A multiple sclerosis drug is manufactured at the Biogen Idec plant in Cambridge, Mass.
Essdras M Suarez | The Boston Globe | Getty Images
Check out the companies making headlines in midday trading.
Biogen — Shares of Biogen soared 30% after the drug maker said it is seeking regulatory approval for its Alzheimer’s drug, aducanumab, months after stopping trials. Biogen erased its entire 25% year-to-date decline when it said aducanumab “reduced clinical decline in patients with early Alzheimer’s disease.”
Travelers — Shares of the insurance giant dropped more than 6% on the back of quarterly earnings results that badly missed analyst expectations. Travelers posted a profit of $1.43 per share while analysts polled by Refinitiv expected $2.35 earnings per share. The miss was driven by a sharp increase in reserves during the quarter.
McDonald’s — Shares of fast-food chain McDonald’s fell 3% after its quarterly earnings fell short of Wall Street’s estimates as its promotions failed to gain market share from competitors like Burger King’s parent company Restaurant Brands International, and Wendy’s. McDonald’s reported earnings per share of $2.11 on revenue of $5.4 billion. Analysts forecast earnings of $2.21 per share on revenue of $5.5 billion, according to Refinitiv.
Procter & Gamble — Procter & Gamble shares climbed more than 3% after the consumer goods company posted quarterly results that topped analyst expectations. Those results were driven by Procter’s beauty, health care and fabric and home care lines, the company said.
JetBlue — The airline’s stock jumped nearly 5% on the back of better-than-expected earnings. JetBlue posted adjusted earnings per share of 59 cents. Analysts polled by Refinitiv expected a profit of 51 cents a share. “We are just beginning to see the benefits of our revenue, cost, fleet and capital allocation efforts,” CEO Robin Hayes said in a statement.
United Parcel Service — Shares of UPS fell about 2.5% after the carrier reported quarterly revenues of $18.32 billion, just missing consensus expectations. The company also announced that Chief Operating Officer Jim Barber, who’s had a hand in much of UPS’s global and freight businesses, will retire at the end of December after 35 years at the company.
Harley-Davidson — The Milwaukee-based motorcycle manufacturer rallied more than 6% after it surprised investors Tuesday with earnings results well ahead of expectations. Harley-Davidson reported earnings per share four cents ahead of forecasts, driven by a smaller-than-expected U.S. sales decline and a 2.7% climb in international revenues.
Hasbro — Shares of toy company Hasbro tanked 13% after falling short of expectations for its third-quarter earnings. Hasbro earned $1.575 billion in revenue, well below the estimated $1.716 billion estimated by analysts, according to Refinitiv. Earnings per share came in at $1.84, while estimates were $2.21 per share.
Sherwin-Williams — Shares of Sherwin-Williams jumped 4% after beating on the top and bottom lines of its third-quarter earnings and raising its full-year guidance. The paint company reported earnings of $6.65 per share on revenue of $4.868 billion. Wall Street expected earnings per share of $6.65 on revenue of $4.831 billion, according to Refinitiv.
Levi Strauss — Shares of denim marker Levi Strauss rose 1.5% after Macquarie initiated the stock with an overweight rating. The firm said the retailers has done a “great” job of reinventing itself, specifically women and millennials.
Kimberly-Clark — Shares of Kimberly-Clark fell more than 5% after the consume products company missed Wall Street estimates for third-quarter revenue. Kimberly-Clark reported revenue of $4.640 billion, missing the forecast $4.642 billion, according to Refinitiv.
—CNBC’s Fred Imbert and Tom Franck contributed reporting.