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Business

Amazon, Snap, Ford, Clorox and more

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The Amazon logo is seen at the company logistics center in Lauwin-Planque, northern France.

Pascal Rossignol | Reuters

Check out the companies making headlines in midday trading.

Amazon — Shares of Amazon popped more than 14% following a stellar quarterly report. The company said its investment in electric vehicle company Rivian gained almost $12 billion in the fourth quarter. Amazon Web Services delivered almost 40% year-over-year growth in the fourth quarter, beating Wall Street estimates. Amazon also announced it would increase the price of Prime to $139 from $119 for annual memberships. The cost of a monthly Prime membership will also rise to $14.99 from $12.99.

Ford Motor — Ford fell more than 10% after a weaker-than-expected quarterly report. The automaker posted earnings of 26 cents per share on revenue of $35.3 billion. Analysts surveyed by Refinitiv expected a profit of 45 cents per share on revenue of $35.52 billion.

Snap — Shares of the social media platform soared a whopping 52% after the company reported its first-ever quarterly net profit. Snap’s quarterly results also showed it’s seeing quicker-than-expected progress on its transition with advertisers around Apple’s privacy changes on iOS. Its shares had just suffered a 23.6% sell-off on Thursday, prior to the earnings release.

Clorox — The cleaning products stock tumbled more than 14% after Clorox’s second-quarter earnings came in at 66 cents per share, which was 18 cents below expectations, according to Refinitiv. Clorox also delivered full-year earnings guidance that missed estimates. Atlantic Equities downgraded the stock to underweight.

Pinterest — Pinterest popped more than 6% following a better-than-expected quarterly report. The social media platform posted earnings of 49 cents per share, 4 cents above the Refinitv consensus estimate. Revenue also topped Wall Street expectations.

Unity Software – Shares of the video game platform surged more than 16% after the company reported better-than-expected quarterly results and issued upbeat current-quarter guidance. Unity also said it has strong growth opportunities over decades in the future based on interactive real-time 3D gaming.

Skechers — Shares of Skechers added 6.4% after the footwear retailer beat Wall Street expectations on its top and bottom lines. Skechers reported record 2021 sales amid strong demand for casual and comfortable shoes.

Meta Platforms — Shares of Facebook’s parent company fell for another day after the tech giant’s disappointing quarterly report Wednesday, down about 1.2%. Friday’s dip comes after other social media companies like Snap saw better-than-expected progress in adapting their digital advertising to Apple’s iOS privacy changes.

Penn National Gaming — Shares of Penn National Gaming dropped nearly 3% following the company’s earnings report Thursday. Penn also received a downgrade from Roth to neutral from buy. “While we remain bullish on PENN’s digital opportunity longer term, we see several negative catalysts in 2022 that could erode confidence in its market share trajectory,” the firm said.

— CNBC’s Yun Li, Jesse Pound and Tanaya Macheel contributed reporting

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Business

Skechers, Boston Beer, Snap, Twitter & more

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Pedestrians walk past Skechers shoes displayed outside of a store in San Francisco, California.

Getty Images

Check out the companies making headlines before the bell Friday:

American Express – American Express gained 3.3% after reporting quarterly earnings of $2.80 per share. That beat the consensus estimate of $1.66, with revenue above estimates as well. Results were helped by a release of credit reserves and increased spending on travel and entertainment.

Honeywell – The industrial conglomerate beat estimates by 8 cents with adjusted quarterly earnings of $2.02 per share, with revenue beating estimates as well. Honeywell saw growth across all its businesses and got a boost from a rebound in areas hardest hit by the pandemic such as commercial aerospace. Honeywell also raised its full-year forecast.

Schlumberger – Schlumberger rose 2.2% after beating estimates on the top and bottom lines on a rebound in oilfield services activity. Schlumberger came in 4 cents above estimates with adjusted quarterly earnings of 30 cents per share.

Kimberly-Clark – The consumer products maker reported quarterly profit of $1.47 per share, falling short of the $1.71 consensus estimate, with revenue roughly in line with forecasts. Kimberly-Clark also cut its full-year earnings forecast, pointing to higher input costs and continued pandemic driven volatility. Shares fell 3.7% in the premarket.

Twitter – Twitter gained 4.5% in the premarket after it beat estimates by 13 cents with adjusted quarterly profit of 20 cents per share. Revenue topped Wall Street forecasts as ad sales surged 87% from a year ago. Twitter also gave an upbeat current-quarter revenue forecast.

Intel – Intel reported adjusted quarterly earnings of $1.28 per share, beating the consensus estimate of $1.06, with the chip maker’s revenue also scoring a beat. However, Intel also issued a forecast that disappointed some investors and also said the global chip shortage could last well into 2023. Intel shares dipped 2.2%.

Snap – Snap soared 16.7% after the social media company surprised analysts with a quarterly profit, earning an adjusted 10 cents per share amid predictions of a 1 cent per share loss. Revenue also beat estimates. Snap also reported higher-than-expected daily user metrics as well as an upbeat revenue forecast.

Skechers – Skechers surged past the 52 cent consensus estimate and reported quarterly earnings of 88 cents per share, with the footwear maker also posting better-than-expected revenue. Skechers said workers returning to offices boosted demand for its “comfort technology” offerings. Skechers rallied 7.1%.

Boston Beer – Boston Beer shares slumped 20.3% after the Sam Adams brewer cut its financial outlook for 2021, citing weaker than expected sales of its hard seltzer brands. In its most-recent quarter, Boston Beer earned $4.75 per share, well below the $6.69 consensus estimate, with revenue short of forecasts as well.

Veoneer – The Swedish auto parts maker soared 55.3% in premarket action after it agreed to be bought by Canadian rival Magna International for about $3.8 billion in cash. The deal will help Magna in its efforts to enhance its driver assistance technology. Magna shares slipped 3.1%.

Capital One Financial – Capital One earned $7.62 per share for its latest quarter, well above the $4.64 consensus estimate, and the financial services company also saw revenue come in above analyst forecasts. Results were boosted by a benefit related to credit losses. Still, Capital One shares fell 1.4% in the premarket.

VeriSign – VeriSign fell 2 cents short of consensus estimates with quarterly earnings of $1.31 per share, with the domain name registrar seeing revenue roughly in line with forecasts. Shares lost 0.6%.

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