Check out the companies making headlines in midday trading.
Generac — Shares were trading down 25% after the company cut its expected full-year revenue growth to a range of 22% to 24%, down from 36% to 40%, which is also below Wall Street expectations. The power company also reported preliminary third-quarter results, with earnings per share expected to come in at $1.75 compared to the $3.21 estimate.
Netflix — Shares of the streaming media company soared more than 13% after the firm on Tuesday posted better-than-expected results on the top and bottom lines. Netflix also reported the addition of 2.41 million net global subscribers, more than doubling the adds the company had projected a quarter ago.
Intuitive Surgical — Shares of the medical equipment maker rose 8.9% after the company on Tuesday posted quarterly earnings and revenue that came in slightly higher than expected, according to FactSet. Intuitive also reported growth in its da Vinci procedures of about 20% compared with the third quarter of 2021.
ASML Holding — Shares jumped 5.4% after the semiconductor equipment maker beat sales and profit expectations in its most recent quarter.
United Airlines — The airline stock jumped about 7% after United Airlines surpassed earnings expectations and issued an upbeat outlook for the current quarter as consumers continue to travel.
Interactive Brokers — Shares of Interactive Brokers added 6.2% after the electronic broker reported adjusted earnings for the third quarter of $1.08 per share, compared to FactSet’s estimates of 96 cents per share. Adjusted revenue came in at $847 million, while FactSet estimates put it at $797.6 million.
Travelers — The insurance stock gained 3% after topping Wall Street’s estimates for the third quarter. Travelers posted earnings of $2.20 a share on $9.2 billion in revenue.
Procter & Gamble — Procter & Gamble’s stock added 1.7% after beating analysts’ expectations on the top and bottom lines in the recent quarter. The beat for the consumer staples’ stock came as high prices helped offset shrinking volumes and currency-related headwinds. The company also trimmed its sales guidance for the full year.
Northern Trust — The stock declined 9.3% after Northern Trust missed expectations on the top and bottom lines in its most recent quarter, according to consensus estimates on FactSet.
M&T Bank — Shares dropped 12.7% after M&T Bank reported that its net interest income in the third quarter came in below expectations, according to FactSet.
Winnebago Industries — Shares declined 11.8% after Winnebago Industries reported in its most recent quarterly results that its backlog dropped roughly 66% from the prior year to $576.5 million. The maker of motorhomes otherwise beat profit and sales expectations for its fiscal fourth quarter.
Baker Hughes — Shares jumped 5% after Baker Hughes reported a beat on third-quarter earnings per share results, though it fell short of revenue expectations, according to Refinitiv. Chairman and CEO Lorenzo Simonelli said in a release that he remains “positive” on the outlook for oil and gas.
Snap — The social media stock climbed 1.6% after Citi added a positive catalyst watch on Snap heading into its earnings results Thursday. The firm said Snap’s revenue and EBITDA are “likely to be better” than expectations due to an improving advertising environment.
Pinduoduo, Baidu, JD.com — The Chinese internet stocks declined as a group Wednesday alongside the broader market. Shares of Pinduoduo declined 6.7%, Baidu dropped 6.9%, and JD.com fell 8.6%.
Boston Beer — Shares of the maker of Truly and Sam Adams fell 7.5% after being downgraded by Evercore ISI to in line from outperform. Analysts said estimates for Boston Beer’s fiscal year 2023 are too high and the stock “may need some time for investors to regain confidence.”
Lowe’s — Lowe’s shares shed 6% following a downgrade from Evercore ISI, citing slowing demand for home improvement.
Petco — Shares of Petco slipped more than 9%, hitting a fresh 52-week low Wednesday after the retailer was downgraded by Evercore ISI. The firm moved the stock to an in-line rating from outperform, citing pressure on the company’s fundamentals from inventory and its amount of floating-rate debt.
Polaris — Shares dropped 5.9% after Citi downgraded the maker of snowmobiles and motorcycles to neutral from buy, saying Polaris could get hurt if the retail backdrop worsens more than anticipated.
— CNBC’s Michelle Fox, Alexander Harring, Yun Li, Tanaya Macheel, Carmen Reinicke and Samantha Subin contributed reporting