A view of the Norwegian Encore cruise ship during its maiden voyage from PortMiami, which took place November 21-24, 2019.
Orlando Sentinel | Tribune News Service | Getty Images
Take a look at the companies making headlines in midday trading.
Norwegian Cruise Line: Shares plunged nearly 12% on Tuesday after the company reported second-quarter results that missed Wall Street expectations and showed occupancy rates of just 65%, compared with more than 100% from the same quarter in 2019. In addition, the cruise line said it would not return to pre-pandemic occupancy levels until next year, and signaling losses will continue.
Micron Technology: Shares of the chipmaker lost 5% after the company reported a decline in demand for its DRAM and NAND chips and said it expects a challenging market environment in the fourth quarter of fiscal 2022 and in the first fiscal quarter of 2023. Several other chip stocks fell. with Micron. Applied Materials, On Semiconductor and Teradyne fell about 7%.
Signet Jewelers: The jeweler saw shares fall about 11.5% after it cut its financial guidance for the second quarter and fiscal year 2023, saying it had softer sales in July, already that inflation prompted consumers to control their spending. The company also announced its acquisition of Blue Nile, but said the deal likely won’t add to the business until the fourth quarter of fiscal 2024.
Nielsen: Shares of the audience data analytics company soared more than 21% after the company postponed its court meeting and special meeting of shareholders, where it was expected to finalize a deal preliminary between a private equity consortium and WindAcre. WindAcre currently owns about 27% of Nielsen’s stock.
Ralph Lauren: The luxury retailer fell 7% even after the company reported stronger-than-expected quarterly results. The company reported fiscal first-quarter adjusted earnings of $1.88 per share, beating the $1.71 estimate analysts were expecting, according to FactSet. Ralph Lauren also beat expectations for revenue, helped by solid demand for its higher-priced clothing.
Major Financial Group: The investment and insurance firm saw shares rise 7% after reporting strong quarterly results. The company reported non-GAAP operating earnings of $1.65 per share. That was higher than the $1.39 cents per share estimated by analysts, according to FactSet.
News Corporation: Shares gained 5% after the company’s quarterly earnings of 37 cents per share beat estimates of 9 cents per share, according to Fact Set. Revenue of $2.67 billion was higher than estimates of $2.58 billion.
Novavax: Shares fell 29% after the biotech company nearly halved its full-year revenue guidance due to weak demand for its coronavirus vaccines. Novavax expects it to generate revenue of $2 billion to $2.3 billion in 2022, compared to previous guidance of $4 billion to $5 billion.
Allbirds: The shoemaker’s share price fell more than 23% after the company cut its financial forecast for the year, citing a slowdown in consumer spending. It also announced a number of cost-cutting efforts after reporting a wider quarterly loss compared with a year earlier.
Occidental Petroleum: Shares of Occidental gained 3.8% after news that Berkshire Hathaway increased its stake in the oil giant to 20%. Warren Buffett has been increasing his stake in the energy producer since March.
– CNBC’s Carmen Reinicke, Yun Li, Sarah Min and Samantha Subin contributed reporting
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