In this illustration, a silhouetted woman holds a smartphone with the Meta Platforms, Inc. logo on the screen.
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Check out the companies making headlines in midday trading.
Bausch Health – The pharmaceutical company’s shares halted trading after the stock fell 50%. A Delaware federal court judge issued an oral order regarding a patent dispute over Xifaxan, Bausch’s drug used to treat irritable bowel syndrome and diarrhea. The order could pave the way for generic competition for the drug in the late 2024-2025 timeframe, according to JPMorgan. The bank downgraded Bausch following the litigation update, lowering its rating to neutral from overweight.
Wingstop — Shares of the fast-casual restaurant chain rose 22% after a second-quarter profit decline. Wingstop posted adjusted earnings of 45 cents a share, according to Refinitiv, beating estimates of 36 cents. The company missed sales estimates but confirmed its full-year guidance.
Meta Platforms – Shares of the Facebook parent fell 6.6% on disappointing quarterly results. Meta-platforms posted a miss on the top and bottom lines in the second quarter as digital advertising slowed. The company also issued a weak forecast for the current period.
Comcast — Shares of the cable and entertainment giant fell more than 8% even as the company reported strong quarterly earnings and sales. Comcast, for the first time ever, failed to add broadband subscribers in the quarter. 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 indicated that the company’s handset sales growth would slow in the fiscal fourth quarter, reflecting a decline in smartphone demand. Still, the company’s third-quarter earnings slightly beat Wall Street’s expectations.
Stanley Black & Decker — Stanley Black & Decker shares plunged more than 13% after the company reported quarterly earnings that missed both top- and bottom-line Wall Street estimates. The company also lowered its full-year guidance.
Teladoc — Shares plunged nearly 20% after the telemedicine company issued a weak outlook in its earnings report. Teladoc reported a $3 billion non-cash goodwill impairment.
Charter Communications – Charter fell more than 8% after the cable company was hit with a hefty fine. A Texas court found the company liable for $7 billion in damages and 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 agreement on an ambitious climate bill. Sunrun was up 26% and Sunnova was up 22%. First Solar gained 14%. Enphase was up 4% and Constellation Energy was up 15%.
Etsy — Etsy rose nearly 10% after the e-commerce company beat estimates for quarterly revenue. The company’s quarterly revenue grew more than 10% even under difficult economic conditions.
Southwest – Southwest Airlines shares fell more than 6% after the company said it expected capacity constraints for the rest of the year and issued a mixed forecast. However, the earnings report beat analysts’ expectations.
Spirit Airlines — Shares of the low-cost 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 US. JetBlue shares fell 2%.
Honeywell — Honeywell rose more than 3% after reporting quarterly earnings that beat analysts’ expectations for earnings and revenue. The company’s sales exceeded estimates in all segments.
Harley-Davidson — Shares of Harley-Davidson rose about 7% after the company released quarterly earnings that beat Wall Street expectations. The company also reiterated its full-year guidance, even after having a two-week halt to production during the quarter due to an issue with a supplier.
Disclosure: Comcast owns NBCUniversal, CNBC’s parent company.
– CNBC’s Samantha Subin, Sarah Min, Jesse Pound and Tanaya Macheel contributed coverage