loss of 25 cents in the third quarter, missing analysts’ estimates of 11 cents gain, according to FactSet. Anaylst at Baird said the EPS miss was driven largely by “a significant one-time tax item.”
Texas Roadhouse— Shares of the restaurant chain soared more than 18% after beating estimates by 6 cents a share, with quarterly profit of 52 cents per share for its third-quarter earnings. The company’s revenue topped estimates, as well.
Pfizer— Shares of the drugmaker rose more than 3% in midday trading after it surprised investors during its third-quarter earnings report by upgrading full-year profit estimates. Pfizer said strong sales of cancer drug Ibrance and new heart medicine Vyndaqel helped carry profits higher in the three months ended Sept. 30.
General Motors— General Motors stock rose more than 5% after the automaker beat Wall Street’s expectations for the third quarter and despite what CFO Dhivya Suryadevara characterized as a “significant impact” from the longest strike at the company since 1970. The strike shaved $2.9 billion off the company’s bottom line for the year.
Xerox Holdings— Shares surged more than 13% after the company topped EPS and revenue estimates for the third quarter. The office equipment maker also raised its full-year guidance, and said that it does not intend to sell its consumer finance business.
Kellogg— Shares of the the consumer staples company gained more than 4% following its third-quarter earnings. The company beat top and bottom line estimates, helped by strength in its snacks and frozen foods businesses.
Corning— Shares of glass company Corning dropped about 3% after reporting revenue and profit that declined. Corning reported adjusted earnings per share of 44 cents, compared with the 51 cents in the same quarter the year prior. Revenue fell to $2.93 billion from $3 billion in 2018.
Merck & Co.— MRK -- Shares of Merck gained more than 2% after the pharmaceutical company posted stronger-than-expected quarterly earnings. Merck earned $1.51 per share for the third quarter, beating the estimate of $1.24 per Refinitiv. Its revenue also came in above expectations. Merck also raised its full year projection on the back of strong sales of drugs like cancer treatment Keytruda.
HCA Healthcare— Shares of the health care company jumped nearly 6% after beating on its third-quarter revenue and raising its fourth-quarter guidance. HCA reported revenue of $12.69 billion, up from $11.45 billion a year ago and above Wall Street’s forecast of $12.5 billion, according to Refinitiv. It also raised the lower end of its earnings guidance to a range of $10.30 per share and $10.65 per share for the year, from between $10.25 per share and $10.65 per share.
—with reporting from CNBC’s Yun Li, Tom Franck and Pippa Stevens.

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