In this photo illustration, a woman’s silhouette is holding a smartphone with the Meta Platforms, Inc. logo displayed onscreen.
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Find out which companies are making headlines in the midday business.
Bausch Health – Trading in the pharmaceutical company’s shares was halted after the stock fell 50%. A federal court judge in Delaware has issued an oral order in a patent dispute involving Xifaxan, Bausch’s drug that treats irritable bowel syndrome and diarrhea. The order could pave the way for generic competition for the drug in late 2024 to 2025, according to JPMorgan. The bank downgraded Bausch following the litigation update, lowering its rating from overweight to neutral.
Wingstop – Shares of the fast-casual restaurant chain jumped 22% after falling second-quarter profits. Wingstop posted adjusted earnings of 45 cents per share and beat estimates by 36 cents, according to Refinitiv. The company missed revenue estimates, but reaffirmed its guidance for the full year.
Meta Platforms – Shares of parent company Facebook fell 6.6% on disappointing quarterly results. Meta Platforms failed on the top and bottom lines in the second quarter as digital advertising slowed. The company also released a weak forecast for the current period.
Comcast – Shares of the cable and entertainment giant fell more than 8% despite the company posting strong quarterly earnings and revenue. Comcast failed to add broadband subscribers in the quarter for the first time. The company said it lost 30,000 broadband subscribers this month alone.
Qualcomm – Shares of the chipmaker fell 4% after the company released guidance for the current quarter that fell short of consensus expectations. Qualcomm’s forecast suggests the company’s handset sales growth will slow in its fourth fiscal quarter, reflecting a drop in demand for smartphones. Still, the company’s third-quarter earnings slightly beat Wall Street expectations.
Stanley Black & Decker – Shares of Stanley Black & Decker plunged more than 13% after the company reported quarterly earnings that missed Wall Street’s upper and lower estimates. The company also cut its forecast for the full year.
Teladoc – Shares fell nearly 20% after the telemedicine company issued a weak outlook in its earnings report. Teladoc announced a $3 billion non-cash goodwill impairment charge.
Charter Communications – Charter fell more than 8% after the cable company was hit with a hefty legal fine. A Texas court found the company liable for $7 billion in damages and liable for an employee who robbed and murdered a customer in 2019, The Wall Street Journal reported.
Solar stocks – Shares of companies that make solar panels or focus on clean energy surged after Senate Majority Leader Chuck Schumer, DN.Y., and Sen. Joe Manchin, DW.V. , announced that they had reached an agreement on an ambitious climate bill. Sunrun jumped 26% and Sunnova 22%. First Solar gained 14%. Enphase was up 4% and Constellation Energy gained 15%.
Etsy – Etsy jumped nearly 10% after the e-commerce company beat estimates for its quarterly earnings. The company’s quarterly revenue increased by more than 10%, even in difficult economic conditions.
Southwest – Shares of Southwest Airlines fell more than 6% after the company said it expects capacity constraints for the rest of the year and issued a mixed forecast. Its earnings report, however, beat analysts’ expectations.
Spirit Airlines – Shares of the discount airline rose 5% after JetBlue agreed to a $3.8 billion deal to buy Spirit. The deal comes after a bidding war between JetBlue and Frontier Airlines. If the deal is approved by regulators, the combined airline would be the fifth-largest in the United States. JetBlue shares fell 2%.
Honeywell – Honeywell gained more than 3% after reporting quarterly results that beat analysts’ earnings and revenue expectations. The company’s sales exceeded estimates in all segments.
Harley-Davidson – Shares of Harley Davidson jumped about 7% after posting quarterly results that beat Wall Street expectations. The company also reiterated its full-year guidance, even after a two-week production shutdown in the quarter due to a supplier issue.
Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC.
– CNBC’s Samantha Subin, Sarah Min, Jesse Pound and Tanaya Macheel contributed reporting