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Check out the companies making headlines midday Wednesday:
Facebook — Facebook shares surged after the social media giant posted quarterly earnings that easily beat expectations. The company’s quarterly revenue also topped estimates. Average revenue per user, a key metric for Facebook, came in at $7.37, above an estimate of $7.11.
Avon Products — Shares of the beauty company jumped 20 percent after well-known portfolio manager Bill Miller told CNBC it was the most interesting stock he has added recently. The former Legg Mason star money manager, known for beating the S&P 500 for 15 years straight until 2005, said the stock could rally 10 times higher in the next three to five years.
Coty — Shares of Avon’s rival also spiked after Miller told CNBC he was buying a personal position in the company at around $8 per share. Coty had tried to buy Avon for $10 billion in 2012, but it was Avon rejected the takeover offer.
Ferrari — The luxury car maker’s stock jumped more than 10 percent and was on track to post its biggest one-day gain ever. Ferrari reported earnings that were mostly in line with expectations as well as better-than-forecast earnings guidance.
UPS – Shares of the parcel-delivery company jumped more than 5 percent in intraday trading after it said it carried more package and generated higher prices from shipments in the fourth quarter. While it posted earnings per share of $1.94 in the last quarter, UPS also said it expects its bottom line to improve in 2019 thanks to operational strategies.
PayPal — The payment company’s stock stumbled after reporting lower revenue and lighter 2019 outlook than Wall Street was expecting on Wednesday. PayPal’s earnings beat expectations but the company cited slumping growth in its former parent company eBay as a continuing headwind. It notched record growth in its peer-to-peer payments app Venmo.
Charter Communications – Charter stock was up more than 15 percent in midday trading Thursday after the company topped quarterly sales estimates and lured more customers for its internet platform. More and more subscribers are switching from its pay TV bundles in favor of cheaper streaming services.
General Electric — Shares of the embattled industrial conglomerate surged as much as 18 percent, its biggest gain in 9 years, after the company reported year-end revenue that was stronger than expected. CEO Larry Culp also hinted at an improving 2019 forecast, although GE did not provide earnings guidance for the year ahead.
1-800-FLOWERS.COM — The flowers and gift provider surged 19 percent Thursday after beating analysts’ expectations for the fourth quarter and issuing upbeat guidance for 2019. Revenue growth was helped by its Harry & David business, the CEO said.
[“source-cnbc”]
Timothy Davis
