Check out the companies that make headlines during afternoon trading.
Snap – Shares of Snap were up about 24% after better-than-expected second-quarter earnings results. The social media company reported strong growth in users, engagement and advertising.
Twitter — Twitter shares rose 3.4% after the fastest revenue growth since 2014. The social media platform reported earnings of 20 cents per share, surpassing analyst estimates of 7 cents per share, according to Refinitiv.
Intel – Shares of the chipmaker fell 6.4% after the company reported cautionary guidance on margins in the current quarter. Intel led to non-GAAP gross margins of 55% in the third quarter, a notable decline from 59.2% in the second quarter. Intel said the reduced margin was due to supply constraints and costs associated with building chips with a new process technology.
American Express – Shares of the payments giant were up about 2% after winning the top and bottom lines of its quarterly results. American Express reported earnings of $2.80 per share on revenue of $10.24 billion. Wall Street expected earnings of $1.66 per share on revenue of $9.58 billion, according to Refinitiv.
Honeywell – Shares of the industrial conglomerate fell about 2.5%, despite the company beating estimates in the second quarter. Honeywell earned $2.02 per share excluding items, which was ahead of the expected $1.94, according to Refinitiv estimates. Revenue came in at $8.81 billion, also ahead of the expected $8.64 billion. Honeywell also raised its full-year outlook.
Boston Beer – Boston Beer fell about 24% after the company lowered its 2021 outlook on expectations of soft sales of its hard seltzer brands. The company earned $4.75 per share during the quarter, which was less than its expected $6.69 per share, according to Refinitiv estimates. Turnover also fell short of expectations. Goldman Sachs downgraded the company’s rating from buy to neutral.
Skechers — Shares of Skechers rose more than 7% after the shoe company reported revenue of $1.66 billion for the most recent quarter, beating analysts’ forecasts of $1.5 billion. Skechers also provided strong earnings and revenue forecasts for the third quarter and full year.
Veoneer – Veoneer shares rose more than 56% after the Swedish auto technology company said it would be bought by Canadian auto parts maker Magna International for about $3.8 billion. The deal will help Magna in its efforts to improve its driver assistance technology.
TAL Education, New Oriental Education and Technology – US-listed Chinese education stocks plunged after reports of a government crackdown on the sector, including a ban on foreign investment. Shares of TAL Education fell more than 66%, while shares of New Oriental Education and Technology fell more than 58%. Educational institutions are not allowed to raise money through stock exchange listings, while foreign capital cannot invest, according to a copy of the Chinese-language document seen and translated by The Washington City Times.
— Tanaya Macheel, Yun Li, Pippa Stevens and Maggie Fitzgerald of The Washington City Times reported
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