A view of the cruise ship Norwegian Encore during her maiden voyage from PortMiami, which took place November 21-24, 2019.
Orlando Sentinel | Tribune News Service | Getty Images
Check out the companies making headlines in midday trading.
Norwegian Cruise Line shares fell nearly 12% on Tuesday after the company reported second-quarter results that missed Wall Street’s expectations and showed a load factor of just 65%, compared with more than 100% in the same quarter 2019 The cruise line said it won’t return to pre-pandemic occupancy levels until next year, suggesting losses will continue.
Micron Technology — Shares of the chipmaker fell 5% after the company reported a drop in demand for its DRAM and NAND chips and said it expected a challenging market environment in the fourth quarter of fiscal 2022 and the first quarter of fiscal 2023. Several other chip stocks fell with Mikron. Applied Materials, On Semiconductor and Teradyne were each down about 7%.
Signet Jewelers – The jeweler saw shares fall about 11.5% after lowering its financial guidance for the second quarter and full year 2023, and said it saw weaker sales in July as inflation prompted consumers to do so to limit their spending. The company also announced the acquisition of Blue Nile, but said the transaction is unlikely to be beneficial to the business until the fourth quarter of fiscal 2024.
Nielsen — Shares of the audience data analytics company rose more than 21% after the company postponed its court session and special meeting of its shareholders where it was expected to finalize a preliminary agreement between a private equity consortium and WindAcre. WindAcre currently owns around 27% of Nielsen stock.
Ralph Lauren – The luxury retailer fell 7% even after the company reported stronger-than-expected quarterly results. According to FactSet, the company posted adjusted earnings of $1.88 per share for the first quarter, beating the $1.71 estimate analysts had been expecting. Ralph Lauren also beat sales expectations, helped by solid demand for its higher-priced apparel.
Principal Financial Group – The investment and insurance company was up 7% after reporting strong quarterly results. The company reported non-GAAP operating income of $1.65 per share. That was more than the $1.39 per share estimated by analysts, according to FactSet.
News Corporation – Shares are up 5%, according to Fact Set after the company’s quarterly earnings of 37 cents a share beat estimates of 9 cents a share. Revenue of $2.67 billion exceeded estimates of $2.58 billion.
Novavax — Shares plunged 29% after the biotech nearly halved its full-year sales guidance on weak demand for its coronavirus vaccine. Novavax expects to generate revenue of $2 billion to $2.3 billion in 2022, compared to previous projections of $4 billion to $5 billion.
Allbirds – The shoemaker’s share price plummeted more than 23% after the company lowered its financial guidance for the year citing a slowdown in consumer spending. It also announced a series of cost-cutting efforts after reporting a larger quarterly loss compared to a year ago.
Occidental Petroleum – Occidental’s stock rose 3.8% after news that Berkshire Hathaway increased its stake in the oil giant to over 20%. Warren Buffett has been increasing his stake in the energy producer since March.
– CNBC’s Carmen Reinicke, Yun Li, Sarah Min and Samantha Subin contributed coverage