American Express, Visa and Mastercard signage is displayed in a storefront in New York.
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Find out which companies are making headlines in the midday business.
American Express – The credit card company saw its shares jump 11% after it released upbeat earnings and revenue forecasts for 2023 that were better than Wall Street analysts expected. The company also announced that it would increase its dividend by 15%.
Intel — The chipmaker saw its shares tumble nearly 7% after its latest financial results missed analysts’ estimates and showed steep declines in the company’s sales, earnings and gross margin. The company also forecast a loss for the current quarter.
Silvergate Capital – The crypto-focused bank fell more than 22% after suspending dividend payments on its Series A preferred shares, in an effort to preserve capital as it navigates recent crypto market volatility . The stock has been falling since November, after crypto exchange FTX, for which Silvergate held deposits, collapsed in a scandal.
Hasbro – Shares fell 6.7% after the toymaker warned of weak holiday quarter results and said it would cut 1,000 jobs, equivalent to about 15% of its workforce.
Colgate-Palmolive — Shares fell more than 4% after Colgate-Palmolive released its latest results. The consumer products company reported a beat in revenue and earnings, according to consensus estimates from Refinitiv. Colgate forecasts full-year earnings growth in the mid-single digits, compared to a growth forecast of 7.6%.
KLA – Shares of KLA, a semiconductor maker, fell about 5% after it released weaker-than-expected fiscal third-quarter guidance. The indications came even as the company announced higher and lower results.
Chevron – Chevron shares fell nearly 5% after the company reported quarterly earnings of $4.09 per share excluding items, which was below analysts’ estimate of $4.38 per share, according to Refinitiv. The company cited asset write-downs and increased costs for the misfire.
Soft – Shares of the pet retailer rose more than 4% following an upgrade from Wedbush to outperform from neutral. The firm expects Chewy to benefit from “steady demand for consumables in 2023”.
Modern – The vaccine maker’s shares fell about 2% following a Reuters report that the European Union is in talks with Pfizer and BioNTech to reduce the number of doses of Covid-19 vaccine it will receive. committed to buy this year in exchange for paying a higher price per dose.
Visa — The stock of payments increased by more than 2% after a better-than-expected first fiscal quarter. Visa reported adjusted earnings per share of $2.18 on revenue of $7.94 billion. Analysts polled by Refinitiv had expected earnings of $2.01 a share on revenue of $7.7 billion. Net revenue increased 12% year-over-year, with total cross-border volume up 22%.
– CNBC’s Carmen Reinicke, Jesse Pound, Sarah Min and Alex Harring contributed reporting
