A view of the Norwegian Encore cruise ship during its maiden voyage from PortMiami in November. 21-24, 2019.
Orlando Sentinel | Tribune News Service | Getty Images
Check out the companies making headlines in afternoon trading.
Norwegian Cruise Line — Shares fell nearly 12% on Tuesday after the company reported second-quarter results that missed Wall Street expectations, with an occupancy rate of just 65%, compared with an occupancy rate of more than 100% in the same quarter of 2019. In addition, the cruise line said. losses will continue, suggesting it will not return to pre-pandemic occupancy levels until next year.
Micron Technology — The chipmaker’s shares fell 5% after the company reported weaker demand for its DRAM and NAND chips and said it expects a tough market environment in the fourth quarter of fiscal 2022 and the first quarter of fiscal 2023. Several other chip stocks fell with Micron. Applied materials, About the semiconductor and Teradyne each down about 7%.
Signet Jewelers — The jeweler has since seen shares drop about 11.5% reduced the financial forecast for the second quarter and the full-year fiscal 2023 report said it saw softer sales in July as inflation prompted consumers to rein in their spending. The company also announced its acquisition of Blue Nile, but said the deal would not be operational until the fourth quarter of fiscal 2024.
Nielsen — Shares of the data analytics firm surged more than 21% after the company postponed a court hearing and special shareholder meeting expected to finalize a preliminary deal between a private equity consortium and WindAcre. WindAcre currently owns approximately 27% of Nielsen shares.
Ralph Lauren — Luxury retail sales fell 7% even after the company reported stronger-than-expected quarterly results. The company reported first-quarter adjusted earnings of $1.88 per share, beating analysts’ expectations of $1.71, according to FactSet. Ralph Lauren also beat revenue expectations, helped by demand for its high-priced apparel.
Core Financial Group — The investment and insurance company saw shares rise 7% after reporting strong quarterly results. The company reported non-GAAP operating profit of $1.65 per share. That was higher than analysts’ estimate of $1.39 cents a share, according to FactSet.
News Corporation — Shares rose 5% after the company’s quarterly profit of 37 cents a share beat estimates of 9 cents a share, according to Fact Set. Revenue of $2.67 billion beat estimates of $2.58 billion.
Novavax — Shares down 29% after biotech company cut full-year revenue guidance Almost half due to weak demand for coronavirus vaccines. Novavax expects revenue of $2-2.3 billion in 2022, up from $4-5 billion previously.
All the birds — The shoemaker’s stock price fell more than 23% after the company lowered the financial forecast for the year, citing a slowdown in consumer spending. It also announced a slew of cost-cutting efforts after reporting a wider quarterly loss than a year ago.
Occidental Petroleum — Occidental shares gained 3.8% on news that Berkshire Hathaway increased its stake in the oil giant by more than 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 reporting
