Midday Stock Movers: Tapestry, Capri, L3Harris Technologies, and More
Tapestry, Capri
Tapestry’s shares surged over 14%, while Capri’s stock dropped 47%. This volatility followed a court ruling in favor of the FTC’s move to block Tapestry’s acquisition of Capri, resulting in a major impact on both stocks.
L3Harris Technologies
Shares of L3Harris Technologies climbed 3.5% as the defense contractor reported stronger-than-expected earnings for the third quarter. The company also raised its adjusted earnings forecast to a range of $12.95 to $13.15 per share, up from a prior lower-end estimate of $12.85. Analysts had projected $13.04 per share.
Colgate-Palmolive
Despite surpassing expectations with adjusted earnings of 91 cents per share and revenue of $5.03 billion, Colgate-Palmolive shares declined more than 3%. Analysts had predicted slightly lower earnings of 89 cents per share and $5 billion in revenue.
Western Digital
Western Digital rose 7% following a favorable first-quarter earnings report, posting $1.78 in adjusted earnings per share, above the expected $1.72. Revenue came in at $4.1 billion, marginally below the forecasted $4.12 billion.
Digital Realty Trust
Digital Realty Trust’s stock jumped 11% after it announced record-breaking lease bookings in the third quarter. The company also adjusted its full-year guidance to a range of $6.65 to $6.75 per share, close to analyst projections of $6.69.
Coursera
Shares of Coursera dropped around 8% due to weak demand and retention trends impacting its revenue forecast, despite exceeding third-quarter expectations. The online education company expects fourth-quarter revenue between $174 million and $178 million, aligning with analyst forecasts.
ResMed
ResMed saw a 7% gain after posting strong quarterly results, with adjusted earnings of $2.20 per share and $1.22 billion in revenue, surpassing analysts’ estimates of $2.05 per share and $1.19 billion.
HCA Healthcare
HCA Healthcare’s stock fell over 9% as its third-quarter revenue of $17.49 billion narrowly missed analyst projections of $17.54 billion, and its adjusted EBITDA also fell slightly short of expectations.
Booz Allen Hamilton
Booz Allen Hamilton shares rose nearly 10% as the company reported better-than-expected earnings, with adjusted earnings per share of $1.81 on revenue of $3.15 billion, above analyst estimates of $1.47 per share and $2.97 billion in revenue. The company also increased its guidance for the full year.
