Uber, Pinterest, Caterpillar and more
An Uber banner on the New York Stock Exchange on the day of Uber’s IPO, May 10, 2019.
Check out the companies making headlines on Tuesday at noon.
Uber Technologies – Shares of Uber jumped 17.6% after the ride-hailing giant reported quarterly revenue that beat analysts’ expectations. The company’s revenue was $8.07 billion, beating the Refinitiv consensus forecast of $7.39 billion. Yet Uber also reported a big loss per share.
Pinterest – Shares of the image-sharing company jumped 12% on better-than-expected user numbers. Activist investor Elliott Management also separately confirmed he was Pinterest’s lead investor and said he was “convinced of the value creation opportunity” of the company. That said, Pinterest’s earnings and revenue missed estimates for the second quarter, and the company gave a weak guidance for the third quarter.
Marathon Petroleum – Shares rose 4% after the refining company reported second-quarter earnings that beat earnings and revenue estimates, boosted by soaring oil prices.
Gartner – Shares of the research and consulting firm gained 6.9% after Gartner beat earnings and revenue estimates for the prior quarter. Wells Fargo also initiated Gartner coverage with an overweight rating.
Caterpillar – Caterpillar shares fell 3.5% after the company missed second-quarter revenue expectations. The industrial giant said its revenue was hit by its exit from Russia and supply chain issues.
Cowen – Shares of the brokerage firm jumped 8% after TD Bank announced an agreement to buy Cowen for $39 a share, or about $1.3 billion. TD said the all-cash deal is expected to close in the first quarter of 2023. U.S.-traded TD shares fell less than 1%.
Molson Coors — Shares of the beverage company fell nearly 10% after Molson Coors released its latest quarterly results. The company’s earnings were in line with analysts’ expectations, according to Refinitiv, while earnings were roughly in line with estimates. Molson Coors said many beer-drinking customers are turning to cheaper options.
Avis Budget — The car rental company’s stock fell 6.1% despite a better-than-expected quarter. Avis Budget reported earnings of $15.94 per share excluding items on revenue of $3.24 billion. Analysts polled by Refinitiv had expected a profit of $3.17 billion.
ZoomInfo Technologies — ZoomInfo jumped 10.8% after reporting better-than-expected quarterly results. The company also raised its forecast for the full year.
– CNBC’s Jesse Pound, Sarah Min and Yun Li contributed reporting