NEW YORK, NY – OCTOBER 26: Traders and financial professionals work ahead of the closing bell on the floor on the New York Stock Exchange (NYSE), October 26, 2018 in New York City.
Drew Angerer | Getty Images News | Getty Images
Check out the companies making headlines midday Monday:
Tyson Foods — The food company’s stock jumped more than 8% after Tyson reported better-than-expected earnings for its fiscal third quarter. Tyson reported earnings per share of $1.47, topping a Refinitiv estimate of $1.45. Sales in prepared foods and beef contributed to the company’s stronger-than-forecast bottom line.
Jacobs Engineering — Shares of Jacobs Engineering rose 2.8% after the engineering services company’s third-quarter results beat Wall Street’s estimates. Jacobs reported adjusted earnings per share of $1.40 on revenue of $3.17 billion, versus the earnings per share of $1.24 on revenue of $3.09 billion analysts surveyed by Refinitiv had been expecting. In a statement, CEO Steve Demetriou said the company’s acquisition of national security solutions provide KeyW acquisition “is already delivering with a growing pipeline of new and enhanced opportunities as we bring the two organizations together.”
Macy’s, Nike, Office Depot, Apple — Shares of Macy’s, Nike, Office Depot, and Apple all fell as trade tensions between China and the U.S. intensified. China let its currency fall to its lowest point against the dollar in more than a decade. This move comes after President Donald Trump’s announcement last week that the US would impose a 10% tariff on an additional $300 billion of Chinese goods, which include a slew of consumer goods, including Apple products. Macy’s fell 5.5% and Nike dropped 2.4%. Office Depot and Apple dropped 9.1% and 4.8%, respectively.
Cars.com — Shares of Cars.com collapsed on Monday, at one point falling 40%, after the company said its attempt to find a buyer came up empty-handed. The online vehicle marketplace said it received unsolicited interest last summer and began a process to evaluate bidders, but the potential partners have since dropped out. “The process did not yield actionable options for a sale of the Company,” Scott Forbes, the company’s chairman, said in a press release.
Diamond Offshore — The drilling company’s stock plummeted 20% on the back of weaker-than-expected quarterly results. Diamond Offshore lost an adjusted 99 cents per share, more than a Refinitiv estimate of 88 cents. The company’s revenue of $216.7 million also fell short of a $233.5 million estimate.
ON Semiconductor — Shares of the chipmaker fell more than 10% as ON Semiconductor’s second-quarter revenue missed expectations. ON Semiconductor posted revenue of $1.35 billion for the second quarter. Analysts polled by Refinitiv expected sales to come in at $1.38 billion. The company’s third-quarter revenue guidance was also below expectations. “Business conditions continue to be soft, and we expect to see sub-seasonal demand trends in the near-term,” CEO Keith Jackson said in a statement.
Dollar Tree — The discount company’s stock dropped 3.3% after analysts at Deutsche Bank downgraded to hold from buy. Analysts cited concerns about tariffs and a balanced risk/reward profile.
—CNBC’s Mallika MitraJesse PoundMarc Rod and Elizabeth Myong contributed to this report.