Check out the companies making headlines midday Wednesday:
Apple — Shares of the iPhone maker rose more than 5 percent and were on track for their best day since Aug. 1. The jump comes after Apple reported better-than-expected earnings and revenue. Apple’s earnings report comes after the company had slashed its revenue guidance, citing weakness in China.
Boeing — Shares rose more than 6 percent after the aerospace giant set multiple records for its finances and production in 2018. Boeing reported adjusted fourth-quarter earnings of $5.48 a share, topping Wall Street’s expectations by 91 cents. Last year’s revenue was also a record $101.1 billion.
AT&T — Shares of the telecom giant fell Wednesday after the company missed Wall Street’s revenue estimates on slower wireless customer growth. The second largest U.S. wireless carrier spent $85 billion to acquire media company Time Warner and has largely focused on to paying down debt. It lost more subscriber during the quarter as viewers shifted to cheaper internet TV services.
McDonald’s — Shares of the restaurateur rose nearly 3 percent after the company reported strong growth overseas in its fourth-quarter earnings. However, McDonald’s said U.S. restaurants underperformed as costs continue to outpace sales.
Tupperware Brands — Shares of Tupperware Brands were down more than 27 percent in midday trading Wednesday after the company reported fourth-quarter sales well below what Wall Street expected and cut its dividend by 60 percent. CEO Tricia Stitzel said that “while we achieved our earnings per share expectations in local currency, our sales and segment profit results in the fourth quarter were not what we expected.” The plastic container company also issued weaker-than-forecast 2019 guidance.
Amgen — Amgen stock sank 6 percent after the biotech company issued weak 2019 guidance, overshadowing its better-than-expected fourth-quarter earnings. Amgen said it expects revenue between $21.8 billion and $22.9 billion in 2019, below Wall Street’s estimate for revenue of $22.91 billion.
T. Rowe Price & Franklin Resources — Both investment management companies saw stock declines of more than 5 percent Wednesday following earnings results. T. Rowe earnings missed on softer revenues and higher costs, while its plan to reduce expense growth appeared not as aggressive as some shareholders hoped. Franklin Resources reported first-quarter earnings per share of 54 cents versus FactSet consensus expectations of 65 cents.
Cleveland-Cliffs — Shares of Cleveland-Cliffs surged a whopping 16 percent after rival iron ore miner Vale decided to cut outputs following its deadly dam collapse in Brazil. Vale said on Wednesday it would reduce its production by about 40 million tons of iron ore per year.
Anthem — The health insurance company surged to a record high after beating Wall Street forecasts for earnings guidance. Anthem also announced plans to roll out new pharmacy benefits management unit sooner than expected. The company contracted with CVS Health to help launch its own pharmacy benefits manager in 2020 after a public dispute with its previous contractor Express Scripts over high fees, and estimates roughly $4 billion in annual savings through the move.
General Dynamics — The defense equipment manufacturer’s stock dropped 5 percent after providing a weak forecast for 2019 earnings. General Dynamics reported a strong fourth-quarter profit of $3.07 a share but the company’s miss on operational profit weighed on shares.