Attendees play the Activision Blizzard Inc. Call Of Duty: Black Ops 4 video game at the company’s booth during the E3 Electronic Entertainment Expo in Los Angeles, California, U.S., on Tuesday, June 12, 2018.
Check out the companies making headlines in midday trading.
Ford — The legacy automaker's stock rose 2% after Ford reported better than expected earnings for the fourth quarter and updated investors on its plans for electric and autonomous vehicles. The company said it will spend $29 billion on the new technology through 2025. Revenue for the fourth quarter did miss expectations, however.
T-Mobile — Shares of the telecommunications company fell more than 3% despite a stronger-than-expected fourth quarter report. T-Mobile reported 60 cents in earnings per share and $20.34 billion in revenue. Analysts surveyed by Refinitiv had penciled in 51 cents per share and $19.93 billion in revenue. The company's guidance for cash flow metrics in 2021 missed expectations, however, according to FactSet.
Peloton — Shares of the at-home cycling stock fell more than 7% after the company outlined ongoing supply chain issues amid a surge in demand for its products. Peloton, however, reported sales growth of 128% during the fiscal second quarter, bringing in more than $1 billion in a single quarter for the first time in the company's history. Peloton earned 18 cents versus the 9-cent profit expected by the Street. Revenue came in a $1.06 billion, also ahead of the expected $1.03 billion, according to Refinitiv.
Activision Blizzard — The video game maker led the S&P 500 on Friday with a nearly 10% gain after it reported fourth-quarter profit and revenues ahead of Wall Street's expectations. Rob Kostich, president of Activision Publishing, said Thursday evening that its "Call of Duty" franchise, including free-to-play "Warzone," was a key driver of the company's business in 2020 and that the game is "going to be front and center for us for a long time."
Snap — The social media company saw its shares jump nearly 6% after beating expectations on earnings, revenue and user growth. Snap posted an adjusted earnings per share of 9 cents, versus 7 cents expected by analysts, according to Refinitiv. However, the company issued a light first-quarter guidance and warned that Apple's privacy changes could "present another risk of interruption to demand."
Estee Lauder — The makeup company saw its shares rise 7.5% in midday trading after it reported a surprise fiscal second-quarter sales gain instead of the decline it had expected. Estee Lauder said stronger Asia-Pacific and online sales drove the revenue gain. Second-quarter sales in the Americas dropped to $1.05 billion from $1.23 billion a year ago.
Money Report
— CNBC's Yun Li, Maggie Fitzgerald and Jesse Pound contributed.
