An Uber banner on the New York Stock Exchange on Uber’s IPO day, May 10, 2019.
Source: New York SE
Check out the companies making headlines Tuesday afternoon.
Uber Technologies – Uber shares soared 17.6% after the ride-hailing giant reported quarterly revenue that beat analysts’ expectations. The company’s revenue was $8.07 billion, beating a Refinitiv consensus forecast of $7.39 billion. Still, Uber also reported a large loss per share.
Pinterest – Shares of the image-sharing company rose 12% on better-than-expected user numbers. Activist investor Elliott Management also separately confirmed that he is Pinterest’s top investor and said he has “strong belief in the opportunity for value creation” at the company. Even so, Pinterest’s earnings and revenue missed estimates for the second quarter, and the company issued weak guidance for the third quarter.
Marathon Petroleum — Shares rose 4% after the refiner reported second-quarter earnings that beat earnings and sales estimates, buoyed by soaring oil prices.
Gartner – Shares of the research and consulting firm gained 6.9% after Gartner beat earnings and revenue estimates for the previous quarter. Wells Fargo also began coverage of Gartner with an Overweight rating.
Caterpillar – Caterpillar shares fell 3.5% after the company missed second-quarter sales expectations. The industrial giant said its sales have been impacted by its withdrawal from Russia and supply chain issues.
Cowen — Shares of the brokerage firm rose 8% after TD Bank announced a deal to buy Cowen for $39 a share, or about $1.3 billion. TD said the all-cash deal should 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 switching 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 of $3.24 billion in revenue. Analysts polled by Refinitiv expected earnings of $3.17 billion.
ZoomInfo Technologies — ZoomInfo rose 10.8% after it reported better-than-expected quarterly results. The company also raised its full-year guidance.
– CNBC’s Jesse Pound, Sarah Min and Yun Li contributed coverage